Sie sind auf Seite 1von 519

3')HGLQ

E\=RREHVXFKHU

7KHRGRU)RQWDQH

7K)RQWDQHZXUGHDPLQ1HXUXSSLQJHERUHQ(U
VWDPPWHDXVHLQHULQ3UHXHQKHLPLVFKJHZRUGHQHQ
+XJHQRWWHQIDPLOLH'HU9DWHUZDU$SRWKHNHU)RQWDQH
EHVXFKWHGDV*\PQDVLXP1HXUXSSLQ  XQGGLH
*HZHUEHVFKXOH%HUOLQ  $SRWKHNHUOHKUHLQ
%HUOLQ
)RQWDQHJDEVHLQHQ$SRWKHNHUEHUXIDXIHUDUEHLWHWH
GDQQPLW8QWHUEUHFKXQJELVDOVIUHLHU0LWDUEHLWHULP
%URHLQHV0LQLVWHULXPV(UOHEWHYRQLQ(QJODQG
DOV%HULFKWHUVWDWWHU9RQELVDUEHLWHWHHUDOV
5HGDNWHXUGHU%HUOLQHU.UHX]=HLWXQJ
7KHDWHUNULWLNHUEHLGHU9RVVLVFKHQ =HLWXQJ6HNUHWlU
GHU$NDGHPLHGHU.QVWH%HUOLQXQGIUHLHU6FKULIWVWHOOHU
'USKLOKF)RQWDQHVWDUEDPLQ%HUOLQ

,QKDOW
9RUZRUW
4XLW]|ZHO
.DSLWHO 'LHWULFKXQG-RKDQQYRQ4XLW]RZ
LPYlWHUOLFKHQ+DXVHELV
.DSLWHO 'LHWULFKXQG-RKDQQYRQ4XLW]RZ
ELV]XP7RGHGHV9DWHUV
.DSLWHO 'LHWULFKXQG-RKDQQYRQ4XLW]RZ
YHUKHLUDWHQVLFKXQG
.DSLWHO 'LH4XLW]RZVDXILKUHU+|KH
.DSLWHO 'LHWULFKXQG-RKDQQYRQ4XLW]RZ]XU7DXIHEHL
.DVSDU*DQVYRQ3XWOLW]]X7DQJHUPQGH'HU:HQGHSXQNW
.DSLWHO %XUJJUDI)ULHGULFKNRPPWLQV/DQGXPVLFKKXOGLJHQ
]XODVVHQ]XVHLQHP*HOGH'LH4XLW]RZVOHKQHQVLFKDXI
XQGUXIHQGLH3RPPHUQLQV/DQG
.DSLWHO 'LH6FKODFKWDP.UHPPHU'DPPDP
2NWREHU
.DSLWHO )ULHGULFKV'LSORPDWLH%QGQLVVHPLW0DJGHEXUJXQG
6DFKVHQ$QVFKHLQHQGH%HJOHLFKXQJGHU6WUHLWIUDJH
+XOGLJXQJXQGHUQHXWH3URYRNDWLRQHQ
.DSLWHO 'HU.DPSIJHJHQGLH4XLW]RZVZLUGDXIJHQRPPHQ
XQGHQGLJWPLWLKUHU1LHGHUZHUIXQJ)ULHVDFNXQG3ODXHIDOOHQ
.DSLWHO $XVJDQJGHU4XLW]RZV.DVSDU*DQV]X3XWOLW]
YHUV|KQWVLFKPLWGHP%XUJJUDIHQ QXQPHKU.XUIUVWHQ XQG
ILFKWPLWEHL.HW]HU$QJHUPQGH'DV4XLW]RZVFKH(UEH
.DSLWHO 'DV/LHGYRQGHU(UREHUXQJYRQ.HW]HU
$QJHUPQGH(LQLJHVEHUGLH%DOODGHQGLFKWXQJMHQHU=HLW
.DSLWHO 'LH4XLW]RZVXQGLKU5HFKWRGHU8QUHFKW
.DSLWHO 'LHWULFKYRQ4XLW]RZDXI5KVWlGWYRQ
/DQGVNQHFKWHQHUVFKODJHQDP2NWREHU
.DSLWHO 'LH(OGHQEXUJHU4XLW]RZV4XLW]RZGHU
-XGHQNOHPPHUVHLQ6RKQXQGVHLQ(QNHO
.DSLWHO 'LH-RKDQQLVQDFKWLQGHU.LUFKH]X6HHGRUI

















3ODXHD+
.DSLWHO 3ODXHYRQELV
.XUIUVWOLFKH=HLWXQG=HLWGHU6DOGHUQXQG$UQLPV 
.DSLWHO 3ODXHYRQELV
'LHYRQ*|UQH]HLW 
.DSLWHO 3ODXHYRQELV
YRQ$QKDOWVFKH=HLW 
.DSLWHO 3ODXHYRQELV
YRQ/DXHU 0QFKKRIHQVFKH=HLW 
.DSLWHO 3ODXHYRQELVMHW]W
*UDI.|QLJVPDUFNVFKH=HLW 
.DSLWHO 6FKOR3ODXHJHJHQEHU
.DSLWHO 5FNEOLFN
+RSSHQUDGH
.DSLWHO (UVWHU%HVXFKLQ+RSSHQUDGH'LH/HJHQGHYRQGHU
.UDXWHQWRFKWHU
.DSLWHO :HUZDUGLH.UDXWHQWRFKWHU"
8QGZDVZDUGDV.UDXWHQHUEH"
.DSLWHO :LHGLH0XWWHUGHU.UDXWHQWRFKWHULKUH7RFKWHUHU]RJ
XQGZHUGLHVH0XWWHUZDU
.DSLWHO 'LH.UDXWHQWRFKWHUZLUG)UDXYRQ(OOLRW
.DSLWHO 'LH.UDXWHQWRFKWHU QXQPHKU)UDXYRQ(OOLRW
IKUWHLQHXQJOFNOLFKH(KH
.DSLWHO 'LH.UDXWHQWRFKWHUZLUG8UVDFKHLQHV'XHOOV
]ZLVFKHQ0U(OOLRWXQG%DURQ.Q\SKDXVHQ
.DSLWHO :DVQDFKGHP'XHOOJHVFKDK
.DSLWHO 'LH.UDXWHQWRFKWHUZLUGLQ]ZHLWHU KHLPOLFKHU (KH
%DURQLQ.Q\SKDXVHQ
.DSLWHO 'LH.UDXWHQWRFKWHUQXQPHKU%DURQLQ.Q\SKDXVHQ
UHLVWQDFK/W]EXUJ(VZLUGHLQ6RKQJHERUHQ
%DURQ.Q\SKDXVHQZLUGNUDQNXQGVWLUEW
.DSLWHO 'LH.UDXWHQWRFKWHUZLUG)UDXYRQ$UQVWHGW
.DSLWHO 'LH.UDXWHQWRFKWHUNRPPWLQVFKZHUHV/HLG
.DSLWHO 'LH.UDXWHQWRFKWHUVWLUEW
.DSLWHO 'HU.UDXWHQWRFKWHU'HV]HQGHQ]
.DSLWHO +RSSHQUDGHYRQELVMHW]W























(PLOYRQ$UQVWHGW
/LHEHQEHUJ
.DSLWHO /LHEHQEHUJELV]XP%HVLW]DQWULWWGHU+HUWHIHOGV
.DSLWHO /LHEHQEHUJXQWHUGHQGUHLHUVWHQ+HUWHIHOGV
YRQELV
.DSLWHO /LHEHQEHUJXQWHU)ULHGULFK/HRSROGYRQ+HUWHIHOG
ELV
.DSLWHO /LHEHQEHUJXQWHU.DUOYRQ+HUWHIHOG 
.DSLWHO /LHEHQEHUJXQWHUGHQ(XOHQEXUJVYRQELVMHW]W
.DSLWHO /LHEHQEHUJ GDVJHJHQZlUWLJH VHLQ6FKORXQG
VHLQH%LOGHUVHLQH.XQVW XQG(ULQQHUXQJVVFKlW]H'UHLOLQGHQ
'UHLOLQGHQ
.DSLWHO (UVWHU%HVXFKLQ'UHLOLQGHQ
.DSLWHO 'UHLOLQGHQKLVWRULVFKWRSRJUDSKLVFK
.DSLWHO 'UHLOLQGHQLP6RQQHQVFKHLQ
.DSLWHO :LH3ULQ])ULHGULFK.DUOLQ'UHLOLQGHQOHEWH
.DSLWHO :LH3ULQ])ULHGULFK.DUOLQ'UHLOLQGHQ
*DVWOLFKNHLWEWH
.DSLWHO 'UHLOLQGHQLP6FKQHH
.DSLWHO 3ULQ])ULHGULFK.DUOLP6FKORVVH]X%HUOLQ
.DSLWHO 'HV3ULQ]HQ)ULHGULFK.DUO2ULHQWUHLVHLP:LQWHU
DXI
.DSLWHO 'HV3ULQ]HQ)ULHGULFK.DUOOHW]WH7DJH7RG
%HJUlEQLV&KDUDNWHU
.DSLWHO 'UHLOLQGHQV8PJHEXQJ
$QKDQJ]XP.DSLWHO/LHEHQEHUJ




















9RUZRUW
)QI6FKO|VVHU)QI+HUUHQVLW]H ZlUHYLHOOHLFKWGLHULFKWLJHUH
%H]HLFKQXQJJHZHVHQDEHUXQVHUH0DUNGLHYRQMHKHUZHQLJ
ZLUNOLFKH6FKO|VVHUEHVDKDWDXIGLHVHPZLHDXIMHGHP*HELHW
LPPHUGHQ0XWGHUDXVJOHLFKHQGHQK|KHUHQ7LWXODWXUJHKDEWXQG
VRPDJGHQQDXFKGLHVHPPlUNLVFKHQ%XFKHVHLQYLHOOHLFKW
DQIHFKWEDUHUZHLO]XKRFKJUHLIHQGHU7LWHO]XJXWHJHKDOWHQ
ZHUGHQ1XU3ODXH ZDUZRKOZLUNOLFKHLQ6FKOR
'DV%XFKHLQIDFKDOVHLQH)RUWVHW]XQJPHLQHU:DQGHUXQJHQ]X
EH]HLFKQHQRGHUJDULQGLHVHGLUHNWHLQ]XUHLKHQLVWPLWDOOHP
9RUEHGDFKWYRQPLUYHUPLHGHQZRUGHQGDWURW]OHLFKW
HUNHQQEDUHU9HUZDQGWVFKDIWGRFKDXFKHUKHEOLFKH
9HUVFKLHGHQKHLWHQ]XWDJHWUHWHQ,QGHQ:DQGHUXQJHQZLUG
ZLUNOLFKJHZDQGHUWXQGZLHKlXILJLFKGDV5lQ]HODEWXQXQGGHQ
:DQGHUVWDEDXVGHU+DQGOHJHQPDJXPGLH*HVFKLFKWHYRQ2UW
RGHU3HUVRQHUVW]XK|UHQXQGGDQQZHLWHU]XHU]lKOHQLPPHUELQ
LFKXQWHUZHJVLPPHULQ%HZHJXQJXQGDPOLHEVWHQRKQH
YRUJHVFKULHEHQH0DUVFKURXWHJDQ]QDFK/XVWXQG/DXQH'DV
DOOHVOLHJWKLHUDQGHUVXQGZHQQLFKPHLQH:DQGHUXQJHQ
YLHOOHLFKWDOV3ODXGHUHLHQRGHU)HXLOOHWRQVEH]HLFKQHQGDUIVRVLQG
GLHVH)QI6FKO|VVHUHEHQVRYLHOHKLVWRULVFKH6SH]LDODUEHLWHQ
(VVD\VEHLGHUHQ1LHGHUVFKUHLEXQJLFKXPUHLFKHUHU
6WRIIHLQKHLPVXQJXQGQRFKKlXILJHUXPEHVVHUHQ.RORULWVZLOOHQ
HLQHEHVWLPPWH)DKUWRGHU5HLVHPDFKWHQLFKW HLQH:DQGHUXQJ
=XPHLQHUEHVRQGHUHQ)UHXGHKDWHLQJOFNOLFKHU=XIDOOHVVR
JHIJWGDGLH]XYHUVFKLHGHQHQ=HLWHQXQGRKQH5FNVLFKWDXI
HLQ*DQ]HVHQWVWDQGHQHQ(LQ]HODUEHLWHQLQLKUHU*HVDPWKHLW
VFKOLHOLFKGRFKHLQ=XVDPPHQKlQJHQGHVELOGHQHLQHJHQDX
GXUFKIQI-DKUKXQGHUWHKLQIRUWODXIHQGH*HVFKLFKWHYRQ0DUN
%UDQGHQEXUJGLHPLWGHP7RGH.DLVHU.DUOV ,9EHJLQQHQGPLW
GHP7RGHGHV3ULQ]HQ.DUOXQGVHLQHVEHUKPWHUHQ6RKQHV
)ULHGULFK.DUO VFKOLHWXQGDQNHLQHP$EVFKQLWWXQVHUHU+LVWRULH
ZHGHUDQGHU-RDFKLPLVFKHQQRFKDQGHU)ULGHUL]LDQLVFKHQ=HLW
ZHGHUDQGHQ7DJHQGHV*URHQ.XUIUVWHQQRFKGHV
6ROGDWHQN|QLJVDPZHQLJVWHQDEHUDQGHQ.lPSIHQXQG
*HVWDOWXQJHQXQVHUHUHLJHQHQ7DJHY|OOLJDFKWORVYRUEHUJHKW
)UHLOLFKQLFKWMHGHU$EVFKQLWWPLW YLHOOHLFKWDOOHLQLJHU$XVQDKPH
GHVHUVWHQ GHU4XLW]RZ]HLW NRPPW]XVHLQHP5HFKWDEHUGRFK

LPPHUKLQ]XU(UZlKQXQJXQGZHQQVLFKDXIGHP*HELHWHGHU
HLJHQWOLFKHQ/DQGHVJHVFKLFKWHVLFKHUOLFKEUHLWHVWH/FNHQILQGHQ
VRILQGHQVLFKGDIUDXFK0LWWHLOXQJHQXQG%HLWUlJHGLHYLHOOHLFKW
JHHLJQHWVLQGDXIGHP*HELHWHGHU.XOWXUKLVWRULHYRUKDQGHQH
/FNHQ]XVFKOLHHQ
9LHOHQ*|QQHUQXQG)UHXQGHQ XQGQLFKW]XPOHW]WHQGHUEHL
PHLQHQYLHOHQ$QIUDJHQQLHOlVVLJRGHUXQJHGXOGLJZHUGHQGHQ
/HKUHUVFKDIWYRQ:LOVQDFNXQG8PJHJHQG ELQLFKIULKUH
IUHXQGOLFKH0LWDUEHLW]XOHEKDIWHP'DQNHYHUSIOLFKWHWDPPHLVWHQ
IUHLOLFKGHQ)DPLOLHQ.Q\SKDXVHQ DXI/W]EXUJLQ2VWIULHVODQG 
XQG(XOHQEXUJRKQHGHUHQ+OIHGLH.DSLWHO+RSSHQUDGHXQG
/LHEHQEHUJQLFKWJHVFKULHEHQZHUGHQNRQQWHQ $OOHYRQPLU
EHQXW]WHQ%FKHUVLQGPHLQHV:LVVHQVLP7H[WHJHQDQQW
ZRUGHQPLWDOOHLQLJHU$XVQDKPH ZHVKDOELFKHVKLHUQDFKKROH 
GHV( +DQGWPDQQVFKHQ%XFKHV1HXH6DJHQDXV0DUN
%UDQGHQEXUJHLQHUWUHIIOLFKVWHQ6DJHQVDPPOXQJGHULFKLQ
GHP4XLW]|ZHO$EVFKQLWWGHQ6WRII]XU*HVFKLFKWHYRQ4XLW]RZ
GHP-XGHQNOHPPHUXQGEHUKDXSWDOOHVDXIGLH(OGHQEXUJ
%H]JOLFKHHQWQRPPHQKDEH
%HUOLQ6HSWHPEHU
7K)

4XLW]|ZHO
.DSLWHO

'LHWULFKXQG-RKDQQYRQ4XLW]RZLP
YlWHUOLFKHQ+DXVHELV
*DQ]LQGHU1lKHGHU(LQPQGXQJGHU+DYHOLQGLH(OEH]ZHL
6WXQGHQXQWHUKDOE+DYHOEHUJOLHJW'RUI4XLW]|ZHO(UVWHLJWPDQ
XP8PVFKDX]XKDOWHQGHQ7XUPGHUZHQLJVWHQVDQLKUHP*LHEHO
QRFKJRWLVFKHQDOWHQ.LUFKHVRJHZDKUWPDQQDFK1RUGHQKLQ
GDVUHLFKHIUKHU]X%LVWXP+DYHOEHUJJHK|ULJH'RUI/HJGH
MHQVHLWVGHVVHOEHQGLH:LOVQDFNHU:XQGHUEOXWNLUFKH ZlKUHQG
QDFK6GHQ]XGLH5DXFKIDKQHQDXIXQGDEIDKUHQGHU
6FKOHSSGDPSIHUGLH6WHOOHEH]HLFKQHQZRKLQWHUGHPKRKHQ
(OEGDPPXQGGHVKDOEXQVLFKWEDUGLH(OEHVHOEVWLKUHQ/DXI
QLPPW6RZHLWGHU%OLFNLQGLH)HUQH=X)HQGHVXQV8PVFKDX
J|QQHQGHQ7XUPHVDEHUVWHLJWHLQDXV:LHVHQXQG(LFKHQJUXSSHQ
PDOHULVFK]XVDPPHQJHVWHOOWHU3DUNXQGDXVHEHQGLHVHP3DUNHLQ
+HUUHQKDXVDXIGDVJHJHQZlUWLJH6FKOR4XLW]|ZHO'DVLVWGLH
6WHOOHZRGLH6WDPPEXUJGHUEHUKPWHQ4XLW]RZIDPLOLHVWDQG
hEHUEOHLEVHOGHUDOWHQ8PIDVVXQJVPDXHUQZHUGHQQRFK
JHOHJHQWOLFKLQJURHQ6WHLQEO|FNHQDXVJHJUDEHQXQGHLQELV
KHXWHGHPPRGHUQHQ6FKORVVHYHUEOLHEHQHV6WFN:DOOJUDEHQ
HULQQHUWDQDOWHOlQJVW]XUFNOLHJHQGH%XUJWDJH6RQVWYHUODXWHW
QLFKWVYRQ%HVFKDIIHQKHLWXQG8PIDQJGHUXUVSUQJOLFKKLHU
JHOHJHQHQ4XLW]RZVWlWWHZlKUHQGZLUEHUDOOHGLHMHQLJHQGLH
ZlKUHQGGHUVRJHQDQQWHQ4XLW]RZ]HLWGLHVH6WlWWHEHZRKQWHQ
YHUKlOWQLVPlLJJXWXQWHUULFKWHWVLQG(LQHUGHULQWHUHVVDQWHVWHQ
$EVFKQLWWHGHUPlUNLVFKHQ*HVFKLFKWHYLHOOHLFKWGHU
LQWHUHVVDQWHVWHKDWLQHLQHP0LWOHEHQGHQGHP.OHULNHU(QJHOEHUW
:XVWHUZLW]HLQHQ&KURQLVWHQJHIXQGHQXQGXQVHUHEHVWHQ
6SH]LDOKLVWRULNHUZLH5DXPHU5LHGHO.O|GHQKDEHQGDVXQVYRQ
:XVWHUZLW]hEHUOLHIHUWHGXUFK+HUDQ]LHKXQJXUNXQGOLFKHQ
0DWHULDOVEHUHLFKHUWXQGEHULFKWLJW:HQQWURW]GHPKLHUDEHUPDOV
GHU9HUVXFKHLQHU'DUVWHOOXQJGHU4XLW]RZHSRFKHJHPDFKWZLUG
VRJHVFKLHKWHV QLFKWZHLO1HXHVYRUOlJH1HXHVGDVYRP
6WDQGSXQNWHGHU)RUVFKXQJ DXVGD]XDXIIRUGHUQN|QQWHVRQGHUQ
OHGLJOLFKLQGHU$EVLFKWGHQLQNOHLQHQXQGZDVVFKOLPPHULQRIW

XQWHUVFKLHGVORVHQ'HWDLOVHUVWLFNHQGHQ6WRIIEHUVLFKWOLFKHU]X
JHVWDOWHQXQGGXUFKJU|HUH.ODUKHLWXQG.RQ]HQWUDWLRQVHLQH
GUDPDWLVFKH:LUNXQJ]XVWHLJHUQ(UVWLQGHQ6FKOXNDSLWHOQ
GLHVHV$XIVDW]HVZHUGLFKLQGHUDQJHQHKPHQ/DJHVHLQPHLQHQ
/HVHUQDXFKPLQGHUEHNDQQW*HZRUGHQHVZHLOHLQHUDQGHUQ
VSlWHUHQ(SRFKH=XJHK|ULJHVDXVGHP EHUKPWHQ4XLW]RZKDXVH
]XU.HQQWQLV]XEULQJHQ

:DQQGLH4XLW]RZVGHUHQLP-DKUH]XHUVW(UZlKQXQJ
JHVFKLHKW'RUIXQG+DXV4XLW]|ZHOLQLKUHQ%HVLW]EUDFKWHQLVW
QLFKWPLW%HVWLPPWKHLWIHVW]XVWHOOHQJHZHVHQHEHQVRZHQLJZLH
GLH1DPHQXQG5HLKHQIROJHGHU%HVLW]HUELV]XU0LWWHGHV
 -DKUKXQGHUWV:LUZLVVHQQXUGDDOV.DLVHU.DUO ,9XPGLH
0LWWHGHUVLHE]LJHU-DKUHQDFK0DUN%UDQGHQEXUJNDP.|QHYRQ
4XLW]RZHLQDOWHUXQGKRIOLFKHU5HXWHUZLHGHU&KURQLVWVLFK
DXVGUFNWDXI%XUJ4XLW]|ZHOVD'DV$QVHKHQGDVHUJHQR
VRJURHVZDUZDUHLQUHLQSHUV|QOLFKHVXQGHUZXFKVLKPZHGHU
GXUFKVHLQHQNHLQHVZHJVDXVJHGHKQWHQ%HVLW]QRFKGXUFKVHLQH
*HEXUW'LH)DPLOLH]lKOWH]XGHQ5LWWHUEUWLJHQQLFKWDEHU]X
GHQ(GOHQVWDQGYLHOPHKULQ/HKQVDEKlQJLJNHLWYRP+DXVH
3XWOLW]GDVVHLQHUVHLWVZLHGHUEHLGHQPHFNOHQEXUJLVFKHQ
+HU]|JHQ]X/HKQJLQJ,QGLHYLHOHQ)HKGHQHEHQVRGHU+HU]|JH
ZLHGHU3XWOLW]HVDKVLFK.|QHYRQ4XLW]RZDOVPLWWHO XQG
XQPLWWHOEDUHU/HKQVWUlJHUEHVWlQGLJKLQHLQJH]RJHQGDEHLGHU
1RWDEHUVHKUZDKUVFKHLQOLFKDXFKGHPHLJHQHQ7ULHEH
JHKRUFKHQG0DQQLJIDFKEHJHJQHQZLUVHLQHP1DPHQLQ
8UNXQGHQXQG&KURQLNHQGLHGLH.lPSIHMHQHU=HLWEHVFKUHLEHQ
DEHUVRYLHOXQGRIWHU]X.DPSIXQG)HKGHGUDXHQVHLQPRFKWH
VRYLHO ZDUHUGRFKDXFKGDKHLPDXIVHLQHP4XLW]|ZHOVFKHQ
+DXVHGULQLKP]X%HJLQQXQVHUHU(U]lKOXQJ]ZHL.QDEHQXQG
HLQH7RFKWHUKHUDQZXFKVHQ'LHWULFK-RKDQQ XQG0DWKLOGHYRQ
GHQHQ'LHWULFK-RKDQQGLH7RFKWHUDEHUGLHVLFK
VSlWHUHLQHPYRQ9HOWKHLPDXI6FKOR+DUSNHYHUPlKOWH
ZDKUVFKHLQOLFK]ZLVFKHQXQGJHERUHQZDU'HU*HEXUW
]ZHLHUMQJHUHU6|KQHZHUGHQZLULQHLQHPIROJHQGHQ.DSLWHO
(UZlKQXQJWXQ
6RZDUVRZHLWGLH)DPLOLHPLWVSULFKWGHU4XLW]|ZHOHU
+DXVEHVWDQGXPHLQ+DXVVWDQGGHUVLFKLPPHUQXUDXI
:RFKHQXQG7DJHKLQHUZHLWHUWHZHQQGLHEHQDFKEDUWH

9HWWHUQVFKDIWDXV6WDYHQRZ5KVWlGWXQG.OHW]NH]X%HJHKXQJ
HLQHU)DPLOLHQIHLHURGHUDXFKZRKO]XJHPHLQVFKDIWOLFKHP
.ULHJV]XJHYRUVSUDFK0LWLKQHQNDPHQGDQQGLH3XWOLW]H ]ZHL
%UGHU$FKLPXQG%XVVRGHUHQRKQHKLQLQWLPH%H]LHKXQJHQ
]XP4XLW]|ZHOHU+DXVHQRFKZXFKVHQDOVVLFK]ZLVFKHQ%XVVR
YRQ3XWOLW]
lOWHVWHP6RKQH.DVSDU*DQV XQGGHQEHLGHQ
4XLW]RZVFKHQ6|KQHQHLQH)UHXQGVFKDIWKHUDXVELOGHWHYRQGHU
VFKRQKLHUJHVDJWZHUGHQPDJGDVLHGXUFKYLHU-DKU]HKQWH
KLQDOOHV*OFNXQG8QJOFNGHV/HEHQVVLHJUHLFKEHUGDXHUWH
=XQlFKVWQDKPGDVYLHOIDFKH%HLVDPPHQVHLQGHU.QDEHQZREHL
4XLW]|ZHOGLHEHYRU]XJWH6WlWWHEOLHEGHQ&KDUDNWHUHLQHU
JHPHLQVFKDIWOLFKHQ(U]LHKXQJDQGHUHVXQWHUGHQ3ODXGHUHLHQ
DOWHU%XUJNQHFKWHQLFKWDQ$QUHJXQJHQIUGLH3KDQWDVLHIHKOWH
'LFKWYRUP'RUIDXVJDQJHODJHQGLH6HJHEHUJHZRGLHGLHVVHLWV
GHU(OEHQRFKLQ0DFKWXQG8QDEKlQJLJNHLWYHUEOLHEHQHQ
:HQGHQVWlPPHGHQXPEHUGLH(OEHYRUGULQJHQGHQ
6DFKVHQHLQHJURH6FKODFKWJHOLHIHUWXQGGHQ0DUNJUDIHQ
:LOKHOPGHQ)KUHUGHU6DFKVHQEHVLHJWXQGHUVFKODJHQKDWWHQ
6HLQH/HLFKHZDUQLFKWJHIXQGHQZRUGHQXQG.DLVHU+HLQULFK ,,,
KDWWHVLFKVRZRKOGHQ7RGGHV)UHXQGHVZLHGHQ1LHGHUJDQJ
VHLQHU6DFKHGHUDUW]X+HU]HQJHQRPPHQGDHUGDUEHUVWDUE
$EHUVFKRQLPQlFKVWHQ-DKUHZDUHLQQHXHV6DFKVHQKHHUEHU
GLH(OEHJHJDQJHQXQGDP$EKDQJHGHUVHOEHQ%HUJHZRPDQ
GDV-DKU]XYRUJHVWULWWHQZDUQXQ]XP]ZHLWHQ0DOHJHNlPSIW
XQGGHQ%HUJHQ VHOEVWDXIGHQHQPDQMHW]WJHVLHJWKDWWHGHU
1DPHGHU6LHJRGHU6HJHEHUJHJHJHEHQZRUGHQ
$XVJHSIOJWH6FKZHUWHU XQG3DQ]HUVWFNHEHZDKUKHLWHWHQGDV
(U]lKOWH
'DVZDUHQ]XUFNOLHJHQGHJHOHJHQWOLFKDXFKZRKOPLW
6DJHQKDIWHPDXVJHVFKPFNWH9RUJlQJH ZDVDEHUGLH*HPWHU
PlFKWLJHUHUUHJWHGDVZDUZHQQIDKUHQGH/HXWHGHV:HJHV
NDPHQXQGQDFK6LWWHGHU=HLWLQ/LHGHUQXQG%DOODGHQDOOHUOHL
*HVFKHKQLVVHEHULFKWHWHQGLHVLFKIHUQXQGQDKMDQLFKWVHOWHQLQ
XQPLWWHOEDUVWHU1lKH]XJHWUDJHQKDWWHQ8QWHUGLHVHQ
9RUJlQJHQVWDQGGDPDOVHLQ.DPSIREHQDQGHU]ZLVFKHQGHQ
VRJHQDQQWHQ+DU]JUDIHQXQGGHQ6WHQGDOHUQDXVJHIRFKWHQ
ZRUGHQZDU(LQHUGHU:HUQLJHU|GHU*UDIHQGD]XGLH*UDIHQYRQ
5HJHQVWHLQXQGYRQ(JHOQKDWWHQVLFKPLW%XVVRYRQ$OYHQVOHEHQ
DXI(U[OHEHQXQG]XJOHLFKDXFKPLW*HEKDUGYRQ5XQGVWHGHGHU
GHQ)KUHUPDFKWH]XHLQHP6WUHLI]XJQDFKGHU$OWPDUNKLQ
YHUEXQGHQGHUGHQQDXFKZLUNOLFKDP 1RYHPEHUJHJHQ

GLH]XU$OWPDUNJHK|ULJHQ'|UIHU6FKlSHOLW]%DGLQJHQ'HHW]XQG
*DUOLSSXQWHUQRPPHQZXUGH'HU=XJZDUVHKUVWDUNJHJHQ
 0DQQVRGDGLHVLFK]XP:LGHUVWDQGH]XVFKZDFK
IKOHQGHQ'|UIHUGLH+OIHGHU6WHQGDOHUDQULHIHQGLHGHQQDXFK
JHZlKUWZXUGH6LHNDPHQ$QLKUHU6SLW]HVWDQG:HUQHUYRQ
&DOYH%UJHURGHUYLHOOHLFKWDXFK%UJHUPHLVWHUGHU6WDGW%HL
'HHW]WUDIHUDXIGHQ)HLQGGHUVLFKKLHUVDPWGHP]DKOUHLFK
JHUDXEWHQ9LHKKLQWHUHLQHP%HUJHJHODJHUWKDWWH6RIRUWJLQJHU
]XP$QJULIIEHUGLH*UDIHQLQGLH)OXFKWVFKODJHQGZREHL%XVVR
YRQ$OYHQVOHEHQDXI6HLWHGHU*UlIOLFKHQXQGOHLGHUDXFK:HUQHU
YRQ&DOYHDXI6HLWHGHU6WHQGDOHUILHO'DV/LHGDEHUHLQHVGHU
VFK|QVWHQDXVGHU=HLWODXWHWH

+HUU%XVVRYRQ(U[OHEHQVLFKYHUPD
:RKODXIGHP+DXVHGDHUVD
:lULFKIQIKXQGHUWVWDUNH
,FKZROOWHVRYLHOH.KHZHJKROHQ
:RKODXVGHUDOWHQ0DUNH
:WLFKZHUXQV)XPDQQZROOWHVHLQ
,QGLHDOWH0DUNHKLQHLQ
(LQ3IHUGZROOWLFKLKPJHEHQ
(LQ3IHUGP|FKWLFKYHUGLHQHQ
6SUDFKGD*HEKDUGYRQ5XQGVWHGH
,FKZLOO(XFKIKUHQLQHLQYROO/DQG
'DVLVWXQEHUDXEWXQGXQYHUEUDQQW
'DLVWZRKOYLHO]XQHKPHQ
:LUKDEHQYLHOVWDUNH*HZDSSQHWH
:HUVROOWHGDGDVXQVZHKUHQ"
=XGHU+DJHPKOH]RJHQVLHKLQ
%DGLQJZDULKUHYRQ$QEHJLQQ
'D]XDXFK6FKlSHOLW]H
9RU.O|GHQ]RJHQVLHYRUEHL
6LH]RJHQQDFK*DUOLSSH
'DVZDUGGHU%DGLQJVFKH6FKXO]HJHZDKU
(UULWWQDFK6WHQGDOYRUGDV7RU
:RKODXILKU%UJHUDOOH

:ROOWLKUQLFKWVZHLWHUGD]XWXQ
%OHLEWXQVNHLQH.XKLP6WDOOH
'LH%UJHUYRQ6WHQGDOZDUHQVRVWRO]
6LH]RJHQQDFK'HHW]ZRKOKLQWHUGDV+RO]
'DPDQNHLQHQYRU]HLWHUVFKDXH
'DVEHZHLQWHVHKU+HUUQ%XVVRV:HLE
8QGVRPDQFKHVWRO]H)UDXH
9RQLKUHUZDKUVFKHLQOLFKKRFKJHOHJHQHQ6WHOOXQJDXVVDKHQGLH
6WHQGDOHUXQWHULKUHP:HUQHUYRQ&DOYHGDGLH+DU]JUDIHQ
VDPWGHPJHUDXEWHQ9LHKDQHLQHP+JHODEKDQJDXIGHU
)HOGPDUNYRQ.OLQNHODJHQXQGRKQH5DVWRGHU5XKH]XQHKPHQ
SDFNWHQVLHGHQ)HLQG

8QGHKHGHU7DJ]XP$EHQGJLQJ
0XWHGHU GLH%HXWHODVVHQ
6LHVFKOXJHQ+HUUQ%XVVRDXIGHQ.RSI
'D]XDXIVHLQHQ:DIIHQURFN
8QGDXIVHLQH3LFNHOKDXEH
'DPDFKWHPDQFKVWRO]*HZDSSQHWHU
6LFKIOFKWLJDXVGHP6WDXEH
:HUQHUYRQ&DOYHGHUJXWH0DQQ
(UULWWGLH)HLQGHVHOEHUDQ
(UJULIIZRKOQDFKGHP6FKZHUWH
:HUXQVHLQHKUOLFKHU0DQQZLOOVHLQ
'HUVWHFKHJXWLQGLH3IHUGH
:HUQHUYRQ&DOYHZDULQGHU0LWWHQ
(UZDUGZRKOGXUFKXQGGXUFKJHULWWHQ
'DVZDUGHUJU|WH6FKDGH
'HQGLHYRQ6WHQGDOKDEHQJHQRPPHQ
*RWWJHEHLKPVHLQH*QDGH
%lQNHOVlQJHUXQGIDKUHQGH/HXWHGLHVROFKH*HVlQJHYRUWUXJHQ
]RJHQYLHOGXUFKV/DQGGHQQGLH=HLW]HLWLJWHEHVWlQGLJ
GHUJOHLFKHQZHLOPDQLP*HJHQVDW]]XGHUJHZ|KQOLFKHQ
$QQDKPHPHKU HUOHEWHZLHKHXW]XWDJHZRVLFKGDV'DVHLQ

DXVVFKOLHOLFKLQJURH3ROLWLNXQGNOHLQHVXQGNOHLQVWHV+DXV XQG
3ULYDWOHEHQWHLOW'DPDOVDEHUJDEHVQRFKHWZDV
'D]ZLVFKHQOLHJHQGHVGDVQLFKWJURXQGQLFKWNOHLQZDUGDVZDU
GHUQLHUXKHQGH.DPSIGHU6WDGW XQG$GHOVJUXSSHQXQWHU XQG
JHJHQHLQDQGHU'D]XGDVUHLFKHNLUFKOLFKH/HEHQ$OOHVVSUDFK]X
*HPWXQG3KDQWDVLH9HUVXFKLFKEHLVSLHOVZHLVHLQ
QDFKVWHKHQGHPDXI]X]lKOHQZDVPDQDXI%XUJ4XLW]|ZHOLQ
HLQHP=HLWUDXPHYRQ]HKQ-DKUHQXQG]ZDULP8PNUHLVH
ZHQLJHU0HLOHQHUOHEWH
ZHLOWH.DLVHU.DUO,9IDVWEHVWlQGLJLQGHPQDKHJHOHJHQHQ
7DQJHUPQGHGDVHUEHIOLVVHQZDULQHLQHQ.DLVHUKRI
XP]XJHVWDOWHQ(LQ6FKORHQWVWDQGXQGHLQH.DSHOOHGHUHQ
(GHOVWHLQSUDFKWDQV0lUFKHQKDIWHVWUHLIWH0HKUDOVHLQPDOZDU
PDQYRQ4XLW]|ZHODXVGUEHQXPGHQIRUWVFKUHLWHQGHQ%DX]X
YHUIROJHQXQGDQ]XVWDXQHQXQGZHQQGDQQ'LHWULFKXQG-RKDQQ
XQG.DVSDU*DQVPLWLKQHQZLHGHUGDKHLPXQGLKUH+HU]HQXQG
6LQQHYRQGHP(UVFKDXWHQHUIOOWZDUHQVRVSLHOWHQVLHGHV
5HLFKHV+HUUOLFKNHLWXQWHUVLFKWHLOHQG.DLVHUXQG.|QLJ8QGVR
NLQGLVFKGLHVH6SLHOHZDUHQVLHULHIHQGRFKDOOHUOHL,GHHQYRQ
0DFKWXQG*U|HZDFKGLH:XU]HOVFKOXJHQXQGIRUWZXFKVHQ
VWDUEGHU.DLVHUXQGGDVJDQ]H/DQGWUDXHUWH]XPHLVWDEHU
$OWPDUNXQG3ULJQLW]GHQHQGHU+HLPJHJDQJHQHGXUFKDOOHVGDV
ZDVHUIU7DQJHUPQGHJHWDQKDWWHYLHOIDFKHLQH4XHOOHGHV
:RKOVWDQGHVJHZRUGHQZDU'DV-DKUGDUDXIHUVFKLHQGHU
VLHE]HKQMlKULJH6LJLVPXQGLQGHULKP]XJHIDOOHQHQ
0DUNJUDIVFKDIW%UDQGHQEXUJXP(LGXQG+XOGLJXQJLQ(PSIDQJ
]XQHKPHQXQGGHQ6WlGWHQXQG6WlQGHQLKUH3ULYLOHJLHQ]X
EHVWlWLJHQ$P 0lU]ZDUHULQ6DO]ZHGHODP]X
7DQJHUPQGH9RQDOOHQ6HLWHQKHUVWU|PWHPDQGDVHOEVW
]XVDPPHQXQGXQWHUGHQHQGLH]XMXEHOQGDXIGHP0DUNW XQG
5DWKDXVSODW]HGHU6WDGWVWDQGHQZDUHQDXFKGLH4XLW]RZVFKHQ
-XQNHUDKQXQJVORVGDVLHEHVWLPPWZDUHQVLFKGHUHLQVWGHU
0DMHVWlWHEHQGLHVHV6LJLVPXQGJHJHQEHU]XVWHOOHQ8QG
DEHUPDOVHLQ-DKUXQG%HUOLQ JLQJLQ)ODPPHQDXIGDV5DWKDXV
GLH0DULHQ XQG1LNRODLNLUFKHEUDQQWHQQLHGHUXQGHLQ
ODWHLQLVFKHV'LVWLFKRQJLQJYRQ0XQG]X0XQGGDVLQ
hEHUVHW]XQJODXWHWH

$P7LEXUWLXVWDJYHUKHHUWH%HUOLQGLFKHLQ)HXHU
8QGLQ$VFKHYHUVHQNWWUDXHUWGHU6WlGWH=LHU

'DVZDUDP$XJXVW,PVHOEHQ-DKUHVWDQGHLQ.RPHW
DP+LPPHOXQGSUHGLJWH.ULHJ8QGGHU.ULHJNDPXQGDXFKGLH
3ULJQLW]VDKLKQ
$P0lU]]RJHLQYRQ%DVVHZLW]YRU.\ULW] XQGEHVWUPWH
GLH6WDGW8QGVLHKHGDVFKRQZDUHQGLH0DXHUQHUVWLHJHQDOV
VLFKGLH%UJHUVFKDIWQRFKHLQPDO]XYHU]ZHLIHOWHU*HJHQZHKU
]XVDPPHQWDWXQGLQHLQHP$XVIDOOGHQ)HLQG]XUFNVFKOXJXQG
EHVLHJWH'LHVHUDEHUJHWU|VWHWHVLFKGDHLQ(QJHODXIGHU
0DXHUJHVWDQGHQXQGLUGLVFKH.UDIWXQG7DSIHUNHLW]XVFKDQGHQ
JHPDFKWKDEH
'DV-DKUGDUDXIEUDFKWHJOHLFKH6WUHLI XQG5DXE]JHGLHVLFK
GLHVPDODEHUJHJHQGDVQXU]ZHL0HLOHQYRQ4XLW]|ZHOHQWIHUQWH
3HUOHEHUJ ULFKWHWHQ$XFKZDUHQHVNHLQH%DVVHZLW]HVRQGHUQ
HWZHOFKH.|QLJVPDUFNV GHUHQHLQHUGDPDOV/DQGYRJWGHU3ULJQLW]
ZDU YRQGHQHQGLH6WDGWJHKXGHOWZXUGHZLHGHU&KURQLVW
VLFKDXVGUFNW
VWDUE+HU]RJ+HLQULFKYRQ0HFNOHQEXUJDXIVHLQHP6FKORVVH
]X6FKZHULQ(UZXUGHEHWUDXHUWDOVHLQJURHU9HUIROJHUGHU
5lXEHUXQG'LHEHGHUHQHUPDQFKHVHOEHUKlQJHWHGDPLWHU
VLHYRQLKUHQ7DJHQEUlFKWH:RUWHGLHGLH-XQNHUDXI4XLW]|ZHO
LQGHUQRFK8QEHGURKWKHLWLKUHU+lOVHOlFKHOQGQDFKVSUDFKHQ



'LHVHU(UHLJQLVIlOOWLQGHUhEHUOLHIHUXQJPLWHLQHPJHUDGHGU HLLJ
-DKUHVSlWHUVWDWWILQGHQGHQHEHQIDOOVYRQHLQHPYRQ%DVVHZLW]
XQWHUQRPPHQHQ$QJULIIDXI.\ULW]]XVDPPHQ'LHVHU]ZHLWHYRQ
%DVVHZLW]GHUGHVVHLWHQVGHU%UJHUVFKDIWVRWDSIHU
DEJHVFKODJHQHQ6WXUPHVJHGHQNHQPRFKWHEHVFKORGLHVPDOPLWWHOVW
HLQHVXQWHULUGLVFKHQ*DQJHVLQGLH6WDGWHLQ]XGULQJHQ(VWUDIVLFKDEHU
GDHLQVFKZHUHU9HUEUHFKHULP6WDGWWXUPHVDGHUK|UWHGDV:KOHQ
XQG.ORSIHQXQGOLHGHP%UJHUPHLVWHUPHOGHQGDHULKPHWZDV
:LFKWLJHVHQWGHFNHQZROOHZHQQPDQLKPGDV/HEHQ VFKHQNH'DV
ZXUGH]XJHVWDQGHQ8QGQXQHU]lKOWHGHU*HIDQJHQHYRQGHP:KOHQ
XQG*UDEHQGDVHULQGHU7LHIHJHK|UWKDEH=XU6LFKHUKHLWOLHPDQHLQH
7URPPHOEULQJHQXQGVWUHXWH(UEVHQGDUDXI'DEHJDQQHQGLHVHKLQXQG
KHU]XVSULQJHQYRQGHU(UVFKWWHUX QJGLHGLHXQWHULUGLVFKH$UEHLW
YHUXUVDFKWH1XQZDUPDQVLFKHUXQGDOVEDOGGDQDFKGHUYRQ
%DVVHZLW]VWDWWLQGHU.LUFKHZLHVHLQ3ODQJHZHVHQZDUDXIRIIHQHP
0DUNWSODW]]XWDJHVWLHJZXUGHUJHIDQJHQJHQRPPHQHQWZDIIQHWXQGPLW
VHLQHPHLJHQHQ6FKZHU WHKLQJHULFKWHW6FKZHUWXQG3DQ]HUDEHUEHILQGHQ
VLFKELVGLHVHQ7DJLP5DWKDXVHZlKUHQGGLH6WDGWVHOEVWDOOMlKUOLFKDP
0RQWDJHQDFK,QYRFDYLWLKUGRSSHOWHV%DVVHZLW]IHVWIHLHUW

$OOGDVZDUHQ9RUJlQJH]ZLVFKHQXQGGDVHLJHQWOLFKH
JURH*HVFKHKQLVMHQHU=HLWDEHULQVRQGHUKHLWVRZHLWGLH
3ULJQLW]PLWVSULFKWZDUGRFKGLH=HUVW|UXQJ:LOVQDFNVXQGGHU
$XIEDXGHU:LOVQDFNHU:XQGHUEOXWNLUFKH6HKHQZLUZLHVLFK
EHLGHV]XWUXJ
DP$XJXVWVWHFNWH+HLQULFKYRQ%ORZ JDQ]QDFK$UW
GHU%DVVHZLW]XQG.|QLJVPDUFNGHUHQ)HKGHVLFKJHJHQ.\ULW]
XQG3HUOHEHUJJHULFKWHWKDWWH 'RUI:LOVQDFN LQ%UDQGEHL
ZHOFKHU*HOHJHQKHLWDXFKGDV.LUFKOHLQDXVEUDQQWH'HU3ULHVWHU
GHV'RUIHVDEHUJUXEHLQLJH=HLWGDQDFKLP6FKXWWXPKHUXP
GDVHLQHRGHUDQGHUHYLHOOHLFKWQRFK]XUHWWHQXQGIDQGDXFKLQ
HLQHU9HUWLHIXQJGHVVWHLQHUQHQ$OWDUVHLQH+RVWLHQEFKVHGHUHQ
GUHLJHZHLKWH+RVWLHQZHGHUYHUEUDQQWQRFKYHUNRKOWVRQGHUQ
ZLHPLW%OXWJHIlUEWZDUHQ (UPDFKWHGDYRQ$Q]HLJHQDFK
+DYHOEHUJKLQXQGGHU %LVFKRI'LHWULFK0DQQNDPXPVLFKEHU
GDV0LWJHWHLOWH]XYHUJHZLVVHUQ(UIDQGDOOHVEHVWlWLJWDXFKGHU
(U]ELVFKRIYRQ0DJGHEXUJVWLPPWH]XVRGDVFKRQHLQ
-DKUQDFKGHP%UDQGHGDV:DOOIDKUWHQEHJDQQ$OVEDOGGDQDFK
-RKDQQYRQ:HSHOLW]DQ'LHWULFK0DQQV6WHOOHGHQ+DYHOEHUJHU
%LVFKRIVVWXKOEHVWLHJZDUGDV+HLOLJH%OXWYRQ:LOVQDFNVFKRQ
LQGHUJDQ]HQFKULVWOLFKHQ:HOWEHUKPW(VNDPHQ3LOJHUQLFKW
QXUDXVGHU0DUNXQGDOOHQ7HLOHQ'HXWVFKODQGVDXFKDXV



'LHVHGUHL:XQGHUEOXWKRVWLHQE OLHEHQGHU:LOVQDFNHU.LUFKHELVHUKDOWHQ
LQZHOFKHP-DKUHVLHGHUHUVWHOXWKHULVFKH*HLVWOLFKH-RKDQQ (OOHIHOGDOV
7HXIHOVZHUNXQGSDSLVWLVFKHQ8QIXJYHUEUDQQWH9RQVHLQHP6WDQGSXQNWDXV
PLW5HFKWKHXWHIUHLOLFKZUGHQXQVGLHGUHL+RVWLHQDOV KLVWRULVFKHV
.XULRVXPDXIULFKWLJLQWHUHVVLHUHQ=XJOHLFKPLWLKQHQ GHQ+RVWLHQ LVWYLHOHV
DXVGHUDOWHQ:XQGHUEOXW]HLW]HUVW|UWZRUGHQDQGHUHVGDJHJHQKDWVLFKELVLQ
XQVHUH7DJHKLQHLQJHUHWWHWGDUXQWHUHLQHWZD]ZDQ]LJ)XKRKHU/HXFKWHU
GHUGDV2SI HUOLFKWGHUXQJULVFKHQ3LOJHU]XWUDJHQSIOHJWHGLHKRO]JHVFKQLW]WH
EXQWIDUELJH6WDWXHGHV%LVFKRIV:HSHOLW]GLH6QGHQZDDJHYRUDOOHPGDV
DXVJHEUDQQWH.LUFKOHLQVHOEVWGHVVHQEHLGHU=HUVW|UXQJYRQ
VWHKHQJHEOLHEHQH)HOGVWHLQZlQGHEHLP%DXGHU1HX NLUFKHPLWLQGLHVH
KLQHLQJH]RJHQXQG]XU:XQGHUEOXWNDSHOOHKHUJHULFKWHWZXUGHQ$OOHGLHVH
'LQJHVLQGKLVWRULVFKLQWHUHVVDQWRKQHNQVWOHULVFKH%HGHXWXQJ
EHDQVSUXFKHQ]XN|QQHQ9RQNQVWOHULVFKHU%HGHXWXQJLVWQXU HLQVHLQ
NOHLQHUEURQ]HQHU.ODSSDOWD U %HVWLPPXQJXQEHNDQQW KLQVLFKWOLFKGHVVHQ
3URIHVVRU%HUJDXGDUDXIGUDQJGDHUDXVGHU.LUFKHGDULQHUVLFKEHIDQGLQ
GLH6DNULVWHLJHQRPPHQZHUGHZHLOVRQVWGHU7DJ]XEHUHFKQHQVHLZRGLHV
EHPHUNHQVZHUWH.XQVWZHUN5DULWlWXQG%LMRX]XJOHLFKGH U/HLGHQVFKDIW
HLQHV.XQVWHQWKXVLDVWHQ]XP2SIHUIDOOHQPVVH

6FKZHGHQ'lQHPDUN1RUZHJHQ3ROHQXQG8QJDUQ'LH8QJDUQ
NDPHQDOOH-DKUDQ 0DQQVWDUNXQGXQWHUKLHOWHQHLQ
:DFKVOLFKWYRQVROFKHU*U|HGDHVREHQYRQGHPKRFK
JHOHJHQHQ2UJHOFKRUKHU DQJHVWHFNWZHUGHQPXWH'HU$QGUDQJ
ZDUVRJURGDGLHGXUFKGHQ'RUIEUDQGYHUDUPWHQ%DXHUQVLFK
DOV*DVWZLUWHZLHGHUDXIWDWHQ+DQGZHUNHUJHVHOOWHQVLFKLKQHQ
XPIUGDV 6RUJH]XWUDJHQZDVGLH7DXVHQGHYRQ3LOJHUQ
EUDXFKWHQXQGVRZXFKVGLH6WlWWH GHUDUWGDPDQLKU:DOOXQG
0DXHUQXQGHLQ6WDGWUHFKWJDE$OOHUOHL0LWWHOGLHQWHQHEHQVR]XU
%HUHLFKHUXQJGHU:LOVQDFNHU.LUFKHZLHGHV+DYHOEHUJHU6WLIWV
EHUKDXSW(LQHVGLHVHU0LWWHOZDUGLH6QGHQZDDJH-HGHUZXWH
PHKURGHUZHQLJHUJHQDXZLHYLHOHU ZRJGDVZDUVHLQHLQIDFK
OHLEOLFK*HZLFKW(UJDEVLFKQXQGDGDV$XIVHW]HQHLQHU
HQWVSUHFKHQGHQ$Q]DKOYRQ6WHLQHQDXHUVWDQGHZDUGDV
*OHLFKJHZLFKWGHU:DDJHKHU]XVWHOOHQVRUKUWHGDVYRQGHU
6QGHQVFKZHUH KHUGHUHQ([WUDJHZLFKWGXUFKDOOHUOHL*DEHQ
EDODQFLHUWZHUGHQPXWH:DUHQHV5HLFKHVRWUDIHVVLFKLPPHU
VRGDGLHVH6QGHQH[WUDVFKZHUHJDQ]EHVRQGHUVJURZDU
8QWHUGHU:DDJHQlPOLFKEHIDQGVLFKHLQXQVLFKWEDULQGDV
.HOOHUJHZ|OEHKLQDEIKUHQGHU'UDKWPLWGHVVHQ+LOIHPDQGLH
:DDJHQDFKJLHELJRGHUZLGHUVSHQVWLJPDFKWH'HU=ZHFN
UHFKWIHUWLJWHGLHSLDIUDXV(LQHYLHOOHLFKWQRFKJU|HUH
(LQQDKPHTXHOOHELOGHWHQGLHEOHLHUQHQ+RVWLHQGLHPDQDOV
3LOJHU]HLFKHQYRP+HLOLJHQ%OXWLQ:LOVQDFNNDXIHQNRQQWH'HU
(UWUDJGHUKLHUDXVIORZDUVRJURGDQLFKWQXUGLH:LOVQDFNHU
:XQGHUEOXWNLUFKHVRQGHUQDXFKHLQH3UDFKWNDSHOOH]X:LWWVWRFN
ZRGHU%LVFKRIPHLVWUHVLGLHUWH GDYRQEHVWULWWHQZHUGHQNRQQWH
GHVJOHLFK]HLWLJHQ'RPXPEDXV]X+DYHOEHUJJDQ]]X
JHVFKZHLJHQ7lXVFKXQJHQZLHGLHPLWGHU6QGHQZDDJHOLHIHQ
EHVWlQGLJPLWXQWHUXQGLQLKUHP*HIROJHVHOEVWYHUVWlQGOLFKDXFK
0LKHOOLJNHLWHQXQG9HUOHJHQKHLWHQDOOHU$UW(LQE|KPLVFKHU*UDI
GHUHLQHODKPH+DQGKDWWHZHLKWHJHQHVXQJVKDOEHUGHP
:XQGHUEOXWHLQHVLOEHUQH+DQGRKQHGDGLH:HLKJDEHKHOIHQ
ZROOWH7URW]GHPZXUGHJHSUHGLJWGLHVLOEHUQH+DQGKDEH
JHKROIHQZHOFKHU/XJXQG7UXJIUHLOLFKDXIGHU6WHOOHEHVWUDIW
ZXUGH'HQQGHU.UDQNHGHQPDQLUUWPOLFKDEJHUHLVWJODXEWH
KDWWH:LOVQDFNQRFKQLFKWYHUODVVHQXQGKREDOVHUGLH/JH
K|UWHVHLQHODKPH+DQGDXIXPVLHGHP9RONXQWHU
9HUZQVFKXQJHQ]X]HLJHQ

$EHUVROFKH9HUOHJHQKHLWHQVRYLHOLKUHUVHLQPRFKWHQHUIXKUHQ
LPPHUUDVFKLKUHQ$XVJOHLFK(LQYRQ:HQFNVWHUQDXI
/HQ]HUZLVFKHKDWWHGDV:XQGHUEOXWYHUVSRWWHWXQGHUEOLQGHWH
=LWWHUQGNDPHUVHLQH6QGH]XEHLFKWHQXQGVHLQHQHUQHXHWHQ
*ODXEHQ]XEHNHQQHQXQGLQGHUVHOEHQ6WXQGHNHKUWHGHP
5HXPWLJHQGDV$XJHQOLFKW]XUFN8QWHUDOOHQ8PVWlQGHQDEHU
XQGGDVZDUGLH+DXSWVDFKHVHW]WHQVLFKGLH:DOOIDKUWHQIRUW
GLHVRZHLWVLHYRQ6GHQXQG:HVWHQNDPHQDQ%XUJ4XLW]|ZHO
YRUEHUPXWHQXQGGDV,KULJHGD]XEHLWUXJHQGDVRKQHKLQ
EHZHJWH/HEHQGDVHOEVWLPPHUEXQWHUXQGDQUHJHQGHU]X
JHVWDOWHQ$PPHLVWHQIUGLHEHLGHQ6|KQH'LHWULFK XQG-RKDQQ

.DSLWHO

'LHWULFKXQG-RKDQQYRQ4XLW]RZELV]XP
7RGHGHV9DWHUV
ZXUGHGHQEHLGHQ4XLW]RZVFKHQ-XQNHUQHLQ%UXGHU
JHERUHQ QRFKQLFKWGHUMQJVWH GHULQGHU7DXIHGHQ1DPHQ
&RQUDG HPSILQJ6HLQ/HEHQZDU]XIULHGOLFKHP9HUODXIH
EHVWLPPWXQGHQGHWHGRFKWUDJLVFKZLHGDVVHLQHU%UGHU:LU
NRPPHQLQHLQHPVSlWHUHQ.DSLWHOGDUDXI]XUFN
'HQ6RPPHUXQG+HUEVWJHQDQQWHQ-DKUHVYHUEUDFKWHQ
'LHWULFK XQG-RKDQQYRQ4XLW]RZYRQGHQHQMHQHUMHW]W
QHXQ]HKQGLHVHUIQI]HKQ-DKUH]lKOWH]XJURHP7HLODXI
6FKOR:LWWHQEHUJHZRVLFKLKU6SLHO XQG-XJHQGJHQRVVHGHU
HWZDVlOWHUH.DVSDU*DQV]X3XWOLW]HEHQGDPDOVXPGLH*XQVW
HLQHVVFK|QHQ)UlXOHLQYRQ5HVWRUIDXI+DXV*DUVHGRZEHZDUE
)UHLOLFKYHUJHEOLFK6LHZDUEHUHLWVYHUOREW,P1RYHPEHUZDUHQ
EHLGH%UGHUZLHGHULQ4XLW]|ZHOGDKHLPXQGZHQLJH:RFKHQ
VSlWHU]X%HJLQQGHU$GYHQW]HLWWUDIHQDXFKGLH5KVWlGWHUXQG
.OHW]NHVFKHQ2KHLPH]XJHPHLQVFKDIWOLFKHU%HJHKXQJGHV
&KULVWIHVWHVEHL.|QHYRQ4XLW]RZHLQ0LWLKQHQ]XJOHLFK
HUVFKLHQHQ-RKDQQYRQ:HSHOLW] GDPDOVQRFKQLFKW%LVFKRI 2WWR
YRQ5RKUXQG&ODXVYRQ0|OOHQGRUIZDVDEHUGHPIHVWOLFKHQ
%HLVDPPHQVHLQHLQHJDQ]EHVRQGHUH.XU]ZHLOXQG$QUHJXQJ]X
JHEHQYHUVSUDFKZDUGDVLFKDXFKIDKUHQGHV9RONYRQ]ZHL
6HLWHQKHUHLQJHIXQGHQXQG]XJHPHLQVFKDIWOLFKHP6SLHOLQGHU
JURHQ+DOOH]XVDPPHQJHWDQKDWWH'DJDEHVGHQQHLQHQ
ZDKUHQ:HWWHLIHUXQG6lQJHUNULHJ(LQHUDXVGHP
+DOEHUVWlGWLVFKHQVDQJHLQQHXHV+DU]JUDIHQOLHGHLQ/LHGDXI
*UDI'LHWULFKYRQ:HUQLJHURGHGHUZHJHQVHLQHU5lXEHUHLHQXQG
9LHKGLHEVWlKOHYRQGHQ0DJGHEXUJHUQEHNULHJWXQGQDFK
HUIROJWHU*HIDQJHQQDKPHQLFKWQXUHQWKDXSWHWVRQGHUQ]X
EHVRQGHUHU(UQLHGULJXQJDXFKQRFKDQGHQ)HQJHKHQNW
ZRUGHQZDU'HUGHUGLHVH5HLPHUH]LWLHUWHZDUGHUVHOEHGHU
]HKQ-DKUHIUKHUGDVDQGHUHVFK|QH+DU]JUDIHQOLHGYRQ%XVVR
YRQ$OYHQVOHEHQQDFK%XUJ4XLW]|ZHOJHEUDFKWKDWWHKHXWDEHU
VRVHKUDXFKGDVQHXH/LHGDQVSUDFKXQWHUODJHUGRFKHLQHP
JOHLFK]HLWLJPLWLKPHLQJHWURIIHQHQ6SLHOPDQQDXVGHP
/ELVFKHQGHULQHLQHUUHLPORVHQXQGKDOEGLWK\UDPELVFKHQ

%DOODGHYRQGHQYRQGHQ6FKZHGHQXQG'lQHQXQG]XPHLVWYRQ
GHU+DQVDJHIUFKWHWHQ6HHUlXEHUQHU]lKOWHGLHVHLW-DKUXQG
7DJGLH1RUG XQG2VWVHHEHIXKUHQXQGXPGHU9LNWXDOLHQ
ZLOOHQZRPLWVLHGDVEHODJHUWH6WRFNKROPHLQH=HLWODQJ
YHUSURYLDQWLHUWKDWWHQ GLH9LNWXDOLHQ RGHU9LWDOLHQEUGHUKLHHQ
$QGHUHQDQQWHQVLHGLH/LNHGHHOHURGHU*OHLFKWHLOHUZHLOLKU
5DXEZHQQHUYHUWHLOWZXUGH]XJOHLFKHQ7HLOHQJLQJ:lKUHQG
GHVOHW]WHQ6RPPHUVDEHUXQGGDVZDUGHUHLJHQWOLFKH,QKDOWGHU
%DOODGHKDWWHQVLH JHJHQHLQKRFKERUGLJHV2UORJVFKLIIGHU
6WUDOVXQGHUGDVVLHPLWPHKUHUHQLKUHUNOHLQHQ6FKLIIHWROONKQ
DQ]XJUHLIHQYHUVXFKWHQXQWHUOHJHQXQGHLQLJH+XQGHUWYRQ
LKQHQZDUHQJHIDQJHQJHQRPPHQZRUGHQ8QGQXQHQWVWDQGGLH
)UDJHZRKLQPLWLKQHQ"$XIGHP2UORJVFKLIIHVRJURHVZDU
KDWWHPDQQLFKW.HWWHQXQG6W|FNHJHQXJXPVLH]XVFKOLHHQ
XQGGLH*HIDQJHQHQDQGHUHUVHLWVEHLIUHLHU%HZHJXQJ]XEHODVVHQ
YHUERWVLFKZHLOPDQVLFKZRKOHQWVDQQZLHGLH9LWDOLHQEUGHU
EHLVHKUlKQOLFKHQ*HOHJHQKHLWHQGLH VFKODIHQGH
6FKLIIVPDQQVFKDIWEHUIDOOHQXQGHUZUJWKDWWHQ6RNDPPDQ
GHQQ]XGHP(QWVFKOXLKQHQJHJHQEHUGDVVHOEH0LWWHO
DQ]XZHQGHQGDVVLHVHOEVWHLQVWLQHLQHPVLHJUHLFKJHJHQGLH
'lQHQJHIKUWHQ.ULHJH]XU0DUWHUXQJLKUHU*HIDQJHQHQ
HUGDFKWKDWWHQ0DQQDKPDOVR7RQQHQGHUHQGDV6FKLIIPHKUHUH
+XQGHUWHKDWWHVFKOXJGHQXQWHUHQ%RGHQDXVXQGVFKQLWWLQGHQ
REHUHQ'HFNHOHLQ/RFKJHUDGHJURJHQXJGDHLQ0HQVFKGHQ
.RSIGXUFKVWHFNHQNRQQWH'DQDFKSUHWHPDQGHQ9LWDOLHQEUXGHU
LQGLH7RQQHKLQHLQ QXUPLWGHP.RSIHGUDXHQ XQGVFKOXJQXQ
GLH7RQQHYRQXQWHQZLHGHU]X6RZXUGHQDOOH*HIDQJHQHQDXI
$FKWHUGHFNDXIJHVWDSHOWXQGQDFK6WUDOVXQGDEJHIKUWZRPDQ
VLHKHUDXVQDKPIUHLOLFKQXUXPLKQHQDPVHOEHQ7DJHQRFKLQ
VXPPDULVFKHP9HUIDKUHQGLH.|SIHYRP5XPSI]XVFKODJHQ
$OOHGLHGHP9RUWUDJHGLHVHU%DOODGHJHIROJWZDUHQHQWVHW]WHQ
VLFKEHUGLHGHQ6HHUlXEHUQDQJHWDQH0DUWHUJDQ]EHUVHKHQG
GDHVQXUGDVDEHQWHXHUOLFK1HXHGDVJURWHVN8QJHZ|KQOLFKH
ZDUZDVVLHVRVWDUNEHHLQIOXWHZlKUHQGGDVZDVVLFK
WDJWlJOLFKXPVLHKHU]XWUXJYHUKlOWQLVPlLJZHQLJEHDFKWHW
ZXUGHQLFKWZHLOHVGHV6FKUHFNOLFKHQZRKODEHUZHLOHVGHV
*URWHVNHQXQG$EHQWHXHUOLFKHQHQWEHKUWH'HVVHQZDUGLH
%HODJHUXQJ(UVWUPXQJXQG$XVSRFKXQJGHVQXUIQI0HLOHQ
YRQ4XLW]|ZHOJHOHJHQHQ5DWKHQRZ HLQJHUDGHGDPDOVJHIKUWHU
VSUHFKHQGHU%HZHLV:XVWHUZLW]EHULFKWHWGDUEHU8P
HEHQGLHVH=HLWDEHUZDUHVGDYRQVHLWHQGHVSHUV|QOLFK

DEZHVHQGHQ(U]ELVFKRIV$OEUHFKW]X0DJGHEXUJGHV)UVWHQ
6LJLVPXQG]X$QKDOWXQGGHV+HUUQ-RKDQQ*UDIHQ]X4XHUIXUW
GLH6WDGW5DWKHQRZGHUHQ0DXHUQEHOYHUZDKUHWZDUHQ GDEHL
JDQ]GHUPHKUDOVPXWPDOLFKHQ9HUUlWHUHLGHV-RKDQQYRQ
7UHVNRZ]XJHVFKZHLJHQ EHUIDOOHQXQGHLQJHQRPPHQZXUGH
:RUDXIGHQQYRQGHQ.ULHJVJXUJHOQJURHUhEHUPXWPLW
9HUXQHKUXQJHKUOLFKHU)UDXHQXQG-XQJIUDXHQXQGYLHODQGHUH
%RVKHLWEHJDQJHQZRUGHQLVW%DOGQDFK(LQQDKPHGHU6WDGWDEHU
KDEHQDOOH%UJHUVOHXWHGHPQRFKLQ0DJGHEXUJZHLOHQGHQ+HUUQ
(U]ELVFKRI GHULKQHQPLWWOHUZHLOHGHQ)ULHGULFKYRQ$OYHQVOHEHQ
]XP+DXSWPDQQYHURUGQHWKDWWH VFKZ|UHQXQGKXOGLJHQ
PVVHQ8QGQXQPHKURQDFKJHVFKHKHQHU+XOGLJXQJDOVGLH
VLFKVLFKHUIKOHQGHQDUPHQ/HXWHGDVKHUYRUJHKROWZDVVLHELV
GDKLQYHUVWHFNWKDWWHQKDW)UVW6LJLVPXQGYRQ$QKDOWLQ
$EZHVHQKHLWGHV(U]ELVFKRIVDEHUQLFKWRKQHVHLQHQ5DWXQG
:LOOHQHLQ|IIHQWOLFKHV*HERWDXVJHKHQODVVHQGDMHGHU%UJHU
GHUGHQ(LGJHOHLVWHWXQGGXUFKVHLQHQ(LGLQ3IOLFKWJHQRPPHQ
VHLPLW:DIIXQG:HKUGHP(U]ELVFKRIDXIVHLQHP:HJHQDFK
5DWKHQRZHQWJHJHQ]LHKHQVROOHZHLOHU GHU(U]ELVFKRI IUFKWH
YRQPlUNLVFKHP.ULHJVYRONXQWHUZHJVEHUIDOOHQ]XZHUGHQ8QG
DOVQDFKGLHVHP*HERWHYHUIDKUHQZRUGHQXQGGLHPLW:DIIXQG
:HKU$XVJHUVWHWHQDXVGHP6WDGWWRUHKHUDXVZDUHQKDWPDQ
GDV7RUKLQWHULKQHQJHVFKORVVHQXQGNHLQHQZLHGHU]XU6WDGW
KLQHLQJHODVVHQMDPDQKDWLKQHQLKUH:HLEHUXQG.LQGHU
QDFKJHWULHEHQXQGDOOHVWUDFNVYRQ5DWKHQRZKLQZHJ]LHKHQ
KHLHQ$FKGDKDWPDQHLQJURHV-DPPHUQXQGYLHO:HKNODJH
JHK|UWGHQQQLFKWQXU%HWDJWHVRQGHUQDXFK.UDQNHVLQGPLW
LKUHQ.LQGHUQLQGHQKDUWHQXQGNDOWHQ:LQWHUKLQDXVJHVWRHQ
ZRUGHQ8QGNHLQHP+XQJULJHQLVWHLQ%LOHLQ%URWXQGNHLQHP
'XUVWLJHQHLQ7UlQNOHLQ:DVVHUJHZRUGHQXQGVRVLQGGLH
PHLVWHQYHUEOLFKHQXQGQXUZHQLJHKDEHQVLFKGXUFKJHVFKODJHQ
XQG)UHXQGHJHIXQGHQ]X7URVWXQG+OIH0LWHLQVDEHULVWGHU
+HUU(U]ELVFKRIZLHPDQODQJHYRUDXVYHUNQGLJWKDWWHZLUNOLFK
LQGLH6WDGW5DWKHQRZJHNRPPHQXQGZDVQRFKYRQ(VVHQXQG
7ULQNHQEULJJHZHVHQLVWGDVLVWDXIJHJHVVHQXQGDXVJHWUXQNHQ
XQG]XOHW]WDXVGHQOHHUHQ)lVVHUQHLQJURHV)UHXGHQIHXHU
JHPDFKWZRUGHQ8QGGHV+HUUQ0DUNJUDIHQ]X%UDQGHQEXUJ
:DSSHQKDWPDQEHVXGHOWXQGPLW+RKQXQG6FKPDFKYRQDOOHQ
7DIHOQJHO|VFKHW
'DVZDUHQ(OHQGVELOGHUDXVGHUQlFKVWHQ1lKHGHU%XUJXQG
ZHQQGDV%LOGGHULQGLH6FKLIIVWRQQHQHLQJHVHW]WHQ9LWDOLHQEUGHU

DXFKPHKU]XU(LQELOGXQJVNUDIWGHU4XLW]|ZOHUJHVSURFKHQXQGLQ
LKUHQ+HU]HQHLQHOHEKDIWHUH0LELOOLJXQJKHUYRUJHUXIHQKDEHQ
PRFKWHVROlWVLFKGRFKDQQHKPHQGDHVGHQXQWHU
DOOWlJOLFKHUHQ)RUPHQDXV5DWKHQRZ9HUWULHEHQHQVRZHLWVLH
KOIHVXFKHQGDQNORSIWHQDQ0LWOHLGXQG7HLOQDKPHEHLGHU
%HZRKQHUVFKDIWGHU%XUJQLFKWJHIHKOWKDEHQZLUG$EHU0LWOHLG
XQG7HLOQDKPHZDUHQQLFKWGLH'LQJHGHQHQVLFKGLH
4XLW]RZVFKHQDXFKZHQQVLHJHZROOWKlWWHQDXIGLH'DXHU
KLQJHEHQGXUIWHQDPZHQLJVWHQ.|QHYRQ4XLW]RZGHVVHQ
VSlWHUH/HEHQVMDKUHEHLQDKPHKUQRFKDOVGLH
YRUDXIJHJDQJHQHQLKQ]X%HZlKUXQJNULHJHULVFKHU7DWXQG
*HVLQQXQJDXIIRUGHUWHQ$PPHLVWHQDOVGDV-DKUHLQHQ
VSH]LHOOHQ4XLW]RZNULHJ XQG]ZDUPLWGHQ+HU]|JHQYRQ
/DXHQEXUJXQG/QHEXUJEUDFKWH
:DV9HUDQODVVXQJ]XGLHVHU)HKGHERWKOOWVLFKLQ'XQNHOXQG
PDJDXFKLP'XQNHOEOHLEHQ(VJHQJWIUXQVGD/QHEXUJ
PLWHLQHP(LQIDOOLQGLH$OWPDUNXQGPLWGHU:HJQDKPH
YHUVFKLHGHQHUIHVWHU3OlW]HEHJDQQ8QGNDXPGD
6FKQDFNHQEXUJXQG*DUWRZ GDVZDUHQGLH1DPHQGHUIHVWHQ
3OlW]H JHQRPPHQZDUHQDOVDXFKVFKRQGHU/DXHQEXUJHU
+HU]RJ(ULFKHEHQIDOOVDXIGHP3ODQHUVFKLHQXPVLFKQDFK
HUIROJWHU9HUHLQLJXQJPLWGHQ/QHEXUJHUQYRQGHU$OWPDUNKHU
JHJHQGHQlOWHUHQ -RKDQQYRQ4XLW]RZHLQHQ%UXGHU.|QHYRQ
4XLW]RZVDXI6FKOR.OHW]NH]XZHQGHQ$OOHVZDV4XLW]RZ
KLHNDPMHW]WKHUEHLGLHVHIHVWHVWH%XUJGHU)DPLOLHJHJHQGLH
'RSSHOPDFKWGHUEHLGHQ+HU]|JH]XVFKW]HQXQGQXU.|QH YRQ
4XLW]RZEOLHEDXVHLQPRPHQWDQEHUUDVFKHQGHV$XVEOHLEHQ
GHVVHQ9HUDQODVVXQJLQGHVVHKUEDOGRIIHQEDUZHUGHQVROOWH
'HQQDOVGLH%HGUlQJQLVGHU.OHW]NHU%XUJOHXWHGLHVLFK/XIW]X
VFKDIIHQHEHQHLQHQ$XVIDOOSODQWHQGHQK|FKVWHQ*UDGHUUHLFKW
KDWWH]HLJWHVLFKXQHUZDUWHWHLQ7UXSS5LWWHUXQG5HLVLJHULP
5FNHQGHU/DXHQEXUJ/QHEXUJHUXQGEUDFKWHGLHVHQLQLKU
/DJHUHLQEUHFKHQGHLQH1LHGHUODJHEHLGHUHQ)ROJHGDV$EVWHKHQ
YRQHLQHU)RUWVHW]XQJGHU%HODJHUXQJZDU'LH]XP(QWVDW]
+HUEHLJHHLOWHQDEHUZDUHQGLH4XLW]|ZOHUJHZHVHQ.|QH YRQ
4XLW]RZVDPW'LHWULFKXQG-RKDQQGLHVLFKKLHU]XPHUVWHQPDO
DQGHU6HLWHGHV9DWHUVEHZlKUWHQ$QGLHIQI]LJ*HIDQJHQH
ZXUGHQHLQJHEUDFKWXQGWDJVGDUDXIZDU7HGHXPZREHLGHUDOWH
%XUJKHUUHUVWVHLQHP*RWWXQGEHLGHPVLFKDQVFKOLHHQGHQ
)HVWPDKOHGHUJHVDPWHQ9HWWHUVFKDIWGDQNWH'HUHLJHQWOLFKH
+HOGGHV7DJHVDEHUZDU.|QHYRQ4XLW]RZGHUPLWGLHVHU

%HIUHLXQJYRQ%XUJ.OHW]NHQLFKWQXUGLHOHW]WHVRQGHUQDXFKGLH
EHVWHNULHJHULVFKH7DWVHLQHV/HEHQVJHWDQKDWWH
'HU5HVWVHLQHU7DJHYHUOLHIHEHQVRIULHGOLFKZLHKlXVOLFKXQG
ZDVVLFKYRQQRFK]X1HQQHQGHPHUHLJQHWHZDUUHFKWHLJHQWOLFK
HLQ+DXVHUHLJQLVLP6RPPHUZDUGLKPDEHUPDOVHLQ6RKQ
JHERUHQGHUYLHUWHGHULQGHU7DXIHGHQ1DPHQ+HQQLQJ
HPSILQJ6HFKVXQG]ZDQ]LJ-DKUHQDFK'LHWULFK]ZHLXQG]ZDQ]LJ
QDFK-RKDQQJHERUHQVDKHUVLFKLQGLHQXQEDOGEHJLQQHQGHQ
:LUUHQXQG.lPSIHGHUHLJHQWOLFKHQ4XLW]RZ]HLWQLFKW PLW
KLQHLQJH]RJHQXQGEHUOHEWHGHQ5XKPXQG1LHGHUJDQJVHLQHV
+DXVHV
$OVHUGUHL-DKUDOWZDUVWDUEGHU9DWHU.|QHYRQ4XLW]RZGHU
KRIOLFKHDOWH5HXWHU
8QG+HQQLQJV%UGHU'LHWULFK XQG-RKDQQZDUHQYRQ6WXQGDQ
GLH+lXSWHUGHU)DPLOLH

.DSLWHO

'LHWULFKXQG-RKDQQYRQ4XLW]RZ
YHUKHLUDWHQVLFKXQG
.|QHYRQ4XLW]RZVWDUE(LQ-DKUYRUKHUZDUHVLKPQRFK
YHUJ|QQWJHZHVHQGLH+RFK]HLWVHLQHV6RKQHV'LHWULFK
PLW]XIHLHUQGHUVLFKDP0RQWDJHQDFK0DULl+HLPVXFKXQJGHQ
 -XOLPLW(OLVDEHWK6FKHQNYRQ/DQGVEHUJ7RFKWHUGHV
6FKHQNHQYRQ/DQGVEHUJDXI6FKOR7HXSLW]YHUPlKOWH'LHV
XPIDQJUHLFKH6FKORDQGHU*UHQ]HYRQ0DUNXQG/DXVLW]ZUGH
]XIHVWOLFKHU%HJHKXQJGHU+RFK]HLWYROONRPPHQDXVJHUHLFKW
KDEHQ5FNVLFKWHQDEHUGLHPDQDXIGHQDXVVFKOLHOLFKLQGHU
3ULJQLW]EHJWHUWHQ$QKDQJGHU4XLW]RZIDPLOLHQHKPHQ]X
PVVHQJODXEWHEHVWLPPWHQGHQ9DWHUGHU%UDXWGHQDOWHQ$SLW]
YRQ6FKHQNGLH+RFK]HLWVWDWWDXI6FKOR7HXSLW]OLHEHULQ%HUOLQ
VWDWWILQGHQ]XODVVHQXQG]ZDUXPVRPHKUDOVGHU%UlXWLJDP
'LHWULFKYRQ4XLW]RZGHQ:XQVFKDXVJHGUFNWKDWWHGLH
7UDXXQJGXUFKGHQLKPXQGVHLQHU)DPLOLHVHLWODQJH
EHIUHXQGHWHQ%HUOLQHU3URSVW2UWZ\QDQ6DQNW1LNRODLYROO]RJHQ
]XVHKHQ
6FKRQDP6RQQDEHQGGHQ-XOLKDWWHVLFKGLH]DKOUHLFKH
9HUZDQGWVFKDIWVDPWYLHOHQDQVHKQOLFKHQ)UHXQGHQJHLVWOLFKHQ
ZLHZHOWOLFKHQ+HUUHQLQ%HUOLQHLQJHIXQGHQ9RQVHLWHQGHU
4XLW]RZIDPLOLHZDUHQHV.XQRYRQ4XLW]RZDXI.OHW]NH:HGHJR
YRQ4XLW]RZDXI5KVWlGW&ODXVYRQ4XLW]RZDXI6WDYHQRZXQG
/GHNHYRQ4XLW]RZ3URSVW]X+DYHOEHUJ]XGHQHQVLFKXPQXU
GLHKHUYRUUDJHQGVWHQ]XQHQQHQGHU+DYHOEHUJHU%LVFKRI-RKDQQ
YRQ:HSHOLW]IHUQHUGHU6SLHO XQG-XJHQGJHQRVVHGHU
4XLW]RZVFKHQ%UGHU.DVSDU*DQV]X3XWOLW]VRZLH+DQVYRQ5RKU
DXI6FKOR0H\HQEXUJ0DWWKLDV6WHUQHEHFNXQG+LQULN
*UXPENRZJHVHOOWHQ,QJOHLFKHURGHUQRFKJU|HUHU=DKOZDUGHU
$QKDQJGHU6FKHQNHQYRQ/DQGVEHUJHUVFKLHQHQXQWHULKQHQ
+HLQULFKXQG+DQVYRQ6FKHQN2KHLPHGHU%UDXW&RQUDG$EW
YRQ=LQQD/LSSROGYRQ%UHGRZ+DXSWPDQQGHU0DUN2WWRYRQ
.LWWOLW]+HUU]X%DUXWK+DQVYRQ%LHEHUVWHLQ+HUU]X6WRUNRZ
XQG%HHVNRZXQGYLHOHDQGHUH

'HU%UDXWYDWHU$SLW]YRQ6FKHQNKDWWHJHPHLQVFKDIWOLFKPLW
GHQODXVLW]LVFKHQ+HUUHQLQHLQHPJXWHQXQGJHUlXPLJHQ
*DVWKRIH4XDUWLHUJHQRPPHQGDGLH=LPPHUGHVVHOEHQDEHU
WURW]LKUHU=DKOXQG*HUlXPLJNHLWQLFKWDXVUHLFKWHQVRZDUIU
GHQHLJHQWOLFKHQ+RFK]HLWVWDJQRFKHLQJURHVLQGHU1lKHGHV
+HLOLJHQJHLVWKRVSLWDOVJHOHJHQHV+DXVLQGHU6SDQGDXHU6WUDH
JHPLHWHWZRUGHQ'HUDEHQGOLFKHGDV)HVWDEVFKOLHHQGH7DQ]
VROOWHGDQQDOWHP+HUNRPPHQJHPlDXIGHP5DWKDXVH
JHKDOWHQZHUGHQ(EHQVROLHIHUWHGDV5DWKDXVGLHQ|WLJHQ
7LVFKJHUlWVFKDIWHQ$OOHUGLQJVEHVWDQGDXFKXPGLHVH=HLWVFKRQ
HLQH9HURUGQXQJGLHGHPLPPHUPHKUEHUKDQGQHKPHQGHQ
$XIZDQGHQWJHJHQWUHWHQVROOWHGLHVH9HURUGQXQJDEHUKDWWHQXU
IU GLH%UJHUVFKDIW*HOWXQJZlKUHQGGLHK|KHUHQ6WlQGHGDYRQ
DXVJHQRPPHQZDUHQ-HGHQIDOOVVlXPWH+HUU$SLW]YRQ6FKHQN
QLFKWYRQGLHVHP5HFKWGHU$XVQDKPH*HEUDXFK]XPDFKHQ
$OOHVZDUGXUFKLKQDXIVJOlQ]HQGVWHKHUJHULFKWHWZRUGHQXQG
VFKRQDP6RQQWDJDEHQGHUVFKLHQHQZLH]XU9RUIHLHUGLH
%UDXWMXQJIHUQLQGHQ=LPPHUQ(OLVDEHWKVYRQ6FKHQNXP
GDVHOEVWYRQLKUEHZLUWHW]XZHUGHQ'DPLWZDUGLH)HLHU
HLQJHOHLWHW(LQH$UW3ROWHUDEHQG
$PIROJHQGHQ7DJHEHJDQQGDVHLJHQWOLFKH)HVWXQGZlKUWHYRQ
PRUJHQVVLHEHQELVDEHQGVHOIDOVRGXUFKVHFK]HKQ6WXQGHQKLQ
LQXQDXVJHVHW]WHU)ROJH:RUDXVVLFKVFKOLHHQOlWGDGLH/XVW
XQG9HUJQJXQJVNUlIWHGDPDOVXPQLFKWVVFKZlFKHUZDUHQDOV
KHXW]XWDJH
%HJOHLWHQZLUGDV3DDUXQGVHLQH*lVWHGXUFKGHQ7DJKLQ
8PVLHEHQ8KUIUKEHJUWH'LHWULFKYRQ4XLW]RZVHLQH%UDXW
XPLKUHLQ3DDU6FKXKXQG3DQWRIIHOQ]XEHUUHLFKHQ'DQQ
VFKULWWPDQQDFK6LWWHGHU=HLW]XP%UDXWEDGHZHOFKHP
IHVWOLFKDUUDQJLHUWHQ=XJH GDV%DGHKDXVZDUDXIGHP.U|JHO 
DOOH]XU+RFK]HLW*HODGHQHQVLFKDQVFKORVVHQ9RUDQGLH
6WDGWSIHLIHUPLW=LQNHQXQG6FKDOPHLHQPLW=LPEHOXQG*HLJH
9RUGHP=XJHKHUEHZHJWHVLFKGLH6WUDHQMXJHQGDEHUDXFK
3LFNHOKHULQJHZDUHQGDGLH*HVLFKWHUVFKQLWWHQ.RERO]VFKRVVHQ
5DGVFKOXJHQXQGMHGHVDOWH0WWHUFKHQGDVLKQHQEHJHJQHWH
XPDUPWHQ6RJLQJHVGXUFKGLH6SDQGDXHU6WUDHKLQ,QGHP
%DGHKDXVHGDVVLFKLQ]ZHLJURH5lXPHWHLOWHEDGHWHQDOOH
GDQQNHKUWHPDQQDFKHLQHPLQGHP2EHUJHVFKR
HLQJHQRPPHQHQ)UKPDKOQDFKGHP%UDXWKDXVH]XUFNZRQXQ

%UDXWXQG%UlXWLJDPIUGLH7UDXXQJJHNOHLGHWZXUGHQ$OVGLHV
JHVFKHKHQJDE'LHWULFKVHLQHU%UDXWGHQ%UDXWNUDQ]HLQ*HIOHFKW
DXV5RVPDULQGDVPDQPLW*ROGVFKQXUXQG*ROGEOlWWFKHQJH]LHUW
KDWWH0LWGLHVHP.UDQ]HZXUGHGLH%UDXWJHVFKPFNWXQG
HPSILQJQXQHLQ%XQG6FKOVVHODOV=HLFKHQLKUHUYRQKHXWDQ]X
EHUQHKPHQGHQKDXVPWWHUOLFKHQ:UGH+LHUDXIZXUGHQYLHU
:DFKVNHU]HQDQJH]QGHWXQGYRQYLHU*lVWHQJHKDOWHQ]XJOHLFK
DEHUIOOWHPDQHLQHQ%HFKHUPLW:HLQGHQ'LHWULFKVHLQHU%UDXW
]XNUHGHQ]HQKDWWH'LHVHOHHUWHGHQ%HFKHUELV]XU+lOIWH
YHUQHLJWHVLFKGDQQXQGJDELKQDQ'LHWULFK]XUFNGHULKQ
VHLQHUVHLWVELVDXIGHQOHW]WHQ7URSIHQDXVWUDQN$OOH*lVWH
ZXUGHQZlKUHQGGLHVHU=HUHPRQLHPLW6WUlXHQXQG.UlQ]HQ
EHGDFKWXQGGDGLHVH.UlQ]HPHLVW DXV:U]NUlXWHUQEHVWDQGHQ
VRYHUEUHLWHWHQVLH:RKOJHUXFKGXUFKDOOH=LPPHU
8QGQXQVFKLFNWHPDQVLFK]XP.LUFKJDQJHDQ(VZDUGUHL8KU
JHZRUGHQXQGGHU:HJELV]XU1LNRODLNLUFKHQLFKWZHLWXPDEHU
GHU6FKDXOXVWGHU0HQJH]XJHQJHQPDFKWHPDQHLQHQ ZHLWHQ
8PZHJXQGVRNDPHVGDGHUKRFK]HLWOLFKH=XJHUVWXPYLHU
8KUYRUGHU1LNRODLNLUFKHKLHOW'LH7UDXXQJYHUULFKWHWHKLHUZLH
IHVWJHVHW]W3URSVW2UWZ\QXQGDOV%UDXWXQG%UlXWLJDPLKPLKUH
1DPHQDQJHJHEHQXQGGLH)UDJHREVLHVLFKJHJHQVHLWLJ DOV
0DQQXQG)UDXEHJHKUWHQPLWMDEHDQWZRUWHWKDWWHQVSUDFK
HU(JRFRQMXQJRYRVLQPDWULPRQLRLQQRPLQH'HLSDWULV
ILOLRTXHHWVSLULWXVDQFWL$PHQ'DQQVHJQHWHHUGHQ7UDXULQJ
HLQEHVSUHQJWHLKQEHU.UHX]PLW:HLKZDVVHUXQGEHUUHLFKWH
LKQ'LHWULFKGHUQXQGHQ5LQJDQGHQ5LQJILQJHUGHUOLQNHQ+DQG
VHLQHU%UDXWVWHFNWH'DUDXIIROJWH]XQlFKVWHLQ*HEHWGDQQ
$QUHGHDQ%UDXWSDDUXQG9HUVDPPOXQJXQGKLHUDXIHUVWGLH
%UDXWPHVVHGLHYRQGHQ/HKUHUQGLHGDPDOV6FKXOJHVHOOHQ
KLHHQJHVXQJHQZXUGH'DQQNHKUWHPDQHVZDUPLWWOHUZHLOH
IQI8KUJHZRUGHQLQGHUVHOEHQ2UGQXQJZLHPDQJHNRPPHQ
QDFKGHP*DVWKDXVH]XUFNYRQGHPDXVPDQVLFKQDFK
VWDWWJHKDEWHU(LQVHJQXQJGHV%UDXWEHWWHV HLQH=HUHPRQLHGLH
GLH(KHVFKOLHXQJHUVWSHUIHNWPDFKWH QDFKGHPLQQlFKVWHU
1lKHJHOHJHQHQ+RFK]HLWVKDXVHEHJDE
+LHUZDUHQDFKW]HKQ7LVFKH]XMH]HKQ3HUVRQHQJHGHFNW
GDUXQWHUHLQ7URPSHWHU XQG3IHLIHUWLVFK]ZHL.LQGHUWLVFKH]ZHL
0lJGHWLVFKH]ZHL-XQJIHUQWLVFKH,QGHU0LWWHGHU+DXSWWDIHOVD
GDV%UDXWSDDUXPJHEHQYRQVHLQHQQlFKVWHQ$QYHUZDQGWHQ'LH
6FKXOJHVHOOHQGLHVFKRQZlKUHQGGHU7UDXXQJGLH%UDXWPHVVH

JHVXQJHQKDWWHQKDWWHQMHW]WGDV*HVFKlIWGHU9RUVFKQHLGHUXQG
=HUOHJHU3RVVHQUHLHUZDUHQXQWHUGLH6SLHOOHXWHYHUWHLOWXQG
LPPHUZHQQGLH0XVLNVFKZLHJVXFKWHQVLHGLH3DXVHQGXUFK
*HVLFKWHUVFKQHLGHQ9HUUHQNXQJHQXQG:LW]UHGHQ]XIOOHQ8QWHU
EHVWlQGLJHP=XWULQNHQZXUGHQ*HVXQGKHLWHQDXVJHEUDFKWXQG
XPGLHVH=HLWZRGLH+HU]HQIU|KOLFKHUJHVWLPPWXQG]XP*HEHQ
JHQHLJWZDUHQHUVFKLHQHQDXFKGLHGHQHQHVQDFKHLQHP
7ULQNJHOGRGHU*HVFKHQNYHUODQJWH=XQlFKVWNDPHQGLH.|FKH
GDQQGHU%UDWHQPHLVWHUPLWHLQHU6FKVVHODXIZHOFKHU
DWWUDSSHQDUWLJHLQ%UDWHQODJ(LJHQWOLFKDEHUZDUHVHLQHJURH
/HGHUWDVFKHGULQMHGHUGHU*lVWHVHLQH *DEHKLQHLQWDW'HP
%UDWHQPHLVWHUIROJWHGHU.HOOHUPHLVWHUPLWHLQHPJURHQ
+XPSHQGHU]XJOHLFKHP=ZHFNHUHLKXPJLQJ8QGGDQQNDPHQ
GLH%UDWHQZHQGHUGHU6FKHQNGLH6FKVVHOZlVFKHULQQHQXQG
HQGOLFKGLHJURH%FKVHIUGLH$UPHQ
8PVLHEHQ8KUKDWWHPDQDEJHVHVVHQXQGHUKREVLFKYRQGHQ
7DIHOQVLFKQXQPHKURQDFKGHP5DWKDXVH]XEHJHEHQXQGLQ
GHPJURHQ6DDOHGDVHOEVW]XWDQ]HQ(VZDUGHV-XEHOVNHLQ
(QGH*DQ]]XOHW]WDEHUZXUGHQDFKDOWHU6LWWHGHU%UDXWGDV
6WUXPSIEDQGDEJHWDQ]WXQG]HUVFKQLWWHQXQWHUGLH*lVWHYHUWHLOW
(UVWXPHOI8KUQDFKWVEHJOHLWHWHPDQGDVMXQJH3DDULQ
3UR]HVVLRQQDFKVHLQHP*DVWKDXVH]XUFN

'DVZDU
6HFKV-DKUHVSlWHUIROJWH-RKDQQYRQ4XLW]RZ GHP%HLVSLHOH
VHLQHVlOWHUHQ%UXGHUV'LHWULFK XQGYHUPlKOWHVLFKPLW$JQHVYRQ
%UHGRZ7RFKWHU/LSSROGVYRQ%UHGRZ+DXSWPDQQVXQG
9HUZHVHUVGHU0LWWHOPDUN(VGXUIWHGDPDOVKHLHQ)HOL[
4XLW]RZLDQXEH'LH%HNDQQWVFKDIWPLWGHUUHLFKHQHEHQVRGXUFK
%HVLW]ZLHSROLWLVFKHV$QVHKHQKHUYRUUDJHQGHQ%UHGRZIDPLOLH
KDWWHVLFK DXIGHU+RFK]HLW'LHWULFKVHLQJHOHLWHWXQGZDUVHLWGHP
IRUWJHVHW]WZRUGHQLQVRQGHUKHLWVHLWZREHLGH%UGHU
HLQHQPHKUWlJLJHQ%HVXFKDXIGHPGDPDOVYRQ/LSSROGYRQ
%UHGRZEHZRKQWHQ6FKOR1HXVWDGWDQGHU'RVVHJHPDFKW
KDWWHQ$OVVLHYRQGLHVHP%HVXFKHKHLPNHKUWHQVWDQGHVEHL
-RKDQQIHVWXPGLHQRFKMXJHQGOLFKH7RFKWHUGHV+DXVHVZHUEHQ
XQGLQGHU%UHGRZIDPLOLHVHOEVWIHVWHQ)XIDVVHQ]XZROOHQ

ZRULQHUVLFKGXUFKVHLQHQ%UXGHU'LHWULFKGHPQLFKWV
ZQVFKHQVZHUWHUHUVFKLHQDOVHLQHGHUDUWLJH9HUVFKZlJHUXQJ
YRQ$QIDQJDQXQWHUVWW]WVDK$XFKDXI%UHGRZVFKHU6HLWH
]HLJWHPDQVLFKHLQHU9HUELQGXQJPLWGHPPHKUXQGPHKU]X
0DFKWXQG*HOWXQJNRPPHQGHQ4XLW]RZVFKHQ+DXVHJHQHLJW
:DQQGLHI|UPOLFKH9HUOREXQJVWDWWIDQGZLUGQLFKWJHPHOGHW
GDJHJHQZLVVHQZLUGDLP$XJXVW GLH+RFK]HLWLQ6WDGW
%UDQGHQEXUJJHIHLHUWZXUGH'LH*lVWHZDUHQ]XJURHP7HLO
GLHVHOEHQZLHVHFKV-DKUHIUKHUEHLGHU'LHWULFKYRQ
4XLW]RZVFKHQ9HUPlKOXQJQXUGLHODXVLW]LVFKHQ(OHPHQWHIHKOWHQ
XQGZXUGHQGXUFKYHUVFKLHGHQHKDYHOOlQGLVFKH)DPLOLHQXQWHU
GHQHQDXHUGHQ%UHGRZVVHOEVWGLH5RFKRZVXQG6WHFKRZV
REHQDQVWDQGHQHUVHW]W'LHVLFKEHUPHKUHUH7DJHKLQ
DXVGHKQHQGHQ)HVWOLFKNHLWHQHQWVSUDFKHQLPZHVHQWOLFKHQGHP
ZDVZLUEHL*HOHJHQKHLWYRQ'LHWULFKYRQ4XLW]RZV+RFK]HLW
VFKLOGHUWHQXQGQXULQGHU0LWJLIW]HLJWHVLFKHLQ8QWHUVFKLHG
'LHVHZDU]XQlFKVWDXIHLQHKRKH*HOGVXPPHIHVWJHVHW]W
ZRUGHQDOVDEHUGLH=DKOXQJGHUVHOEHQDQDOOHUOHL
6FKZLHULJNHLWHQVFKHLWHUWHVDKVLFK/LSSROGYRQ%UHGRZEHZRJHQ
VHLQHP6FKZLHJHUVRKQHGDVYRQ$QIDQJDQYRQGLHVHPEH]RJHQH
6FKOR3ODXH]XYROOHP%HVLW]]XEHZLOOLJHQhEHUGLH7DWVDFKH
GDGLHVH%HZLOOLJXQJPLWYLHOOHLFKW]ZHLIHOKDIWHP5HFKWH
JHVFKDKZHLOGHU(U]ELVFKRIYRQ0DJGHEXUJVLFKDOV
UHFKWPlLJHQ+HUUQGHV6FKORVVHVEHWUDFKWHWHJHKLFKKLHU
KLQZHJZHLOGDV+LQHLQ]LHKHQRGHUJDUGLH%HWRQXQJVROFKHU
QHEHQKHUODXIHQGHQZHQQDXFKUHODWLYZLFKWLJHQ'LQJHGHQ
hEHUEOLFNEHUGHQRKQHKLQDQ=HUVSOLWWHUXQJXQGXQDXVJHVHW]WHQ
=LFN]DFNEHZHJXQJHQOHLGHQGHQ4XLW]RZVWRIIEHVWlQGLJDXIVQHXH
VW|UW(VNDQQXQVJHQJHQGD/LSSROGYRQ%UHGRZ6FKOR3ODXH
WDWVlFKOLFKDEWUDWXQGGD-RKDQQYRQ4XLW]RZXQPLWWHOEDUQDFK
GHU+RFK]HLWZHQQDXFKGDPDOVQRFKQLFKWDOV6FKORKHUUVHLQHQ
(LQ]XJLQGDVVHOEHKLHOW
'LHVHU(LQ]XJLP6RPPHULQ6FKOR3ODXHGDVYRQMHQHP
7DJDQQRFKYLHU]HKQ-DKUHODQJYRQGHQ4XLW]RZVJHKDOWHQ
ZXUGHZDUGHUHQWVFKHLGHQGH0RPHQWLP/HEHQGHUEHLGHQ
%UGHUXQGIKUWHZLH]XQlFKVW]X0DFKWXQG*U|HGHUVHOEHQ
VRVFKOLHOLFK]XEHLGHU'HPWLJXQJXQG8QWHUJDQJ

.DSLWHO

'LH4XLW]RZVDXILKUHU+|KH
'HU(LQ]XJLQ6FKOR3ODXHZDUGHUHQWVFKHLGHQGH0RPHQWLP
/HEHQGHU4XLW]RZV6RVFKORXQVHUYRULJHV.DSLWHO'LHWULFKGHU
lOWHUHGHUEHGHXWHQGHUHMHGHQIDOOVGHUSROLWLVFKSODQYROOHUHGHU
EHLGHQ%UGHUNHKUWHYRQ%UDQGHQEXUJEH]LHKXQJVZHLVHYRQ
6FKOR3ODXHQDFK4XLW]|ZHO]XUFNXQGDXIGLHVHU5FNIDKUW
PRFKWHQVLFKLKP]XPHUVWHQ0DOH*HGDQNHQXQG:QVFKHGLH
ELVGDKLQHLQEORHV6SLHOVHLQHU3KDQWDVLHJHELOGHWKDWWHQDOV]X
YHUZLUNOLFKHQGH YRUGLH6HHOHVWHOOHQ8QGQDFK/DJHGHU6DFKH
PLWJXWHP*UXQGH'HQQHUGXUIWHVLFKPHKURGHUZHQLJHUVFKRQ
GDPDOVQHEHQVHLQHPSHUV|QOLFKHQDXFKHLQSROLWLVFK
PLOLWlULVFKHVhEHUJHZLFKW]XVFKUHLEHQHLQhEHUJHZLFKWGDV
SROLWLVFK LQVHLQHU*QVWOLQJVVWHOOXQJ]X0DUNJUDI-REVWYRQ
0lKUHQGHPGDPDOLJHQ/DQGHVKHUUQGHU0DUN GHVVHQ
EHVWlQGLJHU*HOGYHUOHJHQKHLWHQHUVLFKDOO]HLWKOIUHLFK
HUEDUPWH PLOLWlULVFK DEHU]XQLFKWXQZHVHQWOLFKHP7HLOLQGHU
VWUDWHJLVFKHQ%HVFKDIIHQKHLWGHULKP]XU9HUIJXQJVWHKHQGHQ
IHVWHQ3XQNWHVHLQHQ*UXQGKDWWH=RJPDQQlPOLFKHLQH
6FKUlJOLQLHGXUFKGLH0DUNVRZDUHUHVGHUGLHEHLGHQ)OJHO
XQGPLWGLHVHQ]XJOHLFKDXFKGDV=HQWUXPLQ+lQGHQKLHOW
)UHLOLFKZDUQXUHLQ%UXFKWHLOGDYRQVHLQHLJHQDEHUGHU(LQIOX
GHQHU LP:HVWHQ 3ULJQLW] DXIGLHJHVDPWH4XLW]RZVFKH



-REVWYRQ0lKUHQ 1HIIH.DLVHU.DUOV ,9XQG9HWWHUYRQ.|QLJ:HQ]HOXQG


.|QLJ6LJLVPXQGZDULQGHQ%HVLW]GHULKPYRP.|QLJ6LJLVPXQGXP
*HOGHVZLOOHQDEJHWUHWHQHQ0DUN%UDQGHQEXUJJHNRPPHQ-RE VWZDUQXQ
/DQGHVKHUUHUVFKLHQDEHUQXUVHOWHQLQGHU0DUNXQGOLHGLHVHGXUFK
6WDWWKDOWHURGHU/DQGHVYHUZHVHUGLHPDQVS|WWLVFK/DQGHVYHUZVWHU
QDQQWHUHJLHUHQ8QWHUGLHVHQZDUHQ /LSSROGYRQ%UHGRZ +DXSWPDQQGHU
0LWWHOPDUN XQGLQ9HUWUHWXQJGHVV HOEHQ]HLWZHLOLJ -RKDQQYRQ4XLW]RZ 
IHUQHU+HU]RJ -RKDQQYRQ0HFNOHQEXUJ *UDI*QWKHUYRQ6FKZDU]EXUJ 
+HU]RJ6ZDQWLERUYRQ3RPPHUQ XQG.DVSDU*DQV]X3XWOLW] +DXSWPDQQGHU
$OWPDUNXQG3ULJQLW]GLHZLFKWLJVWHQ-REVWV,QWHUHVVHIUGLH0DUN
EHVFKUlQN WHVLFKGDUDXIP|JOLFKVWYLHO*HOGDXVLKUKHUDXV]X]LHKHQXQGDOOH
GLHMHQLJHQ3HUVRQHQGLHZLHGLH4XLW]RZV EHVRQGHUVDEHU'LHWULFK EHUHLW
XQGLQGHU/DJHZDUHQLKPJHJHQ3IDQGLQVHLQHP*HL]RGHUVHLQHU
*HOGEHQ|WLJXQJ]X'LHQVWHQ]XVHLQZDUHQ LKPGLHOLHEVWHQ

9HWWHUVFKDIWVDPW.DVSDU*DQV]X3XWOLW]LP2VWHQ /DXVLW] DXI


GLH6FKHQNHQYRQ/DQGVEHUJXQGLKUHQ$QKDQJLP=HQWUXP
3ODXHPLW+DYHOODQG DXIVHLQHQ%UXGHU-RKDQQXQGGLHUHLFK
EHJWHUWHQ%UHGRZVEWHZDUVR JURGDHUGLHVH
EXQGHVJHQ|VVLVFKH.UDIWVHLQHUHLJHQHQRKQHZHLWHUHV]XUHFKQHQ
NRQQWH'DVWDWHUGHQQDXFKXQGZHLOVLFKNHLQ)HKOHULQVHLQH
%HUHFKQXQJHLQPLVFKWHVREHJDQQMHW]WYRQELVHLQH
3HULRGHEHLVSLHOORVHUXQGVRZHLWPDQ.OHLQHVPLW*URHP
YHUJOHLFKHQGDUIDQGLH1DSROHRQLVFKH=HLW HULQQHUQGHU(UIROJH
'LHVH]HKQ-DKUHKHLHQGLH4XLW]RZ]HLW XQGELOGHQHLQ
ZHQLJVWHQV]XQlFKVWQRFKGHVWUDJLVFKHQ$XVJDQJVHQWEHKUHQGHV
'UDPDGDULQIROJHQGH0LWVSLHOHUDXIWUDWHQ
$OEHUW(U]ELVFKRIYRQ0DJGHEXUJ ELV  
*QWKHU YRQ6FKZDU]EXUJ(U]ELVFKRIYRQ0DJGHEXUJYRQ
DE
-RKDQQ XQG8OULFK+HU]|JHYRQ0HFNOHQEXUJ6WDUJDUGXQG
6WDWWKDOWHU  LQ0DUN%UDQGHQEXUJ
*QWKHU*UDIYRQ6FKZDU]EXUJ9DWHUGHVPDJGHEXUJLVFKHQ
(U]ELVFKRIVXQG6WDWWKDOWHU  LQ0DUN%UDQGHQEXUJ
6ZDQWLERU+HU]RJYRQ3RPPHUQ6WHWWLQXQG6WDWWKDOWHU  
LQ0DUN%UDQGHQEXUJVDPWVHLQHQ6|KQHQ2WWRXQG.DVLPLU


6ROFKH3DUDOOHOHQ]X]LHKHQLVWLPPHUHLQPLOLFKHV7XQGDVOHLFKWLQV
.RPLVFKHIlOOW(VOlWVLFKDEHU ZHQQPDQEHUGLHIUHLOLFKVHKU
YHUVFKLHGHQHQ0DFKW  XQG*U|HQYHUKlOWQLVVHKLQZHJ]XVHKHQYHUPDJYRQ
HLQHUJHUDGH]XIUDSSLHUHQGHQbKQOLFKNHLWVSUHFKHQLQ&KDUDNWHUHQ'DWHQ
XQG=DKOHQLQ$QIDQJXQG(QGH9RQELVGLH4XLW]RZWUDJ|GLHYRQ
ELVGLH1DSROHRQWUDJ|GLH)ROJHQGHVVLQGGLH+DXSWGDWHQDXVGHU
4XLW]RZ]HLWHUVWH:DIIHQWDWYRU6FKOR.OHW]NH9HUPlKOXQJPLW
(OLVDEHWKYRQ6FKHQN9HUPlKOXQJPLW$JQHVYRQ%UHGRZXQG(LQ]XJ
DOV*DVW LQ6FKOR3ODXH%HVLW]QDKPH YRQ6FKOR3ODXH
(UREHUXQJYRQ6DDUPXQGXQG.|SHQLFN(UZHUEXQJYRQ6FKOR
)ULHVDFNELVHUVWH=HLFKHQGHV1LHGHUJDQJV%QGQLVVH]XP6WXU]
EHLGHU%UGHUZLUNOLFKHU6WXU]:DVGLHVHOEHQ=DKOHQXQWHU
VHOEVWYHUVWlQGOLFKHU=XUHFKQXQ JYRQLQQHUKDOEGHU1DSROHRQLVFKHQbUD
EHGHXWHQLVWEHNDQQW$XFKGDV:DWHUORR 1DFKVSLHOGHU9HUVXFKGDV
9HUORUHQH]XUFN]XJHZLQQHQILQGHWVLFKLQYHUlQGHUWHUXQGGRFKlKQOLFKHU
*HVWDOWEHL'LHWULFKYRQ4XLW]RZ

%DUQLP XQG:UDWLVODZ+HU]|JHYRQ3RPPHUQ:ROJDVW
5XGROI XQG$OEHUW+HU]|JH]X6DFKVHQ
8OULFK XQG*QWKHU*UDIHQ]X/LQGRZXQG5XSSLQ
+HQQLQJYRQ%UHGRZ%LVFKRI]X%UDQGHQEXUJ
+HLQULFK6WLFK$EW]X.ORVWHU/HKQLQ
(LQHODQJH5HLKHVLFKXPGLHEHLGHQ+DXSWJHVWDOWHQ
JUXSSLHUHQGHU3HUVRQHQ7UlIHVLFK
VQXQVRGDGLHVHGUDPDWLV
SHUVRQDHXQDXVJHVHW]WXQGDXVVFKOLHOLFKDQGHU6HLWH GHU
4XLW]RZVRGHUDEHUXPJHNHKUWXQDXVJHVHW]WXQGDXVVFKOLHOLFK
JHJHQGLHVHOEHQJHNlPSIWKlWWHQVRZUGHVLFKLQGHU(U]lKOXQJ
GLHVHU.lPSIHWURW]LKUHUJURHQXQGYHUZLUUHQGHQbKQOLFKNHLW
XQWHUHLQDQGHUGRFKPLW+OIHYRQ6FKHLGXQJV XQG
*UXSSLHUXQJVNXQVWHWZDVZLH.ODUKHLWKHUVWHOOHQODVVHQGDVLFK
V
DEHUOHLGHUVR WULIIWGDGLHJHVDPWH5HLKHGHUYRUVWHKHQG
DXIJHIKUWHQZHOWOLFKHQXQGJHLVWOLFKHQ0DFKWKDEHUMHQDFK
9RUWHLOXQG6DFKODJH%XQGHVJHQRVVHQRGHU:LGHUVDFKHUZLOODOVR
VDJHQKHXWHTXLW]RZVFK XQGPRUJHQDQWLTXLW]RZVFKZDUHQVR
KDEHQZLULQGHU*HVFKLFKWHGLHVHUHQGORVHQhEHUIlOOH
%HODJHUXQJHQ(UVWUPXQJHQXQG3OQGHUXQJHQHLQGHUDUWLJ
ZLUUHV'XUFKHLQDQGHUHLQHQVROFKHQ5DWWHQN|QLJYRQ
9HUVFKOLQJXQJHQGDGLH/|VXQJGHUVHOEHQ]ZDUQLFKWDOVHLQ
DEVROXWXQP|JOLFKHVDEHUGRFKMHGHQIDOOVDOVHLQVHKUVFKZLHULJHV
XQGVHKUXQGDQNEDUHV8QWHUQHKPHQDQ]XVHKHQLVW8QGDQNEDU
ZHLODXFK LP)DOOHGHV*HOLQJHQVHLQH*HGXOGVSUREHIUGHQ/HVHU
'HQQZHUNHQQWQLFKWDXVHLJHQHU(UIDKUXQJGLH6FKUHFNQLVVH
MHQHUDXVKXQGHUW9HWWHUQ XQG(QNHOQDPHQ]XVDPPHQJHVHW]WHQ
3UR]H XQG)DPLOLHQJHVFKLFKWHQLQGHQHQVLFKDOOH
.DOHQGHUKHLOLJHQXQGDOOH*HEXUWVWDJHELV]XU*URPXWWHUKLQDXI
HLQ5HQGH]YRXVJHEHQ$EHUHLQHVROFKHPLW1DPHQXQG'DWHQ
JHVSLFNWH)DPLOLHQSUR]HYHUZLUUXQJLVWHLQH.OHLQLJNHLWQHEHQGHU
4XLW]RZNDPSIYHUZLUUXQJYRQELVZHVKDOELFK
XQOXVWLJLQHLQ/DE\ULQWKKLQDE]XVWHLJHQYRQGDQQHQNHLQH
:LHGHUNHKU PLFKDQGLHVHU6WHOOHGDUDXIEHVFKUlQNHGLH
5HVXOWDWH GLHVHU]HKQMlKULJHQ$QVWUHQJXQJHQHLQVFKOLHOLFKDOOHV
GXUFK(UEVFKDIW+HLUDWXQG9HUSIlQGXQJ(UZRUEHQHQ
DXI]X]lKOHQ$P6FKOXVVHGHV-DKUHVKDWWHQGLH4XLW]RZV
IROJHQGH6WlGWH6FKO|VVHUXQG%XUJHQLQQH

4XLW]|ZHO5KVWlGW6WDYHQRZ.OHW]NHSULJQLW]LVFKHU(UEVLW]
6FKOR7HXSLW]LQ+lQGHQGHV6FKZLHJHUYDWHUV6FKHQNYRQ
/DQGVEHUJ
6FKOR.UHPPHQLQ+lQGHQGHV6FKZLHJHUYDWHUV/LSSROGYRQ
%UHGRZ HEHQVR6FKOR1HXVWDGW DQGHU'RVVH 
6FKOR%|W]RZ MHW]W2UDQLHQEXUJ JHPHLQVFKDIWOLFKPLW
GHQ3RPPHUQHUREHUW
6WDGW6WUDXVEHUJ DXIGHP%DUQLPJHPHLQVFKDIWOLFKPLWGHQ
3RPPHUQHUREHUW
6FKOR3ODXH DG+DYHOEH]LHKXQJVZHLVHDOV
+HLUDWVJXWHUZRUEHQ
6FKOR6DDUPXQGHUREHUW
6FKOR.|SHQLFNHUREHUW
6WDGW5DWKHQRZYRQ-REVWYRQ0lKUHQHUNDXIWRGHUDOV
3IDQGREMHNWHUKDOWHQ
6FKOR)ULHVDFNIUGLH6XPPHYRQ 6FKRFN
E|KPLVFKHU*URVFKHQHUNDXIW
6FKOR+RKHQZDOGH]ZLVFKHQ)UDQNIXUWXQG0OOURVHYRQ&RQUDG
YRQ4XLW]RZHUZRUEHQ
6FKOR%HXWKHQGXUFK-RKDQQYRQ4XLW]RZPLWWHOVWNOXJHU
0DFKLQDWLRQHQLQ%HVLW]JHEUDFKW
,UUWPOLFKHQhEHUOLHIHUXQJHQIROJHQGZLUGVRJDUYRQ
YLHUXQG]ZDQ]LJ%XUJHQXQG6FKO|VVHUQJHVSURFKHQGLHGLH
4XLW]RZVXPEHVHVVHQKDEHQVROOHQ'DVLVWDEHU
EHUWULHEHQ,QGHVVHQDXFKGDVKLHU$XIJH]lKOWHUHSUlVHQWLHUW
HLQHQ0DFKW]XVWDQGGHUDQGHUZHLWLJDXIGHPZHLWHQ*HELHWH

]ZLVFKHQ2GHUXQG(OEHZHQLJVWHQVGDPDOVQLFKWDQ]XWUHIIHQ
ZDUXQGHUNOlUW]XU*HQJHGDGLHKHUYRUUDJHQGVWHQZHOWOLFKHQ
XQGJHLVWOLFKHQ)UVWHQ1RUGGHXWVFKODQGVLQHLQHJHZLVVH1RWODJH
JHULHWHQLQGHUVLHVLFKYRUGHP7URW]XQGGHU(QHUJLHGLHVHU
PlUNLVFKHQ(GHOOHXWHEHXJHQPXWHQ
(VLVW:XVWHUZLW]GHVVHQ&KURQLNZLUJHUDGHKLHUEHUGLH
DOOHULQWHUHVVDQWHVWHQ0LWWHLOXQJHQYHUGDQNHQ(UVFKUHLEW 8P
GLHVH=HLWZDUHVGD'LHWULFKYRQ4XLW]RZDXIGDHUMDQLFKW]X
5XKXQG)ULHGHQNlPHGHQ+HU]|JHQ5XGROI XQG$OEHUW ]X
6DFKVHQDE]XVDJHQIUJXWIDQG8QGZDVDOVGDV6FKOLPPVWH
GDEHLJHOWHQNRQQWHEHLGHO|EOLFKH+HU]|JHKDEHQVLFKVROFK
XQJHUHFKWHQ/HXWHQJHJHQEHU]XMHGHU1DFKJLHELJNHLWEHUHLW
JH]HLJWXQGDQGHQ/DQGHVKDXSWPDQQLQ0DUN%UDQGHQEXUJ
JHVFKULHEHQXQGVLFKDOOHQWKDOEHQ]X5HFKWHUERWHQVRGLH
4XLW]RZVEHJUQGHWH.ODJHZLGHUVLHKlWWHQ/DQGHVKDXSWPDQQ
EHUGLH0DUNDEHULVWLQJHQDQQWHP-DKUH  GHU+HU]RJ
6ZDQWLERUYRQ3RPPHUQ6WHWWLQJHZHVHQXQGKDWEHVDJWHU
+HU]RJYRQ3RPPHUQ6WHWWLQPLWJURHU0KXQG$UEHLWVRZRKO
GHQ$GHOZLHGLH6WlGWHGHU0DUN]X%HUOLQYHUVDPPHOWXQG]X
VROFKHU9HUVDPPOXQJDXFKGHQ'LHWULFKYRQ4XLW]RZEHUXIHQXQG
LKPYRUJHKDOWHQXQGJHUDWHQGDHUGLH*HUHFKWLJNHLWVHUELHWXQJ
GHU+HU]|JH]X6DFKVHQDQQHKPHQVROOH'LHWULFKYRQ4XLW]RZ
DEHUDOVHLQ)HLQG XQG:LGHUVDFKHUDOOHU*HUHFKWLJNHLWXQGDOOHV
)ULHGHQVKDWVROFK(UELHWHQXQGVROFKH:RUWHQXUYHUDFKWHWXQG
YHUODFKW
,QGLHVHP7RQHNODJW:XVWHUZLW]ZHLWHU]XJXQVWHQGHU
VlFKVLVFKHQ+HU]|JHKLQ]XVHW]HQGGDGHUDQVFKHLQHQGH
.OHLQPXWGHUVHOEHQQLFKW EORLQGHU8Q]XOlQJOLFKNHLWLKUHU
0DFKWPLWWHOZRUEHUVRJDU=ZHLIHOJHVWDWWHWVHLHQVRQGHUQYRU
DOOHPLQLKUHUJURHQ*WH XPLKUH/HXWHYRU6FKDGHQ]X
EHZDKUHQ XQGLQLKUHPJHVHW]OLFKHQ6LQQHGHQHLJHQWOLFKHQXQG
DXVVFKODJJHEHQGHQ*UXQGJHKDEWKDEH 'HQQGLH+HU]|JHKlWWHQ
VHKUZRKOJHZXWGDHLQHV/DQGHV2EULJNHLWQLFKWDOOHLQPLWGHQ
:DIIHQVRQGHUQDXFKGXUFK.OXJKHLWXQG*HVHW]OLFKNHLWJH]LHUHW
VHLQVROOHZHVKDOEVLHGHU.OXJKHLWXQG*HVHW]OLFKNHLW]X
JHQJHQ]XY|UGHUVWDOOHUOHL%QGQLVVHQDFKJHVXFKWXQGYRU
DOOHPGLHPlUNLVFKHQ6WlGWHGLH]XPHLVWXQWHUGHQ4XLW]RZV
JHOLWWHQ]XJHPHLQVFKDIWOLFKHP9RUJHKHQDXIJHIRUGHUWKlWWHQ

(VLVWDEHUDXV)XUFKWYRUGHQ4XLW]RZHQVRIlKUWHUIRUWLQ
GHUJDQ]HQ0DUN%UDQGHQEXUJNHLQH6WDGWJHIXQGHQZRUGHQGLH
VLFKPlFKWLJJHQXJJHIKOWKlWWHGHQ+HU]|JHQ]X6DFKVHQ]X
%HLVWDQGXQG+OIH]XU6HLWH]XWUHWHQ'HQQDOOH6WlGWHVLQGPLW
4XLW]RZVFKHQ6FKO|VVHUQVDPWYLHOHQIHVWHQ3OlW]HQLKUHV
$QKDQJVGHUDUWXPJHEHQJHZHVHQGDGLH%UJHUVOHXWHNDXP
JHZDJWKDEHQEHL*HIDKULKUHV/HLEHVXQG/HEHQVYRUGHQ7RUHQ
LKUHU6WDGWVSD]LHUHQ]XJHKHQhEHUDOOKDWGLH+LQWHUOLVWJHODXHUW
XQGVRGLH%UJHUXQG%DXHUQLP)HOGHJHDUEHLWHWKDEHQKDEHQ
GLH4XLW]RZVFKHQGLH/HXWHJHIDQJHQJHQRPPHQXQGLKQHQGDEHL
YRUJHKDOWHQGDPDQVLHEORYRUOlXILJXPGLHVHURGHUMHQHU
8UVDFKZLOOHQ]X3IDQG JHVHW]WKDEH'HQQLQ$XVOHJXQJHQXQG
:RUWVWUHLWLJNHLWHQVLQGVLHMHGHU]HLWYRQHLQHUJHVFKZLQGHQXQG
ZXQGHUEDUHQ.OXJKHLWJHZHVHQVRGDVLH%RVKHLWLQ(LQVLFKW
YHUZDQGHOWXQGGLH*HUHFKWLJNHLWYRQGHU(KUHDEJHVFKLHGHQ
KDEHQ
8QWHUGHQ6WlGWHQGLH]XGHUJHQDQQWHQ=HLWGHQ0XWHLQHV
%QGQLVVHVZLGHUGLH4XLW]RZVQLFKW DXI]XEULQJHQYHUPRFKWHQ
ZDUHQDXFKGLH6FKZHVWHUVWlGWH%HUOLQXQG&|OOQGLHGXUFKDOOH
YRUDXIJHKHQGHQ-DKUHKLQXQG]ZDULP*HJHQVDW]H]XGHQ
PHLVWHQDQGHUHQ%UJHUVFKDIWHQGHU0DUNXPGLH*XQVWGHU
PlFKWLJHQ)DPLOLHJHEXKOWKDWWHQ(QGOLFKDEHUDP 6HSWHPEHU
KDWWH'LHWULFKYRQ4XLW]RZYLHOOHLFKWGHUHZLJHQ
5FNVLFKWQDKPHYLHOOHLFKWDXFKNOHLQHU*HJHQIRUGHUXQJHQXQG
1DGHOVWLFKHPGHGXUFKhEHUIDOOXQG9LHKZHJWUHLEXQJGHQ
%HUOLQLVFKHQJH]HLJWGDLKU:RKOZROOHQXQGLKUH)UHXQGVFKDIW
LKPZHQLJLKUH)XUFKWDEHUYLHOEHGHXWHZDVXQVHUQPLQGHVWHQV
HEHQVRYRQEHUOLQLVFKHP DOVTXLW]RZVFKHQ$QWDJRQLVPXVHUIOOWHQ
'RP%UDQGHQEXUJHU :XVWHUZLW] ]XQDFKVWHKHQGHUJDQ]
HUVLFKWOLFKYRQHLQHUJHZLVVHQ6FKDGHQIUHXGHGLNWLHUWHQ3KLOLSSLND
KLQUL8QGQXQ,KU%HUOLQLVFKHQMHW]WHQGOLFKVHKW,KU
VZHOFK
VFK|QH9HUJHOWXQJ(XFK(XUHPDQQLJIDOWLJHQ:RKOWDWHQ JHEUDFKW
KDEHQ$OVGLH4XLW]RZVFKHQ]XVDPWGHP*UDIHQ]X/LQGRZGDV
6FKOR%|W]RZJHZRQQHQKDWWHQHLZLHKDEHQGDGLH
%HUOLQLVFKHQSUDNWL]LHUHWXQG$QVFKOlJHJHPDFKWGDGLH
4XLW]RZVZLHGHU]XGHU+DXSWPDQQVFKDIWLQ0DUN%UDQGHQEXUJ
HUKREHQZHUGHQP|FKWHQ-DZLHKDEHQVLHGDGLH4XLW]RZV
KRILHUHWXQGWUDNWLHUHW"'DKDWPDQJHVHKHQZLHVLHGLHVHQ
'LHWULFKYRQ4XLW]RZ]XJOlQ]HQGHQ%DQNHWWHQJHODGHQXQGLKP
]X(KUHQGHQ7LVFKPLWVFK|QHQ)UDXHQXQG6DLWHQVSLHOJH]LHUHW
KDEHQ8QGZHULKQQLFKWKDWN|QQHQ]X*DVWHODGHQLVWQLFKW

PHKUXQWHUGLH5HLFKHQJH]lKOWXQGYRQLKUHU*HVHOOVFKDIW
DXVJHVFKORVVHQZRUGHQ ,WHPHVLVWQLFKWJHQXJVDP]XVDJHQ
ZLHPDQLKQHEHQGLHVHQ'LHWULFKYRQ4XLW]RZPLW/DWHUQHQ
)DFNHOQXQG)UHXGHQJHVlQJHQ]XVHLQHU+HUEHUJHJHIKUWXQG
LKPHLQHQ$EHQGWDQ]PLWVFK|QHQ-XQJIUDXHQXQG:HLEHUQ
JHKDOWHQGHVJOHLFKHQLKQPLWZHOVFKHP:HLQYHUHKUHWXQG
EHVFKHQNHWKDW8QGQXQ,KU%HUOLQLVFKHQZDVLVWGDYRQ
NRPPHQ"2KQHGDHU(XFKDEJHVDJWKlWWHKDWHU(XFKGDV9LHK
ZHJJHWULHEHQXQGHWOLFKHYRQ(XUHQ/HXWHQJHW|WHWXQG
YHUZXQGHWXQGVHFK]HKQ1DPKDIWLJHJHIDQJHQJHQRPPHQ8QG
GHQ1LNRODXV:\QVGHUGRFKDXVHLQHP(XUHUEHVWHQXQG
DOWJHVHVVHQHQ*HVFKOHFKWHUJHZHVHQGHQKDWHUDOVHLQHQ
|IIHQWOLFKHQ5lXEHUXQG'LHEEHKDQGHOQXQGLKQPLWGHQ)HQLQ
HLVHUQH)HVVHOQOHJHQODVVHQ
6R:XVWHUZLW]DXVGHP-DKUH
'DV4XLW]RZDQVHKHQVWDQGDXIVHLQHU+|KH



'HU(LQGUXFNGHQPDQYRQGLHVHUEHUDXVOHEHQGLJHQ6FKLOGHUXQJHPSIlQJW
LVWGHUDOVREHVVLFKXP'LQJHYRQKHXW XPPRGHUQH0HQVFKHQXQG
9RUJlQJHKDQGOH6RZUGH %LVPDUFN DQQRXQGHPSIDQJHQ
XPZRUEHQXQGELV]XP$EJ|WWLVFKHQJHIHLHUWZRUGHQVHLQZHQQHUQLFKWLP
*HJHQVDW]H]X 'LHWULFKYRQ4XLW]RZ GHUVLFKHUVWVSlWXQG]ZDULQ
JHQDQQWHP-DKUH]XP $QWL%HUOLQHUDXVELOGHWH YRQ$QIDQJDQHLQ
*HIKOVWDUNHUXQGQLFKWHLQPDODXVVFKOLHOLFKSROLWLVFKHU*HJQHUVFKDIWJHJHQ
GLH+DXSWVWDGWJHKDEWXQGJH]HLJWKlWWH*OHLFKYLHOGDPDOVZLHKHXWHWZDV
1HUY|VHVXQG([]HQWULVFKHV-DPDQLVWJHUDGH]XIUDSSLHU WGLH%HUOLQHULQQHQ
GHV -DKUKXQGHUWVGHQ%HUOLQHULQQHQGHV -DKUKXQGHUWVVRlKQOLFK]X
VHKQ2GHUZDUHVLPPHUXQGDOOHURUWHQVR"

.DSLWHO

'LHWULFKXQG-RKDQQYRQ4XLW]RZ]XU7DXIH
EHL.DVSDU*DQVYRQ3XWOLW]]X
7DQJHUPQGH'HU:HQGHSXQNW
6RZDUGLH0DFKWVWHOOXQJGHU4XLW]RZVDOVLPVHOEHQ-DKUHQRFK
 HLQGLH)DPLOLHVFKPHU]OLFKXQGXQHUZDUWHWWUHIIHQGHV
(UHLJQLVGHQ:HFKVHOGHU'LQJHWHLOVHLQOHLWHWHWHLOVIUGLH
=XNXQIWYHUNQGHWH:DVGLHVHPVFKPHU]OLFKHQ(UHLJQLV
XQPLWWHOEDUYRUDXIJLQJZDUHQEHVRQGHUH)HVW XQG)UHXGHQWDJH
JHZHVHQ]ZHL7DXIHQYRQGHQHQGLHHLQH]X)ULHVDFN LP'LHWULFK
YRQ4XLW]RZVFKHQ+DXVHGLHDQGHUH]X7DQJHUPQGH EHLGHPVR
QDKHEHIUHXQGHWHQ.DVSDU*DQV]X3XWOLW]JHIHLHUWZRUGHQZDU
'LH4XLW]RZVFKH7DXIHZRPLWGLH5HLKHGHU)HVWOLFKNHLWHQ
EHJDQQIDQGZLHKHUN|PPOLFKVHFKV:RFKHQQDFKGHU*HEXUW
GHV.LQGHVVWDWW'DVZDUDP $XJXVW6FKRQGUHL7DJHYRUKHU
KDWWHQVLFKGLH*HODGHQHQDXI6FKOR)ULHVDFNYHUVDPPHOWXQWHU
LKQHQGLHEHLGHQ6FKZLHJHUYlWHUGHU 4XLW]RZIDPLOLH6FKHQNYRQ
/DQGVEHUJDXI7HXSLW]XQG/LSSROGYRQ%UHGRZDXI1HXVWDGW D '
EH]LHKXQJVZHLVH.UHPPHQGD]XGHU%LVFKRI+HQQLQJYRQ
%UHGRZ%HUWUDPYRQ%UHGRZDXI%UHGRZ+DQVYRQ7RUJDX
+HLQULFKYRQ6WHFKRZ$OEUHFKWYRQ8FKWHQKDJHQXQG:HUQHUXQG
3DSHYRQ+RO]HQGRUI:DVDEHUGHU)HLHUHLQHEHVRQGHUH:HLKH
JDEZDUGDVLFKEHLGLHVHU*HOHJHQKHLWGLHYLHU4XLW]RZVFKHQ
%UGHUDOVRHLQHUVHLWV'LHWULFKXQG-RKDQQDQGHUHUVHLWV&RQUDG
XQG+HQQLQJDOOHU:DKUVFKHLQOLFKNHLWQDFKDXI-DKUHKLQ]XP
OHW]WHQ0DOH]XVDPPHQIDQGHQ(VZDUQlPOLFKEHVFKORVVHQH
6DFKHGDXQPLWWHOEDUQDFK6FKOXGLHVHU)ULHVDFNHU7DXIHGHU
HEHQHUVWYRQGHU+DYHOEHUJHU'RPVFKXOHNRPPHQGHQLFKWPHKU
DOVVLHE]HKQ-DKU]lKOHQGH+HQQLQJ YRQ4XLW]RZHLQH
6WXGLHQUHLVHQDFK3DULVDQWUHWHQVROOWH'HQ $XJXVWZDU
.LUFKJDQJ8P]HKQ8KUYRUPLWWDJVVHW]WHVLFKGHU=XJLQ
%HZHJXQJYRUDXV6SLHOOHXWHPLW*HLJHQ=LQNHQXQG6FKDOPHLHQ
ZREHLGHU%DJHLJHUVHLQJURHV,QVWUXPHQWJLWDUUHQDUWLJDQ
HLQHP%DQGHWUXJ'DQQIROJWHQGLH)UDXHQLQGHUHQ0LWWH)UDX
(OLVDEHWKYRQ4XLW]RZJLQJ,QJOHLFKHU2UGQXQJNHKUWHPDQLQV
6FKOR]XUFNZRGHQ7DJGDUDXIHLQYHUVSlWHWHV0LWWHO
.LQGHOELHUXQGDPGLH7DXIHVHOEVWVDPWGHPHLJHQWOLFKHQ

.LQGHOELHUDEJHKDOWHQZXUGH'LH+HUULFKWXQJGHU)HVWWDIHO
HQWVSUDFKGHP*ODQ]GHV+DXVHVWURW]GHPDEHUEHIOHLLJWHPDQ
VLFKHLQHUVRQVWQLFKWEOLFKHQ0lLJNHLWZHLOGLHEHL.DVSDU*DQV
DXVVWHKHQGH7DXIHIDVWLPXQPLWWHOEDUHQ$QVFKOXDQGLH
)ULHVDFNHU7DJHJHIHLHUWZHUGHQVROOWH
6FKRQDP$XJXVWEUDFKPDQGHQQDXFKQDFK6FKOR
7DQJHUPQGH KLQDXI(VZDUHQGLHVHOEHQ*lVWHZLH]X)ULHVDFN
HLQEHUDXVJOlQ]HQGHU=XJGHULQVHLQHP*ODQ]HQLFKWDQGLH
1RWGHV/DQGHVJHPDKQWH%HZDIIQHWH.QHFKWHULWWHQYRUDXI
GDQQIROJWHQGLH5LWWHUXQG(GHOOHXWHPLWGHQMHQLJHQ'DPHQGLH
]X3IHUGHJHVWLHJHQZDUHQZlKUHQGGLHGLHQLFKW/XVW]XP
5HLWHQJH]HLJWKDWWHQGLH)DKUW]X:DJHQPDFKWHQ'DUDQ
VFKORVVHQVLFKGLH=RIHQXQG0lJGHELVDEHUPDOVEHZDIIQHWH
.QHFKWHGHP*DQ]HQHLQHQ$EVFKOXJDEHQ,PYRUGHUHQZLH
KLQWHUHQ=XJHZHKWHGDVVFKUlJJHWHLOWH4XLW]RZVFKH%DQQHULP
URWHQ)HOGHHLQZHLHUXQGLPZHLHQ)HOGHHLQURWHU6WHUQ
5DWKHQRZZDUKDOEHU:HJ%HL)LVFKEHFNHUUHLFKWHPDQGLH(OEH
]XJOHLFKGLH6WHOOHYRQGHUDXVHLQHYRQMHQVHLWVJHNRPPHQH
)lKUHGLH 7DXIJlVWHQDFKGHPDQGHUHQ8IHUKLQEHUEULQJHQ
VROOWH6FKOR7DQJHUPQGHUDJWHLP$EHQGKLPPHODXI$OOHVZDU
IHVWOLFKXQGGLH)lKUHVHOEVWDXIVUHLFKVWHPLW%OXPHQ
JHVFKPFNWMDGUEHQDP8IHUVWDQGHQ3XWOLW]VFKH7URPSHWHU
XQG3DXNHUGLHGLH*lVWHVFKRQYRQIHUQKHUPLWLKUHQ)DQIDUHQ
EHJUWHQ$EHUGLH=DKOGHUHUGLHKLQEHUZROOWHQZDUIUGLH
)lKUHYLHO]XJURXQGYLHUPDOPXWHVLHGHQ)OXNUHX]HQHK
DOOHGUEHQZDUHQ1XQJLQJHVDXIGDVMQJVWHUVWYRQ.DLVHU
.DUO ,9HUEDXWH6FKOR7DQJHUPQGH]XZRVLFKGLH
KDYHOOlQGLVFKHQ*lVWHPLWGHQHQDXVGHU$OWPDUNXQG3ULJQLW]
YHUHLQLJWHQ$PQlFKVWHQ7DJHIROJWHGHU7DXIDNWLQGHUYRQ
SUlFKWLJHP*HVWHLQIXQNHOQGHQ6FKORNDSHOOHZRUDQVLFK
XQPLWWHOEDUIDVWHLQDXVJHZlKOWHV0DKOVFKOR'LHGDEHL QDFK
6LWWHGHU=HLWYRU]XJVZHLVH]XU9HUZHQGXQJNRPPHQGHQ
*HZU]HZDUHQ3IHIIHUXQG6DIUDQ(LQDQGHUHUFKDUDNWHULVWLVFKHU
=XJGHUGDPDOLJHQ.RFKNXQVWEHVWDQGGDULQQLFKWV]X
YHUVFKPlKHQXQGDOOH7LHUWHLOH.|SIH)H=XQJH+LUQ/XQJH
/HEHU1LHUHQ*HNU|VHJOHLFKPlLJLQ'HOLNDWHVVHQ
XP]XZDQGHOQ'D]XGLH6FKDXJHULFKWHWXUPDUWLJH.XFKHQDXV
3DVWHWHQWHLJLQGLHPDQOHEHQGLJH9|JHOKLQHLQVHW]WHGLHGDQQ
EHLPgIIQHQZHJIORJHQ$OVGDV*UDWLDVJHVSURFKHQZDUHUKRE
PDQVLFKXQGWUDI$QVWDOWHQ]XP7DQ]'HQ%HJLQQPDFKWHGHU
YRQ]Z|OI3DDUHQJHWDQ]WH=Z|OIPRQDWVWDQ]GDQQNDPGHU

SROQLVFKH7DQ]GHU.DSULROHQWDQ]GHU'UHKWDQ]GHU7DXEHQWDQ]
'HQ6FKOXDEHUELOGHWHGHU7RWHQWDQ]GHUVHKUEHOLHEWZDUXQG
ZREHLPDQGXUFKV/RVHQWVFKLHGZHUGHQ7RWHQ]XVSLHOHQKDEH
'DV/RVWUDI&RQUDGYRQ4XLW]RZ YRQ6FKOR+RKHQZDOGH'HU
HUVFKUDNZHLOHUVFKRQZlKUHQGGHU5HLVHYRQ7RGHVDKQXQJHQ
HUIOOWJHZHVHQZDU(VJDOWDEHUYRQGLHVHP(UVFKURFNHQVHLQ
QLFKWV]X]HLJHQXQGDOVHUHLQHNXU]H=HLWJHWDQ]WKDWWHILHOHU
ZLH
VGDV6SLHOHUKHLVFKWHPLWWHQLP6DDOXPXQGVSLHOWHGHQ
7RWHQ8QGQXQVFKZLHJDXFKGLHOXVWLJH0XVLNXQGHLQGXPSIHU
7UDXHUJHVDQJHUVFKROOZlKUHQGGHVVHQGLH'DPHQDQGHQ7RWHQ
KHUDQWUDWHQXQGLKQNWHQ$OVHUGHQ.XDXFKGHUOHW]WHQ
HPSIDQJHQKDWWHVWDQGHUZLHGHUDXIXQGGHU'UHKWDQ]EHJDQQ
LQDOOHU/XVWLJNHLWYRQQHXHP
'DPLWVFKORGLH)HLHUXQGZHLOGDV'RSSHOIHVWDOOH7HLOQHKPHU
HUPGHWKDEHQPRFKWHUVWHWHQVLHVLFKDPDQGHUH0RUJHQ
EHUHLWV]XU$EUHLVH=LHPOLFKIUKVFKRQHUUHLFKWHPDQGLH)lKUH
GLHZLHGUHL7DJH]XYRUPLW/DXEXQG%OXPHQJHVFKPFNWZDU
(EHQVRJHERWHVVLFKDXFKKHXWHZLHGHUGHQhEHUJDQJLQ
*UXSSHQ]XPDFKHQXQGQXUGDV:LHEOLHEQRFKIHVW]XVWHOOHQ
(QGOLFKHQWVFKLHGPDQVLFKGDKLQDXFKEHLGLHVHPGLH5FNNHKU
HLQOHLWHQGHQhEHUJDQJHGLHVHOEH5HLKHQIROJHZLHEHLP+HUDQ]XJ
LQQHKDOWHQ]XZROOHQ]XQlFKVWDOVRGLHYRUDXIUHLWHQGHQ.QHFKWH
GDQQGLH)UDXHQXQG5LWWHUGDQDFKGLH=RIHQXQG'LHQHUVFKDIWHQ
XQGVFKOLHOLFKGLH1DFKWUDEVNQHFKWHGLHVFKRQDXIGHU+HUIDKUW
GHQ$EVFKOXJHELOGHWKDWWHQ(KHQGLHVHQ1DFKWUDEVROOWH-RKDQQ
YRQ4XLW]RZGHQYRUDXIUHLWHQGHQ7UXSSDEHUGHUlOWHUH%UXGHU
IKUHQ
8QGQDFKGLHVHP$ENRPPHQZXUGHYHUIDKUHQ
'HUJDQ]H9RUWUXSSYLHUXQG]ZDQ]LJUHLWHQGHJHZDSSQHWH
.QHFKWHULWWHQDXIGLH)lKUHKLQDXIXQGDOVVLH6WDQGXQG
2UGQXQJJHQRPPHQHUVFKLHQ'LHWULFK YRQ4XLW]RZGHPVLFKLP
OHW]WHQ$XJHQEOLFNHVHLQ6FKZDJHU$OEUHFKWYRQ6FKHQNXQG
JOHLFKGDQDFKDXFKVHLQ%UXGHU&RQUDG YRQ4XLW]RZ GHU
+RKHQZDOGHU DQVFKOR'LH)lKUHJLQJWLHIXQGKDWWHQXUZHQLJ
%RUG(VZDUDXHUGHPZLQGLJVRGDVLFKGLHJHOEHQ:RJHQGHU
(OEHPlFKWLJKHUDQZlO]WHQ,QGHU7DWVFKHLQWHVDOVREPDQHLQ
(LQVHKHQYRQGHP*HIDKUYROOHQHLQHUVROFKHQhEHUODVWXQJJHKDEW
KDEHGLH)lKUOHXWHMHGRFKYHUVLFKHUWHQHLQPDOEHUGDVDQGHUH
GDQLFKWV]XIUFKWHQVHLXQGVRVWLHPDQGHQQXQWHU=XUXI

XQG7FKHUZLQNHQGHUYRUOlXILJQRFKDPDOWPlUNLVFKHQ8IHU
9HUEOHLEHQGHQDE$OOHVZDUJXWHU'LQJHZHOFKHIURKH6WLPPXQJ
QRFKZXFKVDOVGLHYRQ.DVSDU*DQVDXFKKHXWHZLHGHUELVDQ
GLH)lKUVWHOOHEHRUGHUWHQ7URPSHWHULKUH$EVFKLHGVZHLVHQ
DQVWLPPWHQ(LQMlKHU$XIVFKUHLDEHUGHUYRP)lKUERRW
DXVJHKHQGLPVHOEHQ$XJHQEOLFNDXFKXQWHUGHQDP8IHU
=XUFNJHEOLHEHQHUVFKROOEHUW|QWHSO|W]OLFKGLH)DQIDUHQXQG
DOVGLHVHVFKZLHJHQVDKPDQYRQGHUDOWPlUNLVFKHQ6HLWHKHU
GDV6LQNHQGHU)lKUHGDV:DVVHUVFKOXJEHU%RUGXQGHKH
QRFKDQ5HWWXQJ]XGHQNHQRGHUZRKOJDUQDFKDQGHUHQ%RRWHQ
DXV]XVFKDXHQZDUYHUVDQNGLH)lKUHYRUDOOHU$XJHQ6RZRKO
'LHWULFKYRQ4XLW]RZZLHVHLQ6FKZDJHU$OEUHFKWYRQ6FKHQN
ZDUIHQVLFKYROO*HLVWHVJHJHQZDUWDXILKUH3IHUGHXQGKDWWHQ
.UDIWXQG*HVFKLFNOLFKNHLWJHQXJVLFKELVDQVKDYHOOlQGLVFKH8IHU
]XUHWWHQDOOHVDQGHUHDEHUJLQJ]XJUXQGHGLHJDQ]H
.QHFKWHVFKDUXQGPLWLKQHQ&RQUDG YRQ4XLW]RZGHUGHQ$EHQG
YRUKHUVRZLGHUVWUHEHQGXQGDKQXQJVYROOGHQ7RWHQWDQ]JHWDQ]W
KDWWH9HUJHEHQVGDPDQQDFKVHLQHU/HLFKHVXFKWHYLHOHGHU
PLWLKP(UWUXQNHQHQZXUGHQJHIXQGHQHUQLFKWXQGXQWHU
6FKPHU]XQG*UDXHQEHVFKORPDQGLH7DXIUHLVHGLHVRIURKXQG
XQWHUVRJOlQ]HQGHQ$XVVLFKWHQEHJRQQHQKDWWH'DKHLPZXUGHQ
GHPJXWHQ 4XLW]RZGHUVLFKLP*HJHQVDW]H]XVHLQHQ
%UGHUQHLQHU]LHPOLFKDOOJHPHLQHQ%HOLHEWKHLWHUIUHXWH
]DKOUHLFKH6HHOHQPHVVHQJHOHVHQXQGYLHOIDFKEHNODJWHPDQGHQ
$XVJDQJ$EHUDQGHUHZDUHQGDGLHNDXPHLQ*HIKOGHV
7ULXPSKHV]XUFNKDOWHQNRQQWHQXQGLQGHPJUDXHQKDIWHQ
(UHLJQLVVHGDVHUVWH=HLFKHQVDKHQGDVLFKGHU+LPPHOJHJHQ
GLH4XLW]RZVZHQGHQZROOH:XVWHUZLW]ZDUXQWHUGHQHQGLH
GLHVHV*ODXEHQVOHEWHQ8QGLKU *ODXEHZDUGHUULFKWLJHGLH
7DXIUHLVHQDFK7DQJHUPQGHZDUGHU:HQGHSXQNWLP/HEHQGHU
4XLW]RZVXQGWURW]JURHUSROLWLVFKHUZLHPLOLWlULVFKHU(UIROJH
GHUHQVLHVLFKJHOHJHQWOLFKQRFK]XUKPHQKDWWHQJLQJHVYRQ
GLHVHP7DJDQPLWLKUHP*OFNHEHUJDE
:DVGLHVHQ1LHGHUJDQJXQG)DOOGHU)DPLOLHKHUEHLIKUWHODJ
JDQ]DXHUKDOELKUHU9HUVFKXOGXQJZHQQYRQHLQHUVROFKHQ LFK
NRPPHZHLWHUKLQDXIGLHVH)UDJH]XUFN EHUKDXSWGLH5HGH
VHLQNDQQ(VODJHLQIDFKVRGDV(LQWUHWHQEHVWLPPWHUSROLWLVFKHU
(UHLJQLVVHKDWWHGDV+HUDXINRPPHQGHU)DPLOLHMDGHUHQ*ODQ]
HUP|JOLFKWXQGGDV(LQWUHWHQDQGHUHU SROLWLVFKHU(UHLJQLVVHOLH
GLHVHQ*ODQ]ZLHGHUKLQVFKZLQGHQ'DVEHGHXWVDPVWHGLHVHU
(UHLJQLVVHZDUGHU7RGGHVPHKUJHQDQQWHQ0DUNJUDIHQ-REVW YRQ

0lKUHQ (UVWDUEGHQ -DQXDUDXIVHLQHP6FKORVVH]X


%UQQHLQLJHVDJHQGXUFK*LIWXQG.|QLJ6LJLVPXQGGHU
XP*HOGHVZLOOHQGLH0DUN%UDQGHQEXUJVHLQHP9HWWHU-REVW
EHUODVVHQKDWWHVDKVLFKQXQDEHUPDOVLP(UEEHVLW]HGHVLQ
JHQDQQWHP-DKUHYRQLKPDEJHWUHWHQHQ/DQGHV
+LHUDXVHUZXFKVGHU:HFKVHOGHU'LQJH
6FKRQGLHEORH7DWVDFKHGD-REVW QLFKWPHKUZDUZDU
JOHLFKEHGHXWHQGPLW+DOELHUXQJGHV$QVHKQVGHU4XLW]RZIDPLOLH
GLHJDQ]DEJHVHKHQYRQGHPlXHUOLFKHQ0DFKW]XZDFKVGHULKU
DXVGHPGDV-REVWVFKH5HJLPHQWNHQQ]HLFKQHQGHQ9HUNDXIYRQ
6FKO|VVHUQXQG6WlGWHQHUZDFKVHQZDUEHVRQGHUVDXFKLQGHU
DXVJHVSURFKHQHQ:RKOJHZRJHQKHLWGHV0DUNJUDIHQHLQHVWDUNH
PRUDOLVFKH6WW]HJHKDEWKDWWH'HQQHLQVRVFKOHFKWHU5HJHQW
-REVW JHZHVHQHUZDUXQG EOLHEGRFKLPPHU/DQGHVKHUUGHVVHQ
$XWRULWlWGHPGHUVHLQHU*XQVWVLFKUKPHQGXUIWH]ZHLIHOORVHLQ
EHVWLPPWHV0DYRQ6FKXW]XQG'HFNXQJJDEHLQ0DYRQ
6FKXW]XQG'HFNXQJGDVQXQSO|W]OLFKIHKOWH
-REVW ZDUQLFKWPHKU'LHVH7DWVDFKHZDUDXVUHLFKHQGGLH
4XLW]RZVLQLKUHU0DFKWIOOH]XVFKlGLJHQ:DVDEHUGLHVH
6FKlGLJXQJDOOHU:DKUVFKHLQOLFKNHLWQDFKYHUGRSSHOQPXWHZDU
GDVGD.|QLJ6LJLVPXQG LQ]ZLVFKHQDXFK]XP.DLVHUHUZlKOW 
XQPLWWHOEDUQDFK:LHGHULQEHVLW]QDKPHGHUVFKRQLQVHLQHQ
MXQJHQ-DKUHQYRQELVYRQLKPUHJLHUWHQ0DUNVLFK
GDKLQDXVVSUDFKQXQPHKURIUHEHQGLHVH0DUNDXFKHWZDVWXQ
XQGGLHJHUHFKWHQ%HVFKZHUGHQGHUVHOEHQGLHVLFK]XJXWHP
7HLOHJHJHQGLH4XLW]RZVXQGLKUHQ$QKDQJULFKWHWHQDEVWHOOHQ]X
ZROOHQ
6R.|QLJ6LJLVPXQGGHUDOVHUVLFKLQGLHVHP6LQQHJHlXHUW
DXFKQLFKWOlQJHUVlXPWHGHQ+HUUQ:HQGYRQ,OHQEXUJ HLQHQ
$KQKHUUQGHUMHW]LJHQ*UDIHQ]X(XOHQEXUJ QDFK%HUOLQ]X
VFKLFNHQXQG]ZDUPLWGHUDXVGUFNOLFKHQ:HLVXQJ
HEHQGDVHOEVWXQWHU5DWXQG %HLKOIHGHV3URSVWHV-RKDQQYRQ
:DOGRZGHQ$GHOXQGGLH6WlGWHEHKXIV(QWJHJHQQDKPHVHLQHV
6LJLVPXQGV :LOOHQXPVLFK]XYHUVDPPHOQ$GHOXQG6WlGWH
YHUVDPPHOWHQVLFKGHQQDXFKZLUNOLFKDP6RQQWDJH/lWDUH]X
%HUOLQXQGZXUGHQZLH:XVWHUZLW]EHULFKWHW HLQ]HOQXQG
LQVRQGHUKHLWJHIUDJWREVLH+HUUQ6LJLVPXQGDOVHLQHQUHFKWHQ
(UEKHUUQGHU0DUNHUNHQQHQXQGDQQHKPHQZROOWHQ:RUDXIVLH

VlPWOLFKXQGHLQPWLJOLFKHUNOlUWHQGDVLHNHLQHQDQGHUQ
(UEKHUUQZWHQDOVGHQKRFKJHGDFKWHQ.|QLJLQ8QJDUQZHOFKHU
(UNOlUXQJVLHQLFKWXQWHUOLHHQGHQ$XVGUXFNIUHXGLJHU
hEHU]HXJXQJKLQ]X]XIJHQGDQXQPHKUGXUFKVHLQO|EOLFKHV
5HJLPHQWGLHVRODQJLQ(UUHJXQJ.ULHJXQG8QUXKHYHUVWULFNWH
0DUNZLHGHU]X5XKH)ULHGHQXQGJXWHP=XVWDQGNRPPHQ
ZUGH
%HLGLHVHU(UNOlUXQJYHUIXKUHQ6WlGWHZLH6WlQGHVHOEVWGLH
4XLW]RZV XQGLKUH3DUWHLPLWHLQJHUHFKQHWDOOHU
:DKUVFKHLQOLFKNHLWQDFKYROONRPPHQDXIULFKWLJOHW]WHUHGDYRQ
DXVJHKHQGGDGHU.|QLJGHUHVVRZRKOPLWVHLQHPPlUNLVFKHQ
(UEODQGH]XPHLQHQVFKHLQHQQXQHQWZHGHULQ3HUVRQNRPPHQ
RGHUDEHUHLQHQ/DQGHVYHUZHVHUDXVGHP/DQGHVHOEVWZLOOVDJHQ
DXVGHU4XLW]RZSDUWHLZlKOHQXQGHUQHQQHQZHUGH-HGHQIDOOV
ZDUPDQQDFKGHP(UVFKHLQHQ:HQGVYRQ,OHQEXUJ YROO+RIIQXQJ
XQGJXWHU'LQJHZHVKDOEDP6FKOXVVHGHU%HUOLQHU9HUVDPPOXQJ
EHVWLPPWZXUGHEDOGWXQOLFKVWHLQH*HVDQGWVFKDIWQDFK2IHQZR
VLFK.|QLJ6LJLVPXQGDXIKLHOWVFKLFNHQ]XZROOHQXPGHP
.|QLJHQDFKGHPHULKUH3ULYLOHJLHQ*HUHFKWLJNHLWHQXQGDOWH
O|EOLFKH*HZRKQKHLWHQPLWVHLQHQ6LHJHOQXQG%ULHIHQEHVWlWLJW
KDEHQZUGHGLH+XOGLJXQJ]XWXQ
=XGLHVHP+XOGLJXQJVDNWHNDPHVGHQQDXFKEHLZHOFKHU
*HOHJHQKHLW.|QLJ6LJLVPXQGEHPHUNWHGDHU]XYRUGHV
5HLFKHV 6DFKHQHUOHGLJHQGDQQDEHULQ3HUVRQNRPPHQXQG
VHKHQZROOHZLH
VVWlQGH%LVGDKLQ JHGHQNHHU]XJOHLFKHP
=ZHFNHLQHQVHLQHU+HUUHQ]XVFKLFNHQGHUPLW5DWXQG9RUVLFKW
EHPKWVHLQVROOHGLH0DUN]XJXWHP:HVHQ]XEULQJHQ
'DVHWZDZDUHQGLH:RUWHPLWGHQHQGLHPlUNLVFKH
*HVDQGWVFKDIWDXV8QJDUQQDFK0DUN%UDQGHQEXUJ]XUFNNHKUWH
:RUWHGLHVRZRKOJHPHLQWVLHVHLQPRFKWHQJHJHQGHQ6FKOX
KLQGRFKDOOHGLH+RIIQXQJHQXPVWLHHQGLHPDQELVGDKLQJHKHJW
KDWWH'HQQHEHQGLHVH6FKOXZRUWHOLHHQNHLQHQ=ZHLIHO
GDUEHUGDPDQDQREHUVWHU6WHOOHJHZLOOWZDUGLH
/DQGHVYHUZHVHUVFKDIWDEHUPDOV LQIUHPGH)UVWHQKlQGH]XOHJHQ
'HPVLFK]XXQWHUZHUIHQZDUPDQDEHUDXIVHLWHQGHU4XLW]RZV
ZHQLJJHQHLJWXQGKLHOWPLWHLQHURIIHQHQ(UNOlUXQJLQGLHVHP
6LQQHZRKOQXUGHVKDOE]XUFNZHLOPDQGHU$QVLFKWXQG
(UZDUWXQJOHEHQPRFKWHPLWGHPQHXHQIUHPGHQ+HUUQZHQQ
HUEHUKDXSWHUVFKHLQHQVROOWHJHUDGHVRJXWXQGVROHLFKWIHUWLJ

ZHUGHQ]XN|QQHQZLHPLWGHQPHFNOHQEXUJLVFKHQSRPPHUVFKHQ
XQGVFKZDU]EXUJLVFKHQ)UVWHQGLH
VELVGDKLQPLWGHU
9HUZHVHUVFKDIWGHU0DUNYHUVXFKWKDWWHQ
8QGLQGHU7DWGLHQlFKVWHQ0RQDWHVFKLHQHQGLHVHU$QVFKDXXQJ
XQGGHULKUHQWVSUHFKHQGHQ3ROLWLNVWLOOHU$XIOHKQXQJUHFKWJHEHQ
]XVROOHQGHQQHVJHVFKDKQLFKWVZDVGHQHUQVWHQ(QWVFKOXGHV
.|QLJVQXQDXFKZLUNOLFK HLQHQ:DQGHO]XP%HVVHUQKLQ]X
VFKDIIHQDXVJHGUFNWKlWWH

.DSLWHO

%XUJJUDI)ULHGULFKNRPPWLQV/DQGXP
VLFKKXOGLJHQ]XODVVHQ]XVHLQHP*HOGH
'LH4XLW]RZVOHKQHQVLFKDXIXQGUXIHQGLH
3RPPHUQLQV/DQG
3O|W]OLFKLQGHVlQGHUWHVLFKGLH/DJH'HU+HUUGHUPLWZHLVHP
5DWHKHOIHQXQGGLH0DUN]XJXWHP:HVHQEULQJHQVROOWHKDWWH
VLFKJHIXQGHQXQGGLH4XLW]RZVVROOWHQGHVVHQ]XP6FKDGHQ
LKUHUVHOEVWXQGLKUHUKRFKIOLHJHQGHQ3OlQH GHUHQ9HUZLUNOLFKXQJ
LKQHQQDKHGQNHQPRFKWH VHKUEDOGJHZDKUZHUGHQ'HU+HUU
PLWZHLVHP5DWDEHUZDUQLHPDQGDQGHUVDOV)ULHGULFK
%XUJJUDI]X1UQEHUJ$QIDQJ-XQLEUDFKHUDXVVHLQHQ
IUlQNLVFKHQ/DQGHQDXIZDUDPLQ%ODQNHQEXUJDP+DU]XQG
KLHOWDPVHLQHQ(LQ]XJLQ6WDGW%UDQGHQEXUJ$P6W
-RKDQQLVWDJZDUHQ$GHOXQG6WlGWHEHUHLWVLQ1HXVWDGW
%UDQGHQEXUJXPLKQYHUVDPPHOWXPDXVVHLQHP0XQGH]X
K|UHQGDHU)ULHGULFK%XUJJUDI]X1UQEHUJGXUFK.|QLJ
6LJLVPXQG]XPREHUVWHQ9HUZHVHUXQG+DXSWPDQQGHU0DUN
HUQDQQWZRUGHQXQGJHNRPPHQVHLVLFK]XGHULQNDLVHUOLFKHQ
%ULHIHQDXVGUFNOLFKEHQDQQWHQ6XPPHYRQ  XQJDULVFKHQ
*ROGJXOGHQKXOGLJHQ]XODVVHQXQG]ZDUXQWHUGHU
HQWVSUHFKHQGXQGJOHLFK]HLWLJYRQVHLWHQGHV/DQGHV]X
OHLVWHQGHQ=XVDJHYRQLKPGHP%XUJJUDIHQQLFKWDEZHLFKHQ
]XZROOHQELVGLHVH6XPPHYRQ  *ROGJXOGHQLKPXQG
VHLQHQ(UEHQJDQ]YHUJHQJHWXQGEH]DKOHWVHL :RUDXIDOOH
6WlGWHVRZLHYLHOHYRP$GHOGLH+XOGLJXQJOHLVWHWHQ


(VVLQGGDVGLH*ROGJXOGHQGLH]XGHU$ QQDKPHJHIKUWKDEHQ
%XUJJUDI)ULHGULFKVHLOHGLJOLFKDXIHLQH6XPPH YRUJHVWUHFNWHQ *HOGHVKLQ
DOVRZHQQPDQVRZLOODOV 3IDQGOHLKHU LQGHQ%HVLW]GHU0DUNJHNRPPHQ'DV
LVWDEHUQLFKWULFKWLJZHQLJVWHQVQLFKWLQGHPJHZ|KQOLFKHQ6LQQH
  *ROGJXOGHQZXUGHQDOOHUGLQJVDOVHLQH6FKXOG6LJLVPXQGVDQ
)ULHGULFKDXIGLH0DUN%UDQGHQEXUJHLQJHWUDJHQDEHUGLHVH6XPPHZDUQLFKW
HLQ]XYRUHPSIDQJHQHV'DUOHKQVRQGHUQXPPRGHUQ]XVSUHFKHQHLQQLFKW
DXVJH]DKOWHV*HKDOWVDPW5HSUlVHQWDWLRQVNRVWHQ6LJ LVPXQGHLQVHKHQG
GDGLH/DQGHVHLQQDKPHQNHLQbTXLYDOHQWIUGLH]XJHZlUWLJHQGHQ'LHQVWH
GHVQHXHQ/DQGHVYHUZHVHUVLQVRQGHUKHLWDEHUQLFKWDXVUHLFKHQG]XU
%HVWUHLWXQJHLQHV+RIKDOWVVHLQZUGHQEHZLOOLJWHGHP%XUJJUDIHQHLQH
=XEXHYRQ  *XOGHQ XQGZHLOHU 6LJLVPXQG VLFKDXHUVWDQGHVDK

GLHVDXVIUHLHQ6WFNHQ%HZLOOLJWHVRIRUWEDUDXV]X]DKOHQVROLHHUGLHVH
=XVFKXVXPPH JDQ]VRZLHZHQQHV JHERUJWH   *ROGJXOGHQ
JHZHVHQZlUHQDXIGLH0DUNHLQWUDJHQ'LH0DUNZXUGH3IDQGXQGJLQJ
VFKOLHOLFKDOVQLFKWHLQJHO|VWHV3IDQGLQGHQ%HVLW]GHV%XUJJUDIHQEHU
5LHGHOLQVHLQHPDXVJH]HLFKQHWHQ%XFKH=HKQ-DKUHDXVGHU*HVFKLFKWHGHU
$KQKHUUQGHVSUHXLVFKHQ.|QLJVKDXVHVKDWGLHVDOOHVLQPXVWHUKDIWHU:HLVH
NODUJHOHJWXQGIUKLVWRULVF KH.RUUHNWKHLW6RUJHJHWUDJHQDEHUVRGDQNEDUZLU
LKPIUGLHVH.RUUHNWKHLWVHLQPVVHQXQGVRJHZLHV]X]XJHVWHKHQLVWGD
]ZLVFKHQHLQHPJHOHLVWHWHQ'DUOHKQXQGHLQHPQLFKWHPSIDQJHQHQ
*HKDOW WURW]GHPEHLGHVHLQH6FKXOGUHSUlVHQWLHUW LPPHUKLQ QRFKHLQ
8QWHUVFKLHGREZDOWHWVRELQLFKGRFKJDQ]DXHUVWDQGHPLFKLQGHU
*HVLQQXQJ ]XUHFKW]XILQGHQGLH 5LHGHO EHLGLHVHU*HOHJHQKHLW]XP$XVGUXFN
EULQJW(UEHKDQGHOWGLH)UDJHPLWHLQHP1DFKGUXFNXQGHLQHU)HLHUOLFKNHLWDOV
REHUPLW+OIHGLHVHUV HLQHU$XINOlUXQJHQGDV+RKHQ]ROOHUQWXPYRQHLQHP
0DNHOEHIUHLWXQGGLH9RUJHVFKLFKWHGHVVHOEHQYRQHWZDV.UlPHUKDIWHPXQG
*HOGJHVFKlIWOLFKHPJHUHLQLJWKlWWH'DVLVWDEHURIIHQEDU]XZHLWJHJDQJHQ
(VNDQQPHLQHP(UPHVVHQQDFKIUGLH+RKHQ]ROOHUQGLH VHLWGHPLKUH
/HJLWLPDWLRQEHUMHGHQ=ZHLIHOKLQDXVQDFKJHZLHVHQKDEHQ]LHPOLFK
JOHLFKJOWLJVHLQZLHVLHGDPDOV]XU0DUNJHNRPPHQVLQGVRRGHUVR6ROOWH
GLHVDEHUEHVWULWWHQZHUGHQN|QQHQVRGRFKVFKZHUOLFKGDVGDHVQDFKGHU
PRUDOLVFKHQRGHUZHQ QPDQVRZLOOQDFKGHU)HLQKHLWVVHLWHKLQDEVROXW
EHGHXWXQJVORVLVWREGLH  *ROGJXOGHQYRQHLQYRP%XUJJUDIHQ
JHOHLVWHWHU 9RUVFKX RGHUHLQLKPYHUVSURFKHQHUXQGQLFKWDXVJH]DKOWHU
=XVFKX ZDUHQ'DVVRQVWVRKHUYRUUDJHQGHYRQGHUJU|WHQ6D FKNHQQWQLV
JHWUDJHQH 5LHGHOVFKH%XFKKDWHLQHQVFKZDFKHQ3XQNWLQGLHVHUKLHUXQGGD
JHUDGH]XVW|UHQGKHUYRUWUHWHQGHQ +\SHUOR\DOLWlW DXIGLHZLULQHLQHP
VSlWHUHQ.DSLWHOZRVLFK
VEHUGDV5HFKWRGHU8QUHFKWGHU4XLW]RZVKDQGHOW
QRFKDXVIKUOLFKHU]XUF NNRPPHQ

(WOLFKH YRP$GHODEHU VROlWVLFK:XVWHUZLW]LQVHLQHU


&KURQLNZHLWHUYHUQHKPHQ HWOLFKHYRP$GHODEHUXQG]ZDU
DQGHU6SLW]H'LHWULFK XQG-RKDQQYRQ4XLW]RZ:LFKDUGYRQ
5RFKRZ XQG$FKLPYRQ%UHGRZ PLWVDPWLKUHP$QKDQJHVLQG
ZHLOVLHVLFKYRUKHUPLWHLQHP(LGHGD]XYHUEXQGHQKDWWHQ
]XUFNJHWUHWHQKDEHQGLH+XOGLJXQJGLHVLHYRUKHULQ%HUOLQXQG
2IHQGHP.|QLJHJHOHLVWHWGHP%XUJJUDIHQ DOVVHLQHP9HUWUHWHU
XQG9HUZHVHUYHUZHLJHUWXQGKDEHQGDEHLYHUlFKWOLFK
JHVSURFKHQ(VLVWHLQ 7DQGYRQ1UUHQEHUJ:LUZROOHQ]XYRU]X
XQVUHPULFKWLJHQ(UEKHUUQGHP.|QLJHYRQ8QJDUQVFKLFNHQXQG
DXIGLHVH:HLVHPLW(KUHQWXQZDVZLUZROOHQ
'DPLWZDUGHU)HKGHKDQGVFKXKKLQJHZRUIHQ
$EHUGLH4XLW]RZVGLHZRKOZXWHQGD7DWHQEHVVHUDOV:RUWH
VSUHFKHQKDWWHQQLFKWYRUHVEHLGLHVHUDEOHKQHQGHQ(UNOlUXQJ
EHZHQGHQ]XODVVHQEHQXW]WHQYLHOPHKULKUHQZHLWUHLFKHQGHQ
(LQIOXGLHEHLGHQ+HU]|JHYRQ3RPPHUQ6WHWWLQ2WWR XQG
&DVLPLULQGLH0DUN]XUXIHQXPGXUFKVROFKH%HIHKGXQJGHV
LKQHQDXIJHGUXQJHQHQQHXHQ+HUUQGLHVHPGHQ$XIHQWKDOWLQ
GHU0DUN]XYHUOHLGHQXQGLKQ]XU5FNNHKULQVHLQHIUlQNLVFKHQ
/DQGH]XEHZHJHQ
'LHVHP5XIHOHLVWHWHQGLH3RPPHUQDXFKZLUNOLFK)ROJHZDV
9HUDQODVVXQJ]XHLQHPDQXQGIUVLFKNOHLQHQDEHUGXUFK
1HEHQXPVWlQGHEHUKPWJHZRUGHQHQ5HQFRQWUHJDE

.DSLWHO

'LH6FKODFKWDP.UHPPHU'DPPDP
2NWREHU
'LHVHOEHIDQGEHL.UHPPHQVWDWWXQGIKUWGHQ1DPHQGHU
6FKODFKWDP.UHPPHU'DPP6LFKHUOLFKZDUHVNHLQH6FKODFKW
LQXQVHUP6LQQHNDXPHLQ*HIHFKWXQGGLH9HUOXVWHVRZHLWGLH
=DKO PLWVSULFKWZHUGHQKEHQXQGGUEHQVHKUXQEHGHXWHQG
JHZHVHQVHLQGHQQRFKOHEWGDV(UHLJQLVIULVFKHULQGHU
(ULQQHUXQJIRUWDOVPDQFKHJURH6FKODFKWGLH%UDQGHQEXUJ
3UHXHQVHLWGHPJHVFKODJHQKDW,QGLHVHU%H]LHKXQJVWHOOWVLFK
GDVDP.UHPPHU'DPPHUIROJWH5HQFRQWUHGHP7DJHYRQ
)HKUEHOOLQ]XU6HLWHZlKUHQGHVDXIGDV7DNWLVFK6WUDWHJLVFKH
KLQDQJHVHKHQ ZHQQVRJURH:RUWHEHLVRNOHLQHQ9RUJlQJHQ
EHUKDXSWJHEUDXFKWZHUGHQGUIHQ HLQHPDFKWXQGVLHE]LJ
-DKUHIUKHUDQJHQDXGHUVHOEHQ6WHOOHPLWJHQDXGHPVHOEHQ
)HLQGHVWDWWJHKDEWHQ.DPSIHJOHLFKWGHUHEHQIDOOVGHQ1DPHQ
HLQHU6FKODFKWDP.UHPPHU'DPPIKUW(VJLEWDOVR]ZHL
6FKODFKWHQGLHVHV1DPHQV
HLQH GLHIUKHUH GLH]ZLVFKHQ+HU]RJ%DUQLPYRQ
3RPPHUQ XQG0DUNJUDI/XGZLJYRQ%UDQGHQEXUJ
XQGHLQH]ZHLWH GLHXQVHUH GLH]ZLVFKHQGHQ
3RPPHUQKHU]|JHQ2WWRXQG&DVLPLUXQG%XUJJUDI)ULHGULFK
DXVJHIRFKWHQZXUGH

'LHYRUDXIJHJDQJHQH6FKODFKWYRQJHQLHWGHV9RU]XJVLQ
HLQHUVFK|QHQXQGFKDUDNWHULVWLVFKHQ9RONVEDOODGHEHKDQGHOW]X
VHLQGLHKLHUPLW]XWHLOHQLFKPLUDXVYHUVFKLHGHQHQ*UQGHQQLFKW
YHUVDJHQP|FKWH
'LHHUVWH6FKODFKWDP.UHPPHU'DPP
=ZLVFKHQ+HU]RJ%DUQLPYRQ3RPPHUQXQG0DUNJUDI/XGZLJ
YRQ%UDQGHQEXUJ

$OV+HU]RJ%DUQLPGHUNOHLQH0DQQ
8PPLW0DUNJUDI/XGZLJ]XIHFKWHQ 

.DPELVDQGHQ.UHPPHU'DPPKHUDQ
6SUDFKHU]X5LWWHUQXQG.QHFKWHQ
'DV.UHPPHU/XFKLVWHLQJDUVWLJ/RFK
8QGGHQ)HLQGGDUDXV]XYHUWUHLEHQ
,FKGHQNH/HXWHZLUODVVHQ
VQRFK
8QGZROOHQGLHVVHLWVEOHLEHQ
:LUVFKUHLEHQDXVHLQHJURH6WHXU
8QGZHUVLFKQLFKWZLOOEHTXHPHQ
'HQ]ZLQJHQZLUPLW:DVVHUXQG)HXU
8QGZROOHQGDV9LHKLKPQHKPHQ
'HU5DWJHILHOGHQ3RPPHUQDOO
8QGYHUTXHUXQGDQGHQ(FNHQ
*UXEHQVLHKDVWLJ*UDEHQXQG:DOO
'DKLQWHUVLFK]XYHUVWHFNHQ
+LHUZHFKVHOWQXQGLH6]HQHGDV/LHGVSULQJWYRQGUEHQQDFK
KEHQRGHUZDVGDVVHOEHVDJHQZLOOYRQGHUSRPPHUVFKHQQDFK
GHUPlUNLVFKHQ6HLWHKLQEHUXQGIlKUWIRUW

0DUNJUDI/XGZLJGHUWDSIHUH+HOG
'UEHQVDKPDQLKQUHLWHQ
(UGDFKWHGLH3RPPHUQVWHKHQLP)HOG
8QGZHUGHQGHQ'DPPEHUVFKUHLWHQ
$OVDEHUNHLQHUVLFK
VXQWHUEDQG
/LHHUVHLQHQ7URPSHWHUNRPPHQ
8QGVDJWH1LPPGHLQH7URPSHWLQGLH+DQG
8QGEODVELVVLH
VGUEHQYHUQRPPHQ
8QGVDJHGHP+HU]RJ%DUQLPDQ
,FKKlWWHJUR9HUODQJHQ
,KQXQGVHLQH5LWWHU0DQQIU0DQQ
+LHUGLHVVHLWV]XHPSIDQJHQ
8QGZHQQHVKLHUGLHVVHLWVLKPQLFKWEHKDJW
6RZROOWLFKLKPYHUVSUHFKHQ

$XFKDXIGHP/XFK'DPPXQYHU]DJW
(LQH/DQ]HPLWLKP]XEUHFKHQ
'UDXIGHU+HU]RJHUZROOLKP5HGHVWHKQ
1LFKWNRPPHQGDVGQNLKP6QGH
6LHZROOWHQVLFKWUHIIHQXQGZROOWHQVHKQ
:HUGDV6SLHODPEHVWHQYHUVWQGH
1XQKHEWGHU.DPSIDQXQGVFKHLQWGHQ3RPPHUQGHQ6LHJ
YHUEUJHQ]XZROOHQDOVGLHVHMHGRFKYRUGULQJHQXPLKUHQ(UIROJ
DXV]XEHXWHQEHQVLHGLHVHQZLHGHUHLQXQGZHUGHQ]XP
5FN]XJHJH]ZXQJHQ,P/LHGDEHUKHLWHVZHLWHU

9RP*UDEHQJLQJ
VDXIGHQ'DPPKLQDXI
'UDXIVWDQGHQGLFKWGLH0lUNHU
'LHZHKUWHQVLFKHLQ]HOQXQG]X+DXI
$EHU+HU]RJ%DUQLPZDUVWlUNHU
'LH0lUNLVFKHQNRQQWHQQLFKWEHVWDKQ
'DV/XFKZDULKU9HUGHUEHQ
8QGYLHOHPXWHQGDOLHJHQJDKQ
8QGRKQH:XQGHVWHUEHQ
8QGPlKOLFKZLFKHQVLH6FKULWWIU6FKULWW
9RU.UHPPHQZHLWHU]XIHFKWHQ
'LH3RPPHUQIROJWHQLPIHVWHQ7ULWW
'LH5LWWHUPLWVDPWGHQ.QHFKWHQ
$EHUYRU.UHPPHQKLHOWPDQDQ
8QGPXWHGUDXHQEOHLEHQ
'LH0lUNLVFKHQVWDQGHQGD0DQQIU0DQQ
8QGZDUHQQLFKW]XYHUWUHLEHQ
6LHVFKRVVHQKLQXQWHUDXV7XUPXQG7RU
,QGDVSRPPHUVFKH*HGUlQJH
'DQQGUlQJWHQVLHVHOEHUZLHGHUYRU
7RWHJDEHVGLH0HQJH
'DVSUDFK6FKZHULQ'DVWXWNHLQJXW

/DWXQVGHQ'DPPHUIDVVHQ
2GHUZLUPVVHQXQVHU%OXW
+LHUDOOHYRU.UHPPHQODVVHQ
6R]RJHQVLHZLHGHUGHP'DPPH]X
+HLPZlUWVRKQH6FKLPSIXQG6FKDGH
=XOHW]WJLQJDXFKGHU.ULHJ]X5XK
*RWWJHKXQVVHLQH*QDGH
*DQ]LP(LQNODQJHPLWGHU6FKLOGHUXQJGLHGLHYRUVWHKHQGH
9RONVEDOODGHYRQGHPHUVWHQ .DPSIHEHL.UHPPHQJLEWYHUOLHI
DXFKGHU]ZHLWHGHUXQVHUH'LHVVHLWGHV'DPPHVLQ6WDGWXQG
6FKOR.UHPPHQVWDQGHQGLH0lUNLVFKHQXQWHU)KUXQJRGHU
YLHOOHLFKWDXFKQXULQ*HPHLQVFKDIWPLWHLQHU$Q]DKOIUlQNLVFKHU
5LWWHUGLHGHQ%XUJJUDIHQ)ULHGULFKDXVVHLQHP(UEODQGHKHULQ
GLH0DUNEHJOHLWHWKDWWHQGUEHQMHQVHLWVGHV'DPPHVDEHU
VWDQGHQGLH+HU]|JHYRQ6WHWWLQ8QGJHQDXZLH]X+HU]RJ
%DUQLPV=HLWHQGUDQJHQGLH3RPPHUQDXFKKHXWHZLHGHUDXIGHP
GXUFKGDVVRJHQDQQWH/XFKVLFKKLQ]LHKHQGHQ.UHPPHU'DPP
YRUXQGHUUDQJHQLQVRZHLWHLQHQ9RUWHLODOVGLH0lUNHUWURW]GHV
9HUVXFKHVGD]XGLHV9RUGULQJHQQLFKWKLQGHUQNRQQWHQ$OVDEHU
QDFKGLHVHPHUVWHQXQ]ZHLIHOKDIWHQ(UIROJHGHUEHLGHQ+HU]|JH
GHU6LHJSHUIHNWJHPDFKWXQG6WDGWXQG6FKOR.UHPPHQPLW
VWUPHQGHU+DQGJHQRPPHQZHUGHQVROOWHYHUVDJWHGHQ
3RPPHUQGLH.UDIW]XGLHVHP$EVFKOXGHU$NWLRQZHVKDOEVLH
VLFKJHQ|WLJWVDKHQEHUGHQYRQLKQHQHUREHUWHQ'DPPLKUHQ
5FN]XJDQ]XWUHWHQ6RGHU9HUODXIGHUNOHLQHQ%DWDLOOHJHQDXVR
ZLH'DV*DQ]HKDWWHGHQ&KDUDNWHUHLQHV%UFNHQJHIHFKWHV
JHKDEWHLQHV*HIHFKWHVLQHLQHP'pILOp'DV/XFKDOVVROFKHV]X
SDVVLHUHQRGHUGXUFK)ODQNHQEHZHJXQJHQ]XPHUZHLWHUWHQ
.DPSISODW]]XPDFKHQYHUERWVLFKXQGVRVFKREPDQVLFKGHQQ
DXIGHP'DPPKLQXQGKHULPPHUQXUPLWGHU6SLW]H)KOXQJ
KDEHQG'LHVH6SLW]HELOGHWHQDXIPlUNLVFKHU6HLWHGLH
IUlQNLVFKHQ5LWWHUXQGGLHVHZDUHQHVDXFKGLHGHQ3UHLVGHV
7DJHV]X]DKOHQKDWWHQ(LQHUGHUVHOEHQ.UDIWYRQ/HQWHUVKHLP
ZDUGYRP'DPPKHULQGDV/XFKDEJHGUlQJWXQGYHUVDQNLQ
GHPVHOEHQHLQH9HUVLRQGLHPLUZDKUVFKHLQOLFKHUGQNWDOVHLQH
]ZHLWHQDFKGHUHUVFKZHUYHUZXQGHWLQHLQEHQDFKEDUWHV'RUI
JHVFKDIIWXQGLQGHU.LUFKHGDVHOEVWEHVWDWWHWVHLQVROO

'LHEHLGHQDQGHUHQ5LWWHUGLHILHOHQZDUHQ5LWWHU3KLOLSSYRQ
8WHQKRYHQ XQG*UDI-RKDQQHVYRQ+RKHQORKH%HLGH EHVRQGHUV
GHUOHW]WHUH GHP%XUJJUDIHQQDKHVWHKHQGZXUGHQYRQ
.UHPPHQDXVQDFK%HUOLQJHVFKDIIWXQGLQGHU
)UDQ]LVNDQHUNORVWHUNLUFKHGDVHOEVWGLHVR]XVDJHQPDUNJUlIOLFKH
+RINLUFKHZDUEHLJHVHW]W,KUH*UDEVWHLQHVLQGYHUVFKZXQGHQ
DEHUHLQGHP*UDIHQ+RKHQORKHJHOWHQGHV:DQGELOGGDVVROlW
VLFKDQQHKPHQGHU%XUJJUDIVHOEVWGHP*HGlFKWQLVGLHVHVVHLQHV
*HWUHXHQVWLIWHWHKDWVLFKELVGLHVHQ7DJLQEHVDJWHU.LUFKH
QHEHQGHU2UJHOHUKDOWHQXQGJLEWQLFKWQXU=HXJQLVZLHGHU
%XUJJUDIGHQHUVWHQDXIPlUNLVFKHU(UGHIU+DXV+RKHQ]ROOHUQ
*HIDOOHQHQHKUWHVRQGHUQJOHLFK]HLWLJDXFKHLQHJXWH9RUVWHOOXQJ
YRQGHU%LOGQLV XQG*HVFKLFKWVPDOHUHLMHQHU(SRFKHZHQQDXFK
IUHLOLFKQLFKWLQQHUKDOEXQVHUHU0DUNGHUVROFKH.XQVWEXQJ
IUHPGZDU(VLVWDOOHU:DKUVFKHLQOLFKNHLWQDFKHLQHV1UQEHUJHU
0HLVWHUV$UEHLWHLQYHUJOHLFKVZHLVHZRKOJHOXQJHQHV%LOGDXIGHP
ZLUHLQHQMXJHQGOLFKHQ5LWWHULQVFKZDU]HU5VWXQJXQGZHLHP
3HO]PDQWHOHUEOLFNHQGHUYRUGHP+HLODQGHNQLHWXQGZHKPWLJ
GDVEODVVHEHUDXVWUDXULJH+DXSW]XGHP(UO|VHUHUKHEW
&KULVWXVVHOEVWVWHKWPLWGHQ(PEOHPHQVHLQHU6FKPDFKPLW
*HLHO'RUQHQNURQHXQGGHP<VRSVWDEHYRUGHP5LWWHUDXVGHV
+HLODQGHV:XQGHQDEHUHUJLHHQVLFKIQI%OXWVWU|PHLQGHQ
.HOFKGHVKHLOLJHQ$EHQGPDKOV'DUEHUHLQ+HOPPLWGHP
$GOHUVFKPXFNXQGHLQ:DSSHQVFKLOGPLW]ZHL/HRSDUGHQ8PGDV
*DQ]HKHUXP]LHKWVLFKGLH/HJHQGH$QQR'RPLQLDP6W
&ROXPEDQXV$EHQGYHUVFKLHGGHUKRFKJHERUQH*UDI-RKDQQHV
YRQ+RKHQORKHGHP*RWWJHQDGH$PHQ
)ULHGULFKNRQQWHVLFKLQVHLQHU7UDXHUQLFKWJHQXJWXQXQGOLH
DXHUGHPYRUEHVFKULHEHQHQ.LUFKHQELOGHQRFKHLQ.UHX]DP
.UHPPHU'DPPVHOEVWHUULFKWHQDQHEHQGHU6WHOOHZR*UDI
+RKHQORKHJHIDOOHQZDU=ZHLPDOZXUGHGDV.UHX]VHLWGHP
HUQHXHUWHUVWXQWHUGHP*URHQ.XUIUVWHQ PLWGHUGHP
XQKLVWRULVFKHQ6LQQMHQHU=HLWHQWVSUHFKHQGHQ$QJDEHGDKLHU
HLQEUDQGHQEXUJLVFKHU*HQHUDOJHIDOOHQVHL GDQQXQWHU
)ULHGULFK:LOKHOP ,9

.DSLWHO

)ULHGULFKV'LSORPDWLH%QGQLVVHPLW
0DJGHEXUJXQG6DFKVHQ$QVFKHLQHQGH
%HJOHLFKXQJGHU6WUHLWIUDJH+XOGLJXQJXQG
HUQHXWH3URYRNDWLRQHQ
)ULHGULFKKDWWHGHU6FKODFKWDP.UHPPHU'DPPQLFKW
EHLJHZRKQWHEHQVRZDUHQGLH4XLW]RZVGLHLQWHOOHNWXHOOHQ
8UKHEHUGHV3RPPHUQHLQIDOOVQLFKW ]XJHJHQJHZHVHQ)UKHUH
*HVFKLFKWVVFKUHLEHUODVVHQIUHLOLFKLP:LGHUVSUXFKGD]XEHLGH
%UGHUXQPLWWHOEDUDQGHU6HLWHGHU3RPPHUQKHU]|JHGHP
.DPSIHEHLZRKQHQ5LHGHODEHUXQGQDFKLKPDOOH1HXHUHQ
KDEHQGDV1LFKWVWLFKKDOWLJHGLHVHU$QQDKPHGDUJHWDQ'LH
4XLW]RZVKDQGHOWHQNOJHUXQGZDUWHWHQLQHLQHULKQHQGXUFK
6FKOR)ULHVDFNXQG6FKOR3ODXHJHJHEHQHQ)ODQNHQ XQG
5FNHQVWHOOXQJGHQ$XVJDQJDEXPZHQQDOOHVJXWJLQJGXUFK
HLQQDFKWUlJOLFKHV(LQJUHLIHQGLHEXUJJUlIOLFKH6DFKHUDVFK]X
YROOHP (QGHIKUHQLP)DOOHGHV0LOLQJHQVDEHUVLFKDOV
VFKXOGORVXQGXQEHWHLOLJWKLQVWHOOHQ]XN|QQHQ,QJOHLFKHU:HLVH
YHUIXKUGLHJDQ]HPlUNLVFKH)URQGHGLHZRKOZLVVHQGZDV
DXIGHP6SLHOHVWDQGNRQVHTXHQWDQLKUHPQHJDWLYHQ9HUKDOWHQ
IHVWKLHOW6LHEHJQJWHVLFKGDPLWGHQ%XUJJUDIHQDOVQLFKW
YRUKDQGHQDQ]XVHKHQKWHWHVLFKDEHULKQGXUFKRIIHQH
)HLQGVHOLJNHLW]XU$QZHQGXQJYRQ*HZDOWPDUHJHOQ
KHUDXV]XIRUGHUQ0DQOLHHVDQ/LVWDXIEHLGHQ6HLWHQQLFKW
IHKOHQGLSORPDWLVLHUWHKEHQXQGGUEHQXQGZlKUHQGGLH
5HQLWHQWHQHLQHIULHGIHUWLJH*HVLQQXQJXQGLQ(LQ]HOIlOOHQVRJDU
HLQHIUHXQGVFKDIWOLFKH+DOWXQJKHXFKHOWHQJDEVLFK)ULHGULFK
VHLQHUVHLWVGDV$QVHKHQDQGLHVH)ULHGIHUWLJNHLW]XJODXEHQ(U
JLQJGDULQVRZHLWGLH4XLW]RZV]X*DVWH]XODGHQXQGREJOHLFK
HULKUHZDKUH*HVLQQXQJVHKUZRKONDQQWHPDJHUGRFKQLFKW
RKQH+RIIQXQJDXIHLQHQDOOPlKOLFKHQ:DQGHOGHU'LQJHJHZHVHQ
VHLQXQGZHQLJVWHQVHLQH=HLWODQJDQGLH0|JOLFKNHLWJHGDFKW
KDEHQLKUH+HU]HQGXUFK(QWJHJHQNRPPHQJHZLQQHQ]XN|QQHQ
'DULQVDKHUVLFKQXQIUHLOLFKJHWlXVFKWXQGDOVLKPGLHV
IHVWVWDQGHQWVFKORHUVLFKZLH:XVWHUZLW]VFKUHLEWDOVHLQ
JWLJHU%HVFKW]HUXQG%HVFKLUPHUVHLQHU8QWHUWDQHQHLQHQ

JURHQ0XW]XIDVVHQXQGPLW5DWIURPPHU+HUUQ]XEHGHQNHQ
ZLHGHU0DUN]XKHOIHQVHL'DIDQGHUGHQQGD)UHXQGVFKDIW
XQG9HUHLQLJXQJPLWGHQEHQDFKEDUWHQ)UVWHQXQG+HUUHQDP
HKHVWHQJHHLJQHWVHLQZUGHGLHVH+OIH]XVFKDIIHQXQGHLQHQ
IHVWHQ=DXQGHU%HVFKLUPXQJXPGLH0DUN]X]LHKHQ
8QGYRQGLHVHP$XJHQEOLFNDQZXUGHGDQQDXFKDOOHV1|WLJH]XP
$EVFKOXVVHVROFKHUKOIHVFKDIIHQGHQ%QGQLVVHJHWDQXQWHU
ZHOFKHQ%QGQLVVHQGDVPLW0HFNOHQEXUJLQVRQGHUKHLWDEHUGDV
PLWGHP(U]ELVFKRIHYRQ0DJGHEXUJXQGGHP+HU]RJH5XGROI]X
6DFKVHQREHQDQVWDQG
'LHVHWURW]DOOHU+HLPOLFKNHLWVHKUEDOGEHNDQQWZHUGHQGHQ
9RUJlQJHEOLHEHQQLFKWRKQH:LUNXQJDXIGLH0LWJOLHGHUGHU
)URQGHGLHUDVFKHUNHQQHQGJHJHQZHQVLFKGDVDOOHV
ULFKWHWHPRPHQWDQQDFK]XJHEHQEHVFKORVVHQXP]XQlFKVW
EHVVHU:HWWHUDE]XZDUWHQ,QGHU7DWHUVFKLHQHQVLHEDOGGDQDFK
YRUGHP%XUJJUDIHQXPLKPGLHELVGDKLQYHUZHLJHUWH+XOGLJXQJ
]XOHLVWHQXQGVFKREHQGXUFKGLHVHQDP $SULOLQ%HUOLQ
YROO]RJHQHQ$NWIUHLZLOOLJHU8QWHUZHUIXQJGLHVFKRQGDPDOV
GURKHQGH.DWDVWURSKHXPIDVW-DKUHVIULVWKLQDXV$EHUGHU+DQJ
QDFKHLJHQHPIUHLHQ(UPHVVHQ]XKDQGHOQXQGHLQREULJNHLWOLFKHV
5HJLPHQWQXULQVRZHLWJHOWHQ]XODVVHQDOVHVLKQHQ]X:LOOHQ
ZDUVWHFNWHGHQ4XLW]RZV]XWLHILP%OXWDOVGDVLHVLFK
GHVVHOEHQDXIGLH'DXHUXQGHLQHPEORlXHUOLFKHQ
8QWHUZHUIXQJVDNWH]XOLHEHKlWWHQHQWVFKODJHQN|QQHQ:LU
KDEHQQXQGHQ5HFKWV]XVWDQGDQHUNDQQWXQGVLQGQDFKGHPZLU
GHP1UQEHUJHUJHKXOGLJWNHLQH5HEHOOHQPHKUJHJHQ.|QLJ
6LJLVPXQGXQGVHLQHQ:LOOHQ$EHUZLHZLUGHV.|QLJV 5HFKW
JHZDKUWKDEHQVRZROOHQZLUQXQDXFKGDVXQVHUH ZDKUHQXQG
GDVXQVHUHKHLW5HFKWGHU$EVDJXQJXQGIUHLHQ)HKGH6R
PRFKWHQLKUH*HGDQNHQJHKHQXQGVFKRQLQQHUKDOEGHUQlFKVWHQ
7DJHJHVFKDKHQ'LQJHGLHGLHVHU$QVFKDXXQJYRP5HFKWHIUHLHU
)HKGHIKUXQJ $XVGUXFNJDEHQ
6HKHQZLUZLH
8QWHUGHQYLHOHQ/DQGHVVFKO|VVHUQGLHZlKUHQGGHU-REVWVFKHQ
+HUUVFKDIWLQ9HUVDW]JHJHEHQZDUHQZDUDXFK6FKOR7UHEELQ
HLQ5DXEVFKORZLH:XVWHUZLW]HVQHQQWGDVXPGLH=HLWDOV
GHU%XUJJUDILQV/DQGNDPYRQGUHL%UGHUQYRQ0DOWLW]JHKDOWHQ
ZXUGH%HL*HOHJHQKHLWGHU$XVO|VXQJHQGLHQXQEHJDQQHQMD

VLFKUHFKWHLJHQWOLFKDOVHUVWH3IOLFKWGHVQHXHQ6WDWWKDOWHUV
KHUDXVVWHOOWHQNDPDXFK6FKOR7UHEELQDQGLH5HLKHGHVVHQ
GHU]HLWLJH%HVLW]HUMHGRFKGLH+HUDXVJDEHGHV6FKORVVHVJHJHQ
5FNHPSIDQJGHU3IDQGVXPPHYHUZHLJHUWHQYLHOOHLFKWZHLOVLH
GHQ4XLW]RZVQDKHVWDQGHQXQG+OIHYRQLKQHQHUZDUWHQ
PRFKWHQ$OOGLHVZXUGH9HUDQODVVXQJGD%XUJJUDI)ULHGULFK
GHPVLFKDXIGLHVHP=XJHGLHJHVDPWHUHQLWHQWH3DUWHLGLH
4XLW]RZVPLWHLQJHUHFKQHWDQVFKORDP $SULOYRUGHP
5DXEQHVWHUVFKLHQXQGHVQDFK]ZHLWlJLJHU%HODJHUXQJ
HLQQDKP
6ROFK(UIROJGXUIWHGHQ%XUJJUDIHQ PLW*HQXJWXXQJHUIOOHQ$EHU
GLHVH*HQXJWXXQJZDUYRQNU]HVWHU'DXHUXQGHKHQRFKGHU
$E]XJDQJHRUGQHWZDU]RJHQGLH4XLW]RZVFKHQRKQHVLFKXP
GHQ%XUJJUDIHQ]XNPPHUQRGHULKPDXFKQXU.HQQWQLVGDYRQ
]XJHEHQDXVGHP7UHEELQHU/DJHUDEXPZHLWHUVGOLFKLQGDV
]XQlFKVWXQWHUGHP$EWYRQ=LQQDPLWWHOEDUDEHUXQWHUGHP
(U]ELVFKRIYRQ0DJGHEXUJVWHKHQGH'RUI+HQQLFNHQGRUI
HLQ]XEUHFKHQ0LWGHQEHLGHQ4XLW]RZVZDUHQ:LONLQYRQ$UQLP
$FKLPXQG0DWWKLDVYRQ%UHGRZ:HUQHUXQG$OEUHFKWYRQ
+RO]HQGRUI:LFKDUGYRQ5RFKRZ(EHOLQJXQG+HQQLQJYRQ
.UXPPHQVHH&ODXVYRQ.DQQHQEHUJ+HQQLQJYRQ6WHFKRZ
/XGZLJ6SDUUXQG+HUUPDQQYRQ%DUGHOHEHQ,Q+HQQLFNHQGRUI
QDKPPDQGHQ%HZRKQHUQLKU+DEXQG*XWXQGWULHEGDV9LHK
QDFK6FKOR%HXWKHQXPHVGDVHOEVWLQ6LFKHUKHLW]XEULQJHQ
$OVZLHVLFKGHQNHQOlW%HVFKZHUGHQEHUGLHVHYRP=DXQ
JHEURFKHQH)HKGHEHLP%XUJJUDIHQHLQOLHIHQXQGGHU$EWYRQ
=LQQD*HQXJWXXQJIUGDV*HVFKHKHQHIRUGHUWHUlFKWHPDQVLFK
DXIVHLWHQGHU9HUNODJWHQ GHQHQVLFKLQ]ZLVFKHQDXFK.DVSDU
*DQV]X3XWOLW]DQJHVFKORVVHQ HLQIDFKGDGXUFKGDPDQYRQ
QHXHPLQV=LQQDVFKH]RJXQGGLH.ORVWHUG|UIHU%DUGHQLW]3HFKO
0HKOVGRUI)HOJHQWUHX)UDQNHQIHOGHXQG)UDQNHQI|KUGHUHLQ
DXVSOQGHUWH'LH%DXHUQZXUGHQGUDQJVDOLHUWXQGZHJJHVFKOHSSW
XQGDQGHUHGDUXQWHUGHU)UDQNHQI|KUGHU6FKXOPHLVWHU
HUVFKODJHQ$XIGHQ+OIHUXIGHUKHLPJHVXFKWHQ2UWHUDIIWHGHU
=LQQDVFKH.ORVWHUYRJWDOOHV]XVDPPHQZDVVLFKYRQ0DQQVFKDIW
LQGHU(LOH]XVDPPHQUDIIHQOLHXQGMDJWHGDPLWGHQ
4XLW]RZVFKHQQDFKDEHUGHU:LGHUVWDQGGHQGLHVHOHLVWHWHQZDU
VRVWDUNGDYLHOHGHU9HUIROJHUDXIGHP3ODW]HEOLHEHQXQGGHU
9RJWPLWVHLQHQGUHL%UGHUQJHIDQJHQJHQRPPHQZXUGH'LH
6LHJHUVHW]WHQGDUDXIXQEHKLQGHUWLKUHQ+HLP]XJIRUWXQG
EUDFKWHQGLH%HXWHQDFK6FKOR*RO]RZ

$OOGLHVZDULP0DL*OHLFKGDQDFKNDPDEHUPDOV=X]XJDXVGHU
3ULJQLW]ZHOFKHQ=X]XJGLHJHUDGHKLHULKUHQVWlUNVWHQ(LQIOX
EHQGHQ4XLW]RZVYHUDQODWKDEHQPRFKWHQ8QWHUGHQHQGLH
NDPHQZDUHQIROJHQGH
GLHYRQ5RKU ]X)UHLHQVWHLQ1HXEXUJ1HXKDXVHQXQG
6FKUHSNRZ
GLHYRQ0|OOHQGRUI ]X:LWWHQEHUJH.XPORVHQ.UDPSIHUXQG
$EEHQGRUI
GLHYRQ.|QLJVPDUFN ]X)UHW]GRUI
IHUQHUGLHYRQ5HVWRUIYRQ6DFNYRQ+XQGHQHVWYRQGHU:HLGH
YRQ.DUVWlGWXQGYRQ:DUWHQEHUJ
$XFKDXVGHU$OWPDUNNDPHQ)UHXQGH0DWWKLDVYRQ-DJRZ
/XGROIXQG*HEKDUGYRQ$OYHQVOHEHQ.ODXVYRQ.OlGHQ%HUQG
XQG:HUQHUYRQGHU6FKXOHQEXUJZlKUHQGDQGHUHGLHQLFKW
VHOEHUPLWGDEHLVHLQZROOWHQ XQWHULKQHQGHU%HW]HQGRUIHU
6FKXOHQEXUJ ZHQLJVWHQVLKUH3IHUGHVFKLFNWHQ'DEHLZDU GLH
=DKOGHU.QHFKWHVRJURGDDOOHLQ*HKKDUGYRQ$OYHQVOHEHQ
PLWVHFK]HKQ*HZDSSQHWHQHUVFKLHQ
(VPXGDKLQJHVWHOOWEOHLEHQREGXUFKGDV=XVDPPHQ]LHKHQ
HLQHUVREHGHXWHQGHQ0DFKWZLHPDQVLH]XP$XVSRFKHQ
HLQLJHU2UWVFKDIWHQVLFKHUOLFKQLFKWEUDXFKWHQLFKWYLHOOHLFKWHLQH
'HPRQVWUDWLRQJHJHQGHQ%XUJJUDIHQEHDEVLFKWLJWZXUGH'D
OHW]WHUHUDEHUHLQ=XVDPPHQWUHIIHQPLWGHU6FKDUYRUVLFKWLJ
YHUPLHGVREHJQJWHVLFKGLH)URQGHPLWHUQHXWHQ(LQIlOOHQ
LQV0DJGHEXUJLVFKH
3DUH\ZXUGHJHSOQGHUWXQG YHUORU 6WFN6FKDIYLHKXQG
 .KH
6RJLQJHVPRQDWHODQJXQDXVJHVHW]WZHLWHUELVLP6SlWKHUEVW
HLQDEHUPDOLJHUXQGGXUFKEHVRQGHUH.KQKHLWDXVJH]HLFKQHWHU
5DXE]XJLQV-HULFKRZVFKHGHQ:DQGHOGHU'LQJHZHQLJVWHQV
HLQOHLWHWH+DQVYRQ4XLW]RZYRQGHP9HUODQJHQHUIOOWGHQ
PDJGHEXUJLVFKHQ(U]ELVFKRIIU6FKlGLJXQJHQDE]XVWUDIHQGLH
GLHVHUGHP:LFKDUGYRQ5RFKRZXQGPLWLKPGHUJDQ]HQ=DXFKH
]XJHIJWKDWWH]RJYRP+DYHOODQGDXVDXI)HUFKODQG]X
ZRVHOEVWHUDP 1RYHPEHUDXIGLHYRQGHPPDJGHEXUJLVFKHQ

+DXSWPDQQ3HWHUYRQ.RW]H XQGGHP-lJHUPHLVWHU*HEKDUGYRQ
3ORWKR JHIKUWHQHU]VWLIWOLFKHQ0DQQVFKDIWHQVWLH'LH
%HJHJQXQJIDQGDQGHPNOHLQHQ6WUHPPH)OXVVHVWDWWXQGGHU
VLFKKLHUHQWVSLQQHQGH.DPSIHQGHWHVRJOFNOLFKIU+DQVYRQ
4XLW]RZGDDOOH0DJGHEXUJLVFKHQVRZHLWVLHQLFKWILHOHQLQ
VHLQH*HIDQJHQVFKDIWJHULHWHQ8QWHUGHQ*HIDQJHQHQZDUHQ
DXFKGLHEHLGHQ)KUHUGLHQDFK6FKOR3ODXHJHEUDFKWXQG
GXUFKEOH%HKDQGOXQJXQGDOOHUOHL3HLQLJXQJ]X=DKOXQJHLQHV
XQJHZ|KQOLFKKRKHQ/|VHJHOGHV 6FKRFNE|KPLVFKH
*URVFKHQYHUDQODWZXUGHQ
(U]ELVFKRI*QWKHUDOVHUYRQGLHVHU1LHGHUODJHK|UWHZDUYRQ
WLHIVWHP8QPXWHUIOOWXQGJDEGLHVHP8QPXWLQHLQHPDQ
%XUJJUDI)ULHGULFKJHULFKWHWHQ6FKUHLEHQ$XVGUXFNLQGHPHUDOOH
'UDQJVDOLHUXQJHQGLHJHJHQZlUWLJHQZLHGLHIUKHUHQ
DXI]lKOHQGDXI$EVWHOOXQJGLHVHUHEHQVRGHU2UGQXQJZLHGHU
)UHXQGQDFKEDUOLFKNHLWKRKQVSUHFKHQGHQ=XVWlQGHGUDQJ

.DSLWHO

'HU.DPSIJHJHQGLH4XLW]RZVZLUG
DXIJHQRPPHQXQGHQGHWPLWLKUHU
1LHGHUZHUIXQJ)ULHVDFNXQG3ODXHIDOOHQ
$OOHU8QPXWDEHUGHQGDVHU]ELVFK|IOLFKH6FKUHLEHQDXVVSUDFK
ZXUGHYRQGHP%XUJJUDIHQQXU]XVHKU JHWHLOWGHUVLFKEHUGLHV
GHU(UNHQQWQLVQLFKWOlQJHUYHUVFKOLHHQNRQQWHGDHUEHL
IRUWJHVHW]WHPUXKLJHQ*HZlKUHQODVVHQGHP9RUZXUIHGHU
6FKZlFKHMDYLHOOHLFKWGHP9HUGDFKWHGHU=ZHLGHXWLJNHLWXQG
GHVJHKHLPHQ(LQYHUVWlQGQLVVHVPLWGHQ)ULHGHQVEUHFKHUQQLFKW
HQWJHKHQZHUGH'LHVDOOHVHU]LHOWHGDPDQDXIHU]ELVFK|IOLFKHU
ZLHEXUJJUlIOLFKHU6HLWHUDVFKHLQLJZXUGHGLHOlQJVWYRUKHU
JHIDWHQ%QGQLVEHVFKOVVH GHUHQGULWWHU+DXSWWHLOQHKPHUGHU
PHKUJHQDQQWH+HU]RJ5XGROI]X6DFKVHQZDU LQ.UDIWWUHWHQ]X
ODVVHQXQGDOVZHQLJH:RFKHQVSlWHUDP -DQXDUDXFK
QRFKHLQNDLVHUOLFKHV6FKUHLEHQHLQWUDIGDVGLHYLHU)KUHUGHU
)URQGHGLHEHLGHQ4XLW]RZVVRZLH.DVSDU*DQV]X3XWOLW]XQG
:LFKDUGYRQ5RFKRZDXI*RO]RZLQGLH2EHUDFKWHUNOlUWHVR
VFKULWWPDQVHLWHQVGHU9HUEQGHWHQPLWHLQHUIUGLHGDPDOLJHQ
=HLWYHUKlOWQLVVHIUDSSLHUHQGHQ6FKQHOOLJNHLW]XU$XVIKUXQJLKUHU
3OlQH'HU(U]ELVFKRIZROOWH5HYDQFKHQHKPHQGHU%XUJJUDI
2UGQXQJVWLIWHQ,QYLHU.RORQQHQGHUHQ=XVDPPHQVHW]XQJZLH
YLHOHVDQGHUHVFKRQEHLIUKHUHQ=XVDPPHQNQIWHQIHVWJHVWHOOW
XQGJHUHJHOWZDUEUDFKPDQJHJHQGLHYLHU+DXSWVFKO|VVHUGHU
4XLW]RZVXQGLKUHV$QKDQJHVDXI
*HJHQGDVYRQ:LFKDUGYRQ5RFKRZYHUWHLGLJWH6FKOR*RO]RZ
UFNWH+HU]RJ5XGROIYRQ6DFKVHQYRQ%HO]LJDXV )HEUXDU

*HJHQ6FKOR%HXWKHQGDULQGHU4XLW]RZVFKH+DXSWPDQQ*|W]
YRQ3UHG|KO QLFKW*RVZLQYRQ%UHGHUORZZLH:XVWHUZLW]
LUUWPOLFKVFKUHLEW EHIHKOLJWHUFNWH-RKDQQYRQ7RUJDXPLW
%UJHUQYRQ-WHUERJ7UHXHQEULHW]HQXQG%HHOLW]VRZLHPLW
0DQQVFKDIWHQGHU.O|VWHU/HKQLQXQG=LQQD )HEUXDU
*HJHQ6FKOR)ULHVDFNGDV'LHWULFKYRQ4XLW]RZYHUWHLGLJWH
UFNWH%XUJJUDI)ULHGULFKLQ3HUVRQIHUQHU%DOWKDVDU)UVW]X

:HQGHQ8OULFK*UDI]X/LQGRZXQG5XSSLQ+HUU-RKDQQYRQ
%LHEHUVWHLQXQG5LWWHU2WWR3IOXJ )HEUXDU
*HJHQ6FKOR3ODXHGDV-RKDQQYRQ4XLW]RZYHUWHLGLJWHUFNWH
*QWKHUYRQ6FKZDU]EXUJ(U]ELVFKRI]X0DJGHEXUJPLWVHLQHP
.ULHJVYRON )HEUXDU
6FKOR*RO]RZ ILHO]XHUVW )HEUXDU EHLZHOFKHU*HOHJHQKHLW
:XVWHUZLW]VFKUHLEW$OVQXQ:LFKDUGYRQ5RFKRZVDKGDHU
V
QLFKWKDOWHQN|QQHKDWHUPLWGHQ6HLQHQHLQHQ6WULFNDP+DOV
XQGGLH)UDXHQ LQZHLHQ%DGHNLWWHOQXQWHUWLHIHPXQG
GHPWLJHP)XIDOOVHLQ6FKORDEJHWUHWHQDXIGDHUVHLQH*WHU
GDYRQKDEHQP|FKWH
'HQILHO)ULHVDFNQDFKGHPGLHJURH%FKVHGLH0DXHUQ
GHV6FKORVVHVQLHGHUJHOHJWXQG'LHWULFKYRQ4XLW]RZVHLQH)OXFKW
EHZHUNVWHOOLJWKDWWH'HQ )HEUXDUILHO3ODXHZRUDQVLFKHLQ
SDDU7DJHVSlWHUDXFKGLH.DSLWXODWLRQYRQ%HXWKHQ VFKOR,Q
GUHL:RFKHQZDUGHU:LGHUVWDQGJHEURFKHQ'LHWULFKYRQ4XLW]RZ
IOFKWLJ-RKDQQYRQ4XLW]RZJHIDQJHQ
1lKHUHVZLUGVHLWHQVGHV&KURQLVWHQQLFKWEHULFKWHW1XUEHU
%HODJHUXQJXQG(UREHUXQJYRQ6FKOR3ODXH JLEWHUHLQSDDU
(LQ]HOKHLWHQ
$OVQXQ-RKDQQYRQ4XLW]RZVRVFKUHLEWHUYHUQRPPHQGD
6FKOR)ULHVDFNGDUDXIVHLQ%UXGHUZRKQWHJHZRQQHQXQG
HLQJHQRPPHQVHL]XJOHLFKDEHUZDKUQDKPGDGLHGLFNHQ
0DXHUQGHV6FKORVVHV3ODXHGDUDXIVHLQH=XYHUVLFKWVWXQGGXUFK
GLHJURH%FKVHGLHPDQYRQ)ULHVDFNKHUDQJHVFKDIIWKDWWH


'DPDQVLFKEHL1LHGHUOHJXQJGHU0DXHUQYRQ)ULHVDFNXQG3ODXHVROFKHU
JURHQ%FKVHEHGLHQW LVWZRKOVLFKHUDEHUHLQHUEHVWLPPWHQ
1DPHQVJHEXQJGLHVHUJURHQ%FKVHZLHEHLVSLHOVZHLVH)DXOH*UHWH
EHJHJQHWPDQEHLJOHLFK]HLWLJHQ*HVFKLFKWVVFKUHLEHUQ QLFKW,P%HVLW]HGHU
%UDXQVFKZHLJHUVRYLHOZHLPDQEHIDQGVLFKHLQHJURH%FKVHPLW1DPH Q
GLH)DXOH0HW]HZHOFKHLP-DKUHDOVGHU(U]ELVFKRI*QWKHUYRQ
0DJGHEXUJPLWGHQ+HU]|JHQ%HUQGXQG+HLQULFKYRQ%UDXQVFKZHLJ 
/QHEXUJGLH(GOHQYRQ6FKZLFKHOGWZHJHQLKUHU5DXEWDWHQLQGHUIHVWHQ
+DU]EXUJEHODJHUWHDXVJH]HLFKQHWH'LHQVWHOHLVW HWH9LHOOHLFKWEUDFKWHGHU
(U]ELVFKRIYRQ0DJGHEXUJGLHVH%FKVHPLWXQGGLH)DXOH0HW]HYRU
+DU]EXUJXQGGLH)DXOH*UHWHYRU3ODXHVLQGHLQXQGGDVVHOEH*HVFKW]
0HW]H YRQ0DUJDUHWKH XQG*UHWHVLQGRKQHKLQGLHVHOEHQ1DPHQ

]HUVFKRVVHQVHLHQQDKPHUPRQWDJVQDFK0DWWKLDV$SRVWROL
 )HEUXDU GLH)OXFKWPLWVHLQHP%UXGHU+HQQLQJ6WXGHQWHQ
YRQ3DULVXQGHLQHP.QHFKWH'LHWULFK6FKZDOEHJHQDQQWLQ
0HLQXQJ]XHQWULQQHQ$EHUGLH%UJHUYRQ$OW XQG1HXVWDGW
%UDQGHQEXUJGLHDXIGHUDQGHUHQ6HLWHGHV6FKORVVHVEHUGHU
+DYHOZDUHQXQGGDVHOEVWPLWLKUHQ%FKVHQ6WDQGJHQRPPHQ
KDWWHQDOVVLHVDKHQGD-RKDQQYRQ4XLW]RZIOFKWLJZDU
IROJWHQVLHLKPXPLKQ]XJUHLIHQ'HURZHJHQYHUOLHHUVHLQ5R
XQGOLHI]X)XLQ0HLQXQJVLFKDOVREHVVHU YHUVWHKOHQXQG
YHUEHUJHQ]XN|QQHQDEHUGLH.QHFKWH+HLQULFKVYRQ
6FKZDU]EXUJ%UXGHUGHV(U]ELVFKRIVYRQ0DJGHEXUJKDEHQLKQ
DXIJHVSUWXQGPLWGHQDQGHUHQEHLGHQJHIDQJHQJHQRPPHQXQG
LQGHU.LUFKH]X3ODXHGDULQGHU(U]ELVFKRI]X0DJGHEXUJVHLQH
.FKHKDWWHLQGHQ6WRFNJHVHW]W'LHDEHUDXIGHP6FKORVVH
]XUFNJHEOLHEHQDOVVLHVDKHQGDVLH
VLQNHLQHUOHL:HJHKDOWHQ
N|QQWHQEDWHQXP)ULHGHQXQGEHUJDEHQGDV6FKOR]X*QDGHQ
GHV+HUUQ%XUJJUDIHQDXIGDVLHIUHLXQGVLFKHUDE]LHKHQ
P|FKWHQ8QGKDWLQZHLWHUHU)ROJHGHU+HUU%XUJJUDIGDV6FKOR
DXFKHLQJHQRPPHQXQGDOOGD ZLHPDQVDJW  6HLWHQ6SHFN
RKQHDOOHDQGHUHQ9LNWXDOLHQYRQ)OHLVFK:HLQ%LHUXQG0HW
YRUJHIXQGHQ
6R:XVWHUZLW](VJLEWDEHUQHEHQGLHVHU:XVWHUZLW]VFKHQ
/HVDUWDXFKQRFKDQGHUH/HVDUWHQEHUGHQ)DOOYRQ3ODXH


1DFKHLQHUGLHVHU/HVDUWHQGLHGLH PDJGHEXUJLVFKH 6FK|SSHQFKURQLNJLEWHQWNDPHQ


+DQVXQG+HQQLQJYRQ4XLW]RZXQEHPHUNWXQGYHUEDUJHQVLFKLQGHPKRKHQ5RKUDQGHU
+DYHOMDGHPlOWHUHQ%UXGHUNRQQWH VRJDUVHLQ+HQJVWGXUFKVHLQHQ.QHFKW /GHNH
6FKZDOEH :XVWHUZLW]QHQQWLKQ'LHWULFK QDFKJHEUDFKWZHUGHQ$EHUVRKHLWHVZHLWHU
DOV+DQVYRQ4XLW]RZVLFKDXVGHP5RKUHUKREXQGQDFKGHP=JHOGHV+HQJVWHVJULII
VFKHXWHGLHVHUZDUIGHQ.RSIXQGHQWO LHI'LHVVDKGHU6FKXO]HYRQ6FKPLWVGRUI HLQHP
PDJGHEXUJLVFKHQ'RUIH GHUPLWLP%HODJHUXQJVKHHUYRU3ODXHVWDQGXQGHLOWHPLW
HLQLJHQ/HXWHQDXIGLH6WHOOH]X%HLGH4XLW]RZV-RKDQQXQG+HQQLQJVDPWGHP
.QHFKWHGHUGDV3IHUGJHEUDFKWKDWWHVXFKWHQ VLFKGXUFK'XFNHQLP5RKUXQGGDQQ
GXUFK)OXFKW]XUHWWHQDEHUVLHYHULUUWHQVLFKLQGHP+DYHOEUXFKXQGZXUGHQ
JHIDQJHQJHQRPPHQ (LQHUGULWWHQ/HVDUW]XIROJHGLHVLFKLQ3HWHU%HFNHUV&KURQLNYRQ
=HUEVW ILQGHWEHZHUNVWHOOLJWH+DQVYRQ4XLW]RZVHLQH)O XFKWGDGXUFKGDHU]XU
1DFKW]HLWHLQHQ.DKQEHVWHLJHQGGLH+DYHODXI3ULW]HUEH]XKLQXQWHUJOLWW$EHUGHU
(U]ELVFKRIKDWWHGLH+DYHODQEHLGHQ8IHUQPLW:DFKSRVWHQEHVHW]HQODVVHQ'LHVHVDKHQ
GHQ.DKQEHPlFKWLJWHQVLFKGHVVHOEHQXQGIKUWHQ+DQVYRQ 4XLW]RZDOV*HIDQJHQHQLQV
PDJGHEXUJLVFKH/DJHU 8QWHUGHQYHUVFKLHGHQHQ/HVDUWHQLVWGLHVHGULWWHGLHZHQLJVW
JODXEKDIWH6HKUZDKUVFKHLQOLFKZDUGLH+DYHO]XJHIURUHQXQG+DQVYRQ4XLW]RZHQWNDP
]XQlFKVWZHQLJVWHQVJHUDGHGDGXUFKGDHUGLHVHQ8PVWDQ GEHQXW]WH

QDPHQWOLFKZDVGLH)OXFKWXQG(UJUHLIXQJ-RKDQQYRQ4XLW]RZV
DQJHKWGD:XVWHUZLW]DEHUQLFKWQXUDOV=HLWJHQRVVHVRQGHUQLQ
VHLQHU(LJHQVFKDIWDOV%UDQGHQEXUJHU.LQGDXFKIDVWDOV
$XJHQ]HXJHVFKUHLEWVRGDUIPDQVHLQH0LWWHLOXQJHQDOVGLH
JODXEZUGLJVWHQDQVHKHQ
,QGUHL:RFKHQZLHVFKRQKHUYRUJHKREHQZDUGHU:LGHUVWDQG
GHU4XLW]RZVJHEURFKHQHLQ(UHLJQLVYRQVROFKHU%HGHXWXQJXQG
7UDJZHLWHGDHVQLFKWYHUZXQGHUQGDUIGDVVHOEHlKQOLFKZLH
GLH6FKODFKWDP.UHPPHU'DPPLQHLQHU%DOODGH JHIHLHUW]X
VHKHQ1LNRODXV8SSVFKODFKW%UJHU]X%UDQGHQEXUJZDUGHU
9HUIDVVHUGLHVHU%DOODGH6LHVHOEVWDEHUODXWHW

8QG&KULVWLP+LPPHOHUEDUPWHVLFK
'DJDEHU]XP7URVWXQVPlQQLJOLFK
8QVHUHQ0DUNJUDI)ULHGHULFK
(LQHQ)UVWHQOREHVDPHQ
'DVLVWHLQ)UVWYRQVROFKHU$UW
,QLKPVLQG.UDIWXQG0XWJHSDDUW
2E/DLHQRGHUZRKOJHODKUW
$OOH SUHLVHQVHLQHQ1DPHQ
=XOREHQLKQXQVZRKODQVWHKW
,KQGHQVRODQJHGLH0DUNHUIOHKW
*RWWVHOEHULQVHLQHU0DMHVWlW
+DWLKQXQVHUZHFNHW
6HLW.DLVHU.DUO]X3UDJXQVVWDUE
'DV/DQGYHUNDPGDV/DQGYHUGDUE
%LV)ULHGULFK XQVUH0DUNHUZDUE
'DVKDWGLH5lXEHUHUVFKUHFNHW
8QGGLHLKPZROOWHQZLGHUVWHKQ
:LHGHU.XFNXFNZDUHQVLHDQ]XVHKQ
(U ZDUGHU$GOHUVLH ZDUHQGLH.UlKQ
(U]HUVWlXEWHVLHJHVFKZLQGH

1DFKGLHVHP9RUJHVDQJHGHUVLFKKXOGLJHQGDQGLH3HUVRQ
)ULHGULFKVZHQGHWEHJLQQWGDVHLJHQWOLFK+LVWRULVFKH

'LH4XLW]RZVFKHQ VFKZXUHQHLQHQ(LG
:LUPDFKHQLKPGDV/DQG]XOHLG
8QGGD]XZDUHQVLHZRKOEHUHLW
0LWLKUHP,QJHVLQGH
:DVVROOGHU1UUHQEHUJHU7DQG"
(LQ6SLHO]HXJQXULQXQVUHU+DQG
:LUVLQGGLH+HUUHQLQGLHVHP/DQG
8QGZROOHQHVEHZHLVHQ
8QGUHJQHW
V)UVWHQQRFKHLQ-DKU
'DVPDFKWQLFKW)XUFKWXQVXQG*HIDKU
(UVROOXQVNUPPHQQLFKWHLQ+DDU
1DFK+DXVHVROOHUUHLVHQ
8QGNRPPW]X)XHURGHU3IHUG
0LW%FKVH7DUWVFKHQRGHU6FKZHUW
8QVGQNWHVNHLQHQ+HOOHUZHUW
(UPXGHP/DQGHQWVDJHQ
8QGZLOOHUQLFKWHVWXWQLFKWJXW
:LUVWHKHQPXWLJVHLQHP0XW
=HKQ6FKO|VVHUVLQGLQXQVUHU +XW
(UVROOXQVQLFKWYHUMDJHQ
8QGQDFKGHPVRGLH4XLW]RZVFKHQLQLKUHP7URW]XQGLKUHU
$XIOHKQXQJHLQJHIKUWVLQGIKUWXQVGDV/LHG]XGHQ
YHUEQGHWHQ)UVWOLFKNHLWHQXQGLKUHUEHJLQQHQGHQ$NWLRQ
KLQEHU

$OVGDVGLH)UVWHQVFKDIWYHUQDKP
,Q+DVWHQDOOHV]XVDPPHQNDP
(LQHPMHGHQZlUHV6FKLPSIXQG6FKDP
:lUHUQLFKW JHNRPPHQ
'HU%LVFKRIYRQ0DJGHEXUJZDU]X+DQG
*QWKHUYRQ6FKZDU]EXUJLVWHUJHQDQQW
1DFK3ODXH KDWHUVLFKJHZDQGW
8QGGLH*UHWHPLWJHQRPPHQ
'DQQ]RJKHUDQHLQ6DFKVHQ+DXI
+HU]RJ5XGROIDOOHQYRUDXI
1DFK*RO]RZ QDKPHU=LHOXQG/DXI
8QGVWHOOWHVLFKYRUGLH9HVWH
'DOLHHUVFKZHQNHQVHLQH)DKQ
,FKGHQNHUDVFKLVWJXWJHWDQ
/DWXQVDQHLQ6WUPHQJDKQ
8QGMHGHUWXHGDV%HVWH
%XUJJUDI)ULHGULFKDEHUYRU)ULHVDFN ]RJ
'HU*UDEHQZDUWLHIGLH0DXHUZDUKRFK
$EHUGLH)UDQNHQVWUPWHQGRFK
$OOHZROOWHQVLH5LWWHUZHUGHQ
(LQ+DJHOYRQ3IHLOHQVLHIOXJVHPSILQJ
'DVFKW]WHQLFKW6FKLHQHQLFKW3DQ]HUULQJ
0DQFKHU3IHLOELVLQGDV+HU]HJLQJ
8QGYLHOHVDQNHQ]XU(UGHQ
3IHLOHIORJHQXQG.XJHOXQG6WHLQ
'DULHIHQGLH)UDQNHQ7ULWWIUXQVHLQ
0DULDZROOXQVJQlGLJVHLQ
$XIGDGHU+RFKPXWHUOLHJH

'LH+HLOLJH-XQJIUDXVLHZDUHVJHZLOOW
6LHOLHKGHQ6WUPHQGHQLKUHQ6FKLOG
(LQMHGHUVDKLKU+LPPHOVELOG
8QGVRVFKULWWHQVLH]XP6LHJH
'DV:HWWHUZDUNUDXVXQGXQJHVWDOW
(VUHJQHWHVFKQHLWHXQGZDUNDOW
'LH6FKO|VVHUNDPHQLQXQVUH*HZDOW
:HLO*RWWLP+LPPHOHVZROOWH
)ULHVDFN3ODXH5DWKHQRZ
8QG*RO]RZXQG%HXWKHQHEHQVR
6LHKXOGLJHQ)ULHGULFK8QGDOOHVLQGIURK
'D5HFKW5HFKWEOHLEHQVROOWH
'LH)UVWHQOHQNWHQKHLPZlUWVHLQ
'HVJOHLFKHQGLH6WlGWHJURXQGNOHLQ
9LHOHZDUHQJHVFKRVVHQGXUFK+IWXQG%HLQ
8QGKLQNWHQQDFK+DXVDQ.UFNHQ

8QGQXQIROJWZLHGHUHLQIURPPHUXQGYRUGHPQHXHQ)UVWHQ
VLFKDEHUPDOVYHUQHLJHQGHU1DFKJHVDQJ

$FKUHLFKHU*RWWGHQ)UVWHQJXW
1LPPLKQJQlGLJLQGHLQH+XW
8QGZROOLKQGXUFKGHLQKHLOLJ%OXW
(UTXLFNHQXQGEHJOFNHQ
$XFKVHLQHUHGOHQ)UDXH]DUW
6HLQGHLQH*QDGHQDXIJHVSDUW
'DQQVLQGDOOEHLGHZRKOEHZDKUW
,QGHLQHP+LPPHOGUREHQ
,QGHLQHP+LPPHOQDFKGHPZLUVFKDXQ
$XIGHQZLUDOOLQ+RIIQXQJEDXQ
8PZLOOHQ8QVUHU/LHEHQ)UDXQ
'LHZLUUKPHQXQGSUHLVHQXQGOREHQ
(U DEHUGHUGLHVHQ5HLJHQHUIDQG
1LNODV8SSVFKODFKW ZLUGHUJHQDQQW
,Q%UDQGHQEXUJLVWHUZRKOEHNDQQW
(USULHVGHQ)UVWHQPLW)OHLH
6RGDV/LHGGHVVHQ9HUIDVVHU1LNODV8SSVFKODFKWDOVGHUHUVWH
KRKHQ]ROOHUQVFKH+RIGLFKWHUDQJHVHKHQZHUGHQGDUI:RULQVHLQ
/RKQEHVWDQGHQZLUGQLFKWHU]lKOW-HGHQIDOOVZLUGGHUVHOEH
KLQWHUGHP(KUHQVROGH7HQQ\VRQVGHUIUVHLQHQQHXHVWHQ
+\PQXVDXIGDVIQI]LJMlKULJH5HJLHUXQJVMXELOlXPGHU.|QLJLQ
9LFWRULD  /VWUHUKDOWHQKDEHQVROOHUKHEOLFK
]XUFNJHEOLHEHQVHLQ'HQQIU  /VWUNDXIWHPDQGDPDOV
GLHJDQ]H0DUN%UDQGHQEXUJ8SSVFKODFKWPLWHLQJHVFKODFKWHW

.DSLWHO

$XVJDQJGHU4XLW]RZV.DVSDU*DQV]X
3XWOLW]YHUV|KQWVLFKPLWGHP%XUJJUDIHQ
QXQPHKU.XUIUVWHQ XQGILFKWPLWEHL
.HW]HU$QJHUPQGH'DV4XLW]RZVFKH(UEH
'LHPlUNLVFKH)URQGHZDUEHVLHJW
:DVQRFKHUEULJWLVWHLQNXU]HU%HULFKWEHUGLH
/HEHQVDXVJlQJHEHLGHU%UGHU
'LHWULFK YRQ4XLW]RZODQGHVIOFKWLJVHW]WHVHLQHQ:LGHUVWDQG
WURW]DOOHGHPQDFK0|JOLFKNHLWIRUWXQGJHILHOVLFKGDULQGHP
QHXHQ0DFKWKDEHULQ0DUN%UDQGHQEXUJDQGHQEHQDFKEDUWHQ
)UVWHQK|IHQ3RPPHUQ6WHWWLQ0HFNOHQEXUJ6WDUJDUGXQG
(U]ELVWXP0DJGHEXUJDOOHUOHL)HLQGH]XZHFNHQZDVLKPEHL
VHLQHU.OXJKHLWXQGPHKUQRFKLQIROJHGHUQLHVFKOXPPHUQGHQ
(LIHUVFKWHOHLHQDXFKJHODQJ%HLGHQ)HKGHQGLHVLFKGDUDXV
HQWVSDQQHQZDUGHUUHJHOPlLJPLWGHU)KUXQJGHU
DXIJHEUDFKWHQ6WUHLWNUlIWHEHWUDXWXQGVROlWVLFKYRQLKP
VDJHQGDVHLQ/HEHQGDVLQGHQ-DKUHQEHVWHU.UDIWQDFKGHU
9HUZHVHUVFKDIWGHU0DUN MDYLHOOHLFKWQDFKGHU+HUUVFKDIW
LQQHUKDOEGHUVHOEHQJHVWUHEWKDWWHPLWHLQHU&RQGRWWLHUH6WHOOXQJ
HQGLJWH+HXWHKLHUXQGPRUJHQGDVHLQH.ULHJVGLHQVWH]XU
9HUIJXQJVWHOOHQGZDUHULQ=HLWHQGLHGHUHLJHQWOLFKHQ
/DQGVNQHFKWVFKDIWYRUDXVJLQJHQHLQ.ULHJVREHUVWZLHGLH
EHLGHQIROJHQGHQ-DKUKXQGHUWH GDVXQG GHUHQVRYLHOH
VDKHQ$EHUDXFKLQGLHVHUIRUWJHVHW]WHQ)HKGHJHJHQGHQ
%XUJJUDIHQGHULQ]ZLVFKHQ]XP0DUNJUDIHQXQG.XUIUVWHQYRQ
%UDQGHQEXUJHUKREHQZDUHUODJHUWURW]JHOHJHQWOLFKHU(UIROJH
GRFKLQVRZHLWDOVGLH1DFKEDUIUVWHQLKPDOOPlKOLFKXQG]ZDU
HLQHUQDFKGHPDQGHUQLKU2KU]XYHUVFKOLHHQEHJDQQHQ8QG
VRZDUHUHLQHV7DJHVGLHQVWORVJHZRUGHQXQGNUDQNXQG

JHEHXJWGXUFKGDV6FKHLWHUQDXFKVHLQHUOHW]WHQ3OlQH]RJHU
VLFKLQV%UDXQVFKZHLJLVFKH]XUFNZRVHLQH6FKZHVWHU0DWKLOGH
VHLWYLHOHQ-DKUHQDQ+HLQULFKYRQ9HOWKHLPYHUPlKOWDXI6FKOR
+DUSNHZRKQWH:LHKLHUVHLQHOHW]WHQ7DJHYHUJLQJHQGDUEHU
YHUODXWHWQLFKWV%HVWLPPWHVGD:XVWHUZLW]VLFKGDUDXI
EHVFKUlQNWLQDOOHU.U]H]XEHULFKWHQ,P-DKUHLVW
'LHWULFKYRQ4XLW]RZVRGHU0DUNPDQFKHUOHL6FKDGHQ]XJHIJW
XQGVLHKHIWLJEHOHLGLJWKDWLQGHPGHU)DPLOLHYRQ9HOWKHLP
]XVWlQGLJHQ6FKORVVH+DUSNHJHVWRUEHQXQG]X.ORVWHU
0DULHQERUQ GHUHQ3ULRULQHLQH7RFKWHU+HLQULFKVYRQ9HOWKHLP
ZDU EHJUDEHQZRUGHQ
-RKDQQ YRQ4XLW]RZ GHUVFKRQVHLWVHLQHU)HKGH  PLW
.|QHYRQ:XOIIHQDXI6FKOR*UDERZHLQlXJLJZDUXQGZLH
EHULFKWHWZLUGHLQHQILQVWHUHQXQGIXUFKWEDUHQ$QEOLFNJHZlKUWH
VDKHQZLU]XOHW]WDOVHUHLQJHEUDFKWGXUFKGLH.QHFKWH
+HLQULFKVYRQ6FKZDU]EXUJLQGHU.LUFKH]X3ODXHJHVFKORVVHQLP
6WRFNHVDXPGDQQDQGUHQ7DJHVDOV*HIDQJHQHUGHV
(U]ELVFKRIVYRQ0DJGHEXUJQDFK6FKOR&DOEHKLQDEJHIKUW]X
ZHUGHQ'RUWEOLHEHU*HIDQJHQHUELVHUQDFKHWZDVPHKUDOV
]ZHL-DKUHQZLHGHUIUHLNDPXQGLQGLH3ULJQLW]
]XUFNNHKUHQGXQWHUQXQPHKUHUIROJHQGHU1HXEHOHKQXQJPLW
GHPDOWHQ)DPLOLHQEHVLW]H/HQ]HQ4XLW]|ZHO XQG.OHW]NHVHLQHQ
)ULHGHQPLWGHP.XUIUVWHQPDFKWH



.)UYRQ.O|GHQ LQVHLQHPPHKUIDFKYRQPLU]LWLHUWHQ%XFKH 'LH


4XLW]RZVXQGLKUH=HLW ZLGPHWGHP+LQVFKHLGHQ'LHWULFKVYRQ4XLW]RZ
HLQJDQ]HV.DSLWHOGDVLQVHLQHQ(LQ]HODQJDEHQMHGHVKLVWRULVFKHQ
$QKDOWVHQWEHKUHQGGRFKEHPHUNHQVZHUWLVWGXUFK6FK|QKHLW XQG7LHIH
:LHGHQQEHUKDXSWJHVDJWZHUGHQPXGDVLFKLQGLHVHPQLFKW
JHQXJVDPJHZUGLJWHQYLHUElQGLJHQ:HUNHQHEHQYLHOEHUUDVFKOLFK
3URVDLVFKHPDXFKYLHOEHUUDVFKOLFK3RHWLVFKHVILQGHW,QGHP
YRUHUZlKQWHQ.DSLWHOVHKHQZLU'LHWULFKYRQ4XLW]RZLQ HLQHUYRQ
9HOWKHLPVFKHQ:DOGKWWHZRKLQHUVLFKPHQVFKHQVFKHX]XUFNJH]RJHQ
KDW'LHOHW]WHQGLHVLFKKLHUDQLKQGUlQJHQXQGLKPLQSUDKOHULVFKHU
:HLVHYRQLKUHU9RUQHKPKHLWXQGLKUHU)UHLKHLWHU]lKOHQVLQG =LJHXQHU 
GHUHQJURH:RUWH ]XGHQHQGLHEH JOHLWHQGHQ'LHEHVWDWHQVRZHQLJ
VWLPPHQ LKQPHKUGHPWLJHQDOVDOOHVDQGHUHZHLOHULP9HUQHKPHQ
GLHVHU:RUWHGHPDQVSUXFKVYROOHQ =HUUELOGHGHU)UHLKHLW LQV*HVLFKW
VWDUUW6FKZHUOLFKZHUGHQLKP%HWUDFKWXQJHQZLHGLHVHGHQ7RG
YHUELWWHUWKDEHQDEHUDO OHGLHMHQLJHQGLHYRQHLQHU 6FKXOG GHU4XLW]RZV
EHU]HXJWVLQGPVVHQGLHVH6]HQHIUGLFKWHULVFKJXWHUVRQQHQ
DQVHKHQ

'DULQZDULKP.DVSDU*DQVZHQQDXFKQXUXPHLQLJH0RQDWH
]XYRUJHNRPPHQ XQGJHQRGHV9RU]XJHVGLHVHVHLQH
YHUZDQGHOWH*HVLQQXQJ LQHLQHUDP 0lU]VWDWWKDEHQGHQ
$NWLRQJHJHQGLH3RPPHUQJOlQ]HQGEHWlWLJHQ]XN|QQHQ'HU
KLHULQ5HGHVWHKHQGH.DPSIIKUWGHQ1DPHQGHU(UVWUPXQJ
YRQ.HW]HU$QJHUPQGHXQGELOGHWGHQ6FKOXGHU
:XVWHUZLW]VFKHQ$XI]HLFKQXQJHQEHUGLH9RUJlQJHMHQHU
LQWHUHVVDQWHQ(SRFKH'HU%HULFKWVHOEVWDEHUODXWHW
0LWWZRFKVQDFK-XGLFDKDEHQGLH0lUNLVFKHQGLH6WDGW
$QJHUPQGHZHOFKHDQGLHVLHEHQ]LJ-DKUYRQGHQ+HU]RJHQ]X
6WHWWLQLQQHJHKDEWZDUEHVWULWWHQXQGHLQJHQRPPHQXQGZHLO
VLHGDVQHEHQGHU 6WDGWJHOHJHQH6FKORQLFKWJOHLFKHUZHLVH
KDEHQHUREHUQN|QQHQKDEHQVLHYRQGHU6WDGW DXVGDV6FKOR
GDVYRQHLQHP.DVWQHUGHU+HU]RJHYRQ6WHWWLQYHUWHLGLJWZXUGH
]XEHODJHUQEHJRQQHQ$XHUGHP6FKORDEHUKDWEHVDJWHU
.DVWQHUDXFKGDV]XP6FKOR KLQDXIIKUHQGH6WDGWWRU LQ+lQGHQ
JHKDEWXQGEHVHW]WJHKDOWHQ$OVQXQ+HU]RJ&DVLPLUYRQ
3RPPHUQGHUVLFKQDFK6FKOR9LHUUDGHQKLQ]XUFNJH]RJHQ
KDWWHYHUQDKPGDGDV6FKORXQGGDVHLQH7RUQRFKLQ



,QGLHVHU9HUV|KQXQJPLWGHP.XUIUVWHQGLH9RUKD QG]XJHZLQQHQZDUG
XQVHUHP .DVSDU*DQV]X3XWOLW] GXUFKHLQHQEHVRQGHUHQ8PVWDQGHUOHLFKWHUW
DXIGHQKLHUQRFKQDFKWUlJOLFKDOVDXIHLQK|FKVWZLFKWLJHVXQGYLHOOHLFKW
HQWVFKHLGHQGHV(UHLJQLVLQGHU*HVFKLFKWHMHQHU7DJHKLQJHZLHVHQZHUGHQ
PDJ$XVJDQJV DQGHPVHOEHQ 1RYHPEHUDQZHOFKHP -RKDQQYRQ
4XLW]RZ GDVVLHJUHLFKH*HIHFKWJHJHQGLH0DJGHEXUJHUIKUWHGDVGDQQPLW
GHU*HIDQJHQQDKPH 3HWHUYRQ.RW]HV XQG*HEKDUGVYRQ3ORWKR VFKORDQ
HEHQGHPVHOEHQ7DJHZXUGHGHUJHUDGHGDPDOVLQ)HKGHPLWG HP
%UDQGHQEXUJHU%LVFKRIOLHJHQGH .DVSDU*DQV YRQGHPELVFK|IOLFKHQ
+DXSWPDQQ -RKDQQYRQ5HGHUQ LP'RUIH'DOJRZEHL6SDQGDX
JHIDQJHQJHQRPPHQXQGEHU3ULW]HUEHQDFK =LHJHVDU LQV*HIlQJQLVJHIKUW
'RUWVDHUQRFKDOV]ZHL0RQDWHVSlWHU]XU%HODJHUXQJGHU YLHU6FKO|VVHU
*RO]RZ%HXWKHQ)ULHVDFN3ODXHJHVFKULWWHQZXUGHVRGDHUGHQ
%HGUlQJWHQNHLQH+OIHEULQJHQNRQQWH'DGXUFKZDUGLH:LGHUVWDQGVNUDIWGHU
4XLW]RZVFKHQYRQ$QIDQJDQKDOELHUWXQGVFKXILKQHQHLQH1LHGHUODJHGLHEHL
9ROO]lKOLJNHLWLKUHU 6WUHLWNUlIWHYLHOOHLFKWDXVJHEOLHEHQZlUH1LHPDQG
HUNDQQWHGLHVNODUHUDOV GHUGHPGHU6LHJ]XJHIDOOHQZDUXQGZHQQ .DVSDU
*DQV LQGHP(QWVFKHLGXQJVNDPSIHGHVIURQGLHUHQGHQ$GHOVDXFKQXUJHIHKOW
KDWWHZHLOHUDOV*HIDQJHQHUIHKOHQ PXWHVRZLUGG HU%XUJJUDIGRFKQLFKW
JHVlXPWKDEHQLKPDXFKGLHVHQ=XIDOO]XP*XWHQDQ]XUHFKQHQ

3RPPHUVFKHQ+lQGHQVHLKDWHUEHVFKORVVHQGLH0lUNHUDXVGHU
6WDGW $QJHUPQGHZLHGHUKLQDXV]XMDJHQ8QGDOVLQGLHVHP
$XJHQEOLFNHGXUFK.XQGVFKDIWEHNDQQWJHZRUGHQGDVLFKGLH
0lUNHUDXIGHP$QJHUPQGHU0DUNWSODW]HQLFKWEORZRKO
YHUVFKDQ]WVRQGHUQDXFK+HUUQ.DVSDU*DQV ]X3XWOLW]PLW
 5HLWHUQDXHUKDOEGHU6WDGWLQGHQ+LQWHUKDOWJHOHJWKlWWHQ
KDW5LWWHU'HWOHIIYRQ6FKZHULQ GHP+HU]RJ&DVLPLUHLQGULQJOLFK
JHUDWHQHUVROOHVLFKHUVWDXIGHV3XWOLW]HQ5HLWHUKDXIHQZHUIHQ
XQGGLHVHQYRQGHU6WDGWDEWUHQQHQGDPLWHUGHU+HU]RJGHVWR
EHVVHUXQGIDVWRKQH:LGHUVWDQGLQGLH6WDGWHLQGULQJHQN|QQH
'LHVHQ5DWVFKODJKDW+HU]RJ&DVLPLUDEHUQLFKWDQQHKPHQZROOHQ
XQGLVWPLWVHLQHPKHOOHQ+DXIHQXQEHKHOOLJWGXUFKGDV7RU
HLQJHGUXQJHQGDVYRQVHLQHP.DVWQHUQRFKLQQHJHKDEWZXUGH
'HVJOHLFKHQKDWHULQGUHL*DVVHQGUHLVHLQHU%DQQHUDXIJHULFKWHW
'HU0DUNJUDIDEHUGHUVHLQ.ULHJVYRONLQGLH+lXVHUJHOHJWXQG
VLFKVHOEVW PLWHWOLFKHQ5HLWHUQXQGXQWHU%HQXW]XQJYLHOHU:DJHQ
DXIGHP0DUNWSODW]HYHUVFKDQ]WKDWWHKDWWHVLFKPGHYRQGHU
.ULHJVDUEHLWGHVYRUDXIJHJDQJHQHQ7DJHV]XU5XKHEHJHEHQ$OV
QXQ+HU]RJ&DVLPLUXQWHUGHP6FKODFKWUXIH6WHWWLQ6WHWWLQLQ
GLH6WDGWHLQGUDQJLVWGHU.XUIUVWYRQGLHVHP=XUXIHUZDFKWXQG
XQWHU$XIULFKWXQJVHLQHV%DQQHUVPLWGHQ3RPPHUQLQHLQHQ
KDUWHQ6WUHLWJHUDWHQGDULQ'HWOHIIYRQ6FKZHULQ XQG5LWWHU3HWHU
7UDPSH VDPWYLHOHQDQGHUHQDQGHU6SLW]HGHU+HU]RJOLFKHQ
HUVFKODJHQZRUGHQVLQG8QGZHLO.DVSDU*DQV]X3XWOLW]LQ
HEHQGLHVHP$XJHQEOLFNPLWVHLQHQ 5HLWHUQDXFKDQJHJULIIHQ
XQGGLH3RPPHUQLQGLH0LWWHJHQRPPHQKDWVRGDVLHVLFK
KLQWHQXQGYRUQKDEHQZHKUHQPVVHQLVWHVLKQHQXQP|JOLFK
JHZHVHQHWZDV7UHIIOLFKHVDXV]XULFKWHQXQGKDEHQVLHGXUFKGDV
7RUGXUFKGDVVLHKLQHLQJHNRPPHQDXFKZLHGHU]XUFNZHLFKHQ
PVVHQ8QGEDOGGDQDFKKDWGHU0DUNJUDIPLWJHZDIIQHWHU+DQG
DXFKGHQ.DVWQHUDXVGHP6FKORVVHJHWULHEHQEHLZHOFKHU
*HOHJHQKHLW 3RPPHUQXQG3ROHQXQGEHU 3IHUGH
JHIDQJHQJHQRPPHQVLQG
6R:XVWHUZLW]

+LHUPLWVFKORVVHQGLH.lPSIHMHQHU=HLWDXI-DKU]HKQWHKLQDE
XQG.DVSDU*DQV XQG+DQVYRQ4XLW]RZ GHUHQ/HEHQYRQ
IUKVWHU-XJHQGDQHLQ1HEHQHLQDQGHUGDUJHVWHOOWKDWWH IDQGHQ
VLFKDXFKMHW]WZLHGHUIUHXQGQDFKEDUOLFK]XVDPPHQHEHQVRPLW

LKUHPUHLFKHQ%HVLW]HZLHPLWLKUHQJHZDQGHOWHQ$QVFKDXXQJHQ
,KUH%HNHKUXQJ]XGHPQHXHQKRKHQ]ROOHUQVFKHQ0DFKWKDEHU
ZDUHLQHHKUOLFKHXQGDXIULFKWLJH
9RQEHLGHQEHUOHEHQGHQ)KUHUQGHU)URQGHQRFKHLQ
6FKOXZRUW
-RKDQQYRQ4XLW]RZDEZHFKVHOQGDXIVHLQHQLKPZLHGHU
]XJHIDOOHQHQ6FKO|VVHUQ/HQ]HQ4XLW]|ZHOXQG.OHW]NHOHEHQG
VWDUELPVLHEHQXQGVHFK]LJVWHQ-DKUHVHLQHV$OWHUV
NLQGHUORV6HLQUHLFKHV(UEHILHOYRUZLHJHQGDQGLHEHLGHQ6|KQH
VHLQHVlOWHUHQ%UXGHUV'LHWULFK'LHWULFK XQG.|QHYRQ4XLW]RZ
ZRUEHUHLQHEHL5DXPHUVLFKILQGHQGH8UNXQGHGHU+DXSWVDFKH
QDFKGDV)ROJHQGHEHVDJW 8QGGLHZHLOHQ+DQVYRQ4XLW]RZ
5LWWHUVHOLJHUQDFKVHLQHP7RGHYLHOH*WHU3IDQGVFKDIW+DEH
*HOGXQG*XWDXFK6FKXOGHQXQG%ULHIHKLQWHUODVVHQKDW
VSUHFKHQZLU0DUNJUDI)ULHGULFKNUDIWGLHVHV%ULHIHVDXVGD
VHLQH:LWZH)UDX$JQHVHYRQ4XLW]RZGHQ%ULHIGDULQLKU
 *XOGHQYRQGHP5DWH]X/QHEXUJYHUVFKULHEHQVLQG]X
LKUHP1XW]HQKDEHQXQGEHKDOWHQVROO'HVJOHLFKHQVROO
REJHQDQQWH)UDX$JQHVHYRQGHU2UEHGH]X3HUOHEHUJXQG.\ULW]
DXINRPPHQGHQ6DQNW:DOSXUJLV XQG0DUWLQVWDJ 6FKRFNDQ
/DQGHVZlKUXQJQHKPHQXQGDOOHIDKUHQGH+DEHGLH+DQVYRQ
4XLW]RZQDFKJHODVVHQKDWVDPWLKUHP/HLEJHGLQJH]X .OHW]NH
'LHWULFK XQG.|QH YRQ4XLW]RZDEHUVROOHQDOOH/HEHQ(UEH*HOG
%ULHIH3IDQGVFKDIWXQG*XWGLH+DQVYRQ4XLW]RZVRQVWQRFK
QDFKJHODVVHQEHKDOWHQXQGEHVLW]HQXQGGDYRQDOOH6FKXOGHQ
XQG(UEQDKPHQHQWULFKWHQXQGEH]DKOHQ6RQFKWHUQXQG
JHVFKlIWVPlLJODXWHWHZDVGHUJURHQ)HKGH
YRUDXIJHJDQJHQHU-DKUHIROJWH
.DVSDU*DQV ZDUVHLQHP)UHXQGH-RKDQQYRQ4XLW]RZXPVLHEHQ
-DKUHYRUDXVJHJDQJHQXQGVFKRQ]X'RP+DYHOEHUJ
EHJUDEHQZRUGHQ$QHLQHP3IHLOHUGHU.LUFKHKlQJWHLQ6FKLOG
PLW GHUJHNU|QWHQ*DQVXQGGHUHLQIDFKHQ,QVFKULIW+HUU-DVSDU
*DQVYRQ3RWOLVW'HV7DJHVYRQ.HW]HU$QJHUPQGHJHGHQNHQ
ZHGHU%LOGQRFK,QVFKULIWXQVDEHUPDJHVJHVWDWWHWVHLQLQ
XQVUHPQlFKVWHQ.DSLWHOLQ.U]HQRFKHLQPDODXIGLHVH+DXSWWDW
LP/HEHQ .DVSDU*DQV
]XUFN]XNRPPHQ

.DSLWHO

'DV/LHGYRQGHU(UREHUXQJYRQ.HW]HU
$QJHUPQGH(LQLJHVEHUGLH
%DOODGHQGLFKWXQJMHQHU=HLW
:LHGLHHUVWH6FKODFKWDP.UHPPHU'DPPXQGJHQDXDFKW]LJ
-DKUHVSlWHUGLH1LHGHUZHUIXQJGHU4XLW]RZVGXUFK(UREHUXQJ
LKUHU%XUJHQLKUHGLFKWHULVFKH%HKDQGOXQJIDQGHQVRDXFKGHU
.DPSIXP.HW]HU$QJHUPQGHGHUDOVGHU5HKDELOLWLHUXQJV XQG
HUVWH/R\DOLWlWVDNWGHVELVGDKLQIURQGLHUHQGHQPlUNLVFKHQ$GHOV
EHWUDFKWHWZHUGHQNDQQ$XFKGLHGLHVHQ9RUJDQJEHKDQGHOQGH
9RONVEDOODGH GHUHQHLJHQWOLFKHU+HOG.DVSDU*DQV LVW LVWZLH
GLHYRP.UHPPHU'DPPQLFKWPlUNLVFKHQVRQGHUQ
SRPPHUVFKHQ8UVSUXQJVXQG]HLFKQHWVLFKZLHGLHVHGXUFKHLQ
7UHIIHQGHV%DOODGHQWRQVDXV(LQLJH6WHOOHQVLQGLQKDOWOLFKQLFKW
JDQ]OHLFKWYHUVWlQGOLFKZHUGHQHVDEHUZHQQPDQGLH
:XVWHUZLW]VFKH%HVFKUHLEXQJGLHZLULQXQVHUHPYRULJHQ.DSLWHO
JDEHQ]XU(UNOlUXQJPLWKHUDQ]LHKW'LH%DOODGHVHOEVWDEHU
ODXWHW



:RKHUGLH%H]HLFKQXQJ .HW]HU RGHUSODWWGHXWVFK .HWWU$QJHUPQGH NRPPW


GLHVH)UDJHKDWVHLWPHKUDOVHLQHP-DKUKXQGHUWGLHPlUNLVFKH
*HVFKLFKWVFKUHLEXQJEHVFKlIWLJW(LQLJHPHLQHQLPXQG -DKUKXQGHUW
KlWWHQVLFKXQWHUGHQ(LQZRKQHUQYRQ$QJHUPQGHYLHOH.HW]HUEHIXQGHQ
DQGHUHPHLQHQ.HW]HUEHGHXWH.LHW]HUQRFKDQGHUHK HEHQKHUYRUGD
.HW]HUHLQ+DQGZHUNVDXVGUXFNVHLXQGEHLGHQ:ROODUEHLWHUQHLQH6SLQGHOYROO
*DUQEHGHXWH.HW]HU $QJHUPQGHNDQQDOVREHGHXWHQHLQH.HW]HU 6WDGW
RGHUHLQH.LHW]HU 6WDGWRGHUHLQH7XFKPDFKHU 6WDGW$OOHGUHL$QQDKPHQ
KDEHQHWZDVIUVLFK XQGLFKKDEHGHU5HLKHQDFKMHGHHLQ]HOQHIUULFKWLJ
JHKDOWHQELQDEHUVFKOLHOLFKGRFKZLHGHU]X ]XUFNJHNHKUWXQGJODXEH
MHW]W.HW]HUEHGHXWHW.HW]HULQGHPJHZ|KQOLFKHQ6LQQHGHV:RUWHV1DFK
*HUHNHQVWDUEHQLQ$QJHUPQGHXPYLHU]HKQGHU.H W]HUHLDQJHNODJWH
%HZRKQHUGHQ)HXHUWRG(VVROOHQ/XFLIHUDQHU$QKlQJHUGHV%LVFKRIV/XFLIHU
YRQ&DJOLDULJHZHVHQVHLQ0LUVFKHLQWHVMHW]WGDVZDKUVFKHLQOLFKVWHGDGHU
%HLQDPHGHU6WDGWYRQGLHVHP9RUJDQJKHUGDWLHUW

(LQQHXHV/LHGHXFKJHVXQJHQ VHL
1DFKGHP:LQWHUNRPPWGHU0DL
'DVKDEHQZLUZRKOYHUQRPPHQ
8QGGD.HWWU$QJHUPQGHPlUNLVFKZDUG
'DVVROOGHP0DUNJUDIHQIURPPHQ
-RKDQQYRQ%ULHVHQOLHVLFKMDJHQ
9RQ.HWWU$QJHUPQGHELV*UHLIHQKDJHQ
$OO
0XWZDULKPJHEURFKHQ
'DJLQJHU]X +RIHQDFK$OWHQ6WHWWLQ
8QGKDW]XGHP+HU]RJJHVSURFKHQ
*QlG
JHU+HUUHZDV]XKDOWHQVWDQG
.HWWU$QJHUPQGXQGGDV6WROSHU/DQG
,VWYHUORUHQXQGYHUGRUEHQ
'HU0DUNJUDI KlOWHVMHW]WLQ+DQG
8QGGRFKKLHHVHUVHLJHVWRUEHQ
'DOLHGHU+HU]RJHQWELHWHQXQGKROHQ
$OOVHLQH0DQQVFKDIW3RPPHUQXQG3ROHQ
1DFK9LHUUDGHQULWWPDQ]X7LVFKH
'DVHW]WHQVLHVLFKXQGKLHOWHQ5DW
8QGDHQVH)LVFKH
'HUQXQIROJHQGHQ6WURSKHIHKOHQ]ZHL0LWWHO]HLOHQDEHUGHQGUHL
YHUEOHLEHQGHQHQWQHKPHQZLUXQVFKZHUGDPDQYRQ9LHUUDGHQ
DXIEUDFKXQGEHUGHQ9LHUUDGHQHU'DPPKLQDXI$QJHUPQGH
]XULWW

'DULWWHQVLHZHLWHUXQGNDXPKHUDQ
$QJHUPQGHZDUGLKQHQDXIJHWDQ
$OOHKDEHQGHP+HU]RJJHVFKZRUHQ
8QGDOOHULHIHQ6WHWWLQ6WHWWLQ
8QG%UDQGHQEXUJZDUYHUORUHQ

$EHUGUDXHQKLQWHU:DOOXQG*UDEHQ
'LH0lUNLVFKHQVFKRQVLFKJHVDPPHOWKDEHQ
9LHUKXQGHUW5HLWHUXQG.QHFKWH
'LH*DQVYRQ3XWOLW] IKUHWVLH
=LVFKHQGDXIGDVLHIHFKWH
'LH*DQVGHUZROOWHVQLFKWEHKDJHQ
6LHVWUHFNWH]RUQLJLKUHQ.UDJHQ
hEHUGLH3RPPHUQDOOH
'DVFKZHEWHGHUPlUNLVFKH$GOHUKRFK
8QGGLH*UHLIHQNDPHQ]X)DOOH
'LH*DQV DEHUZXFKVLQ*ULPPHQRFK
6LHVFKOXJPLWGHQ)OJHOQHLQ%UHVFKHORFK
8QGGDVWDQGVLHQXQ]ZLVFKHQGHQ6WHLQHQ
8QGDOVVLHELV]XP0DUNWHNDP
:DUHQVLH]HKQJHJHQHLQHQ
'DJLQJHQGLH6FKZHUWHUGLHNOLQNHUGLHNODQJ
+HUU'HWOHII6FKZHULQPLWGHP3XWOLW]UDQJ
8QGZROOWHGHQ3UHLVHUZHUEHQ
'DPXWH+HUU'HWOHIIYRQ6FKZHULQ
)UVHLQHQ(UEKHUUQVWHUEHQ
'DVZDUGHV+HU]RJVVFKZHUVWHU7DJ
$OV GD+HUU'HWOHIIYRULKPODJ
=HUKDFNWLQ%OXWXQG:XQGHQ
8QGHUULHI2KlWWLFKEHUGHQ'DPP
(UVWZLHGHU]XUFNJHIXQGHQ
(UVSUDFKHVXQGULWWLP=XJHYRUQ
(UJDEVHLQHP5RVVH6FKODJXQG6SRUQ
8QGVXFKWHGLH=JHO]XIDVVHQ
6RNDPHUELVDQGDV+RKH+DXV
'DZDUGHUHLQJHODVVHQ

'DVZDU]X9LHUUDGHQ$XI6FKORVVHV%UFN
1RFKHLQPDOVDKHU]XUFN]XUFN
,P+HU]HQYROO:HKXQG/HLGH
.HWWU$QJHUPQGHGXYLHOJXWH6WDGW
'DVRLFKYRQGLUVFKHLGH
'HUDEHUGHUGLHV/LHGHXFKVDQJ
(LQ6FKPLHGHNQHFKWLVWHUVFKRQODQJ
8QGVLHQHQQHQLKQ.|QH)LQFNHQ
8QGHUIKUWHLQ+lPPHUFKHQDXIGHU+DQG
8QG*XW%LHUFKHQPDJHUWULQNHQ
6RGDV/LHGYRQGHU(UREHUXQJYRQ.HW]HU$QJHUPQGHDQGDV
LFKHKLFK]XHLQHU6FKOXEHWUDFKWXQJEHUGLH4XLW]RZVXQGLKU
5HFKWRGHU8QUHFKWEHUJHKHQRFKHLQLJHOLWHUDULVFKH
%HPHUNXQJHQNQSIHQP|FKWH
'DVGHXWVFKH9RONVOLHGEH]LHKXQJVZHLVHGLHGHXWVFKH
9RONVEDOODGHJHIHLHUW]XVHKHQLVWVHLWGHQ7DJHQ+HUGHUV XQGGHU
5RPDQWLNHUHWZDV+HUN|PPOLFKHVJHZRUGHQGDUEHUDEHUGD
QHEHQGLHVHPDOOJHPHLQ9RONVOLHGPlLJHQDXFKQRFKHLQH
KLVWRULVFKHQDFKGHUGLFKWHULVFKHQZLHODQGHVJHVFKLFKWOLFKHQ
6HLWHKLQJOHLFKDXVJH]HLFKQHWH9RONVEDOODGHJHEOKWKDWLVWPDQ
KLQZHJJHJDQJHQHQWZHGHUZHLOPDQGLH7DWVDFKHQLFKW
JHQJHQG JHNDQQWRGHUVLHVLFKQLFKWUHFKW]XP%HZXWVHLQ
JHEUDFKWKDW8QGGRFKLVWLQQLHGHUGHXWVFKHQ/DQGHQ DXI
ZHOFKHVLFKPHLQH%HPHUNXQJHQDXVVFKOLHOLFKEH]LHKHQ HLQXP
HV]XZLHGHUKROHQVSH]LHOOKLVWRULVFKHU %DOODGHQVFKDW]JH]HLWLJW
ZRUGHQGHUDQ6FK|QKHLWXQG%HGHXWXQJKLQWHUGHPHQJOLVFK
VFKRWWLVFKHQQLFKW]XUFNEOHLEWMDLKQYLHOOHLFKWLQGLHVHPXQG
MHQHPEHUWULIIW-HGHGHUYRQPLUPLWJHWHLOWHQ%DOODGHQNDQQDOV
HLQ%HZHLVGDIUJHOWHQXQG'LFKWXQJHQZLHGLHYRP.UHPPHU
'DPPXQGYRQ.HW]HU$QJHUPQGHUHLFKHQDQGLH&KHY\
-DJGGLH6FKODFKWEHL2WWHUEXUQGHQ$XIVWDQGLQ1RUWKXPEHUODQG

XQGYLHOHDQGHUH3HUF\ XQG'RXJODV%DOODGHQKHUDQ :HUVLFK


GHU$XIJDEHXQWHU]|JHGDV ]XVXFKHQXQG]XEHDUEHLWHQZDV
YRQHWZDELVDQGHUDUWLJHQKLVWRULVFKHQ 9RONVHSHQXQG
9RONVEDOODGHQLQ1RUGGHXWVFKODQGJDQ]EHVRQGHUVDEHULQ
:HVWIDOHQ)ULHVODQGXQG6FKOHVZLJ+ROVWHLQJHGLFKWHWZRUGHQLVW
ZUGHGHU/LWHUDWXUXQGODQGHVJHVFKLFKWOLFKHQ )RUVFKXQJHLQHQ
JOHLFKJURHQ'LHQVWOHLVWHQXQGYLHOOHLFKWLPVWDQGHVHLQ
PDQFKHVGDYRQ lKQOLFKZLHVLFKGDV1LEHOXQJHQOLHGHLQ]XEUJHUQ
ZXWH GHQ6FKPXFN XQG/LHEOLQJVVWFNHQXQVHUHULQVRQGHUKHLW
GHU6FKXOHGLHQHQGHQ$QWKRORJLHQHLQ]XUHLKHQ


=ZLVFKHQGHUGHQ 'RXJODV XQG3HUF\.DPSIEHKDQGHOQGHQ&KHY\ -DJGXQG


GHUGHQ.DPSI]ZLVFKHQ 0DUNJUDI/XGZLJ XQG+HU]RJ%DUQLP EHKDQGHOQGHQ
.UHPPHU'DPP%DOODGHWULWWHLQHJURH9HUZDQGWVFKDIW]XWDJHZLHIROJHQGH
*HJHQEHUVWHOOXQJ]HLJHQPDJ
&KHY\-DJG

1XQGHQQZRKODQULHI3HUF\GD
'LHV)HOGVHLXQVHUH6FKUDQNH
1RFKVFKOSIWHNHLQHUPLUKLQGXUFK
6HL
V6FKRWWHRGHU)UDQNH
'DV LVWGHU+LUVFKGHQLFKJHVXFKW
1XQORKQWHVVLFK]XMDJHQ
(VEUHQQWPHLQ+HU]0DQQJHJHQ0DQQ
'LH6FKODFKWPLWLKP]XVFKODJHQ
/RUG'RXJODVK|UW
V(UUXIWLKP]X
'DVROOPLFK*RWWYHUGHUEHQ
6RZDKUHLQ/RUGLFKELQZLHGX
'XRGHULFKPXVWHUEHQ
'RFKK|UPLFK3HUF\6FKDQGHZlU
V
8QG6FKLPSIDQXQVUHP/HEHQ
6RYLHOHU0DQQHQVFKXOGORV%OXW
0LWLQGHQ.DXI]XJHEHQ
(VVHLDOOXQVHU6WUHLWJHOHJW
,QXQVUHEHLGHQ6SHHUH
9HUGDPPWVHLGHUULHI3HUF\GD
'HUDQGUHQ6LQQHVZlUH

'DVJDEHLQ6WHFKHQXQGHLQ+DXQ
0DQFKEUHLWH:XQGHNODIIWH
/lQJVWXQVHUHQJOLVFK%RJHQYRON
1LFKWPHKUGHQ%RJHQVWUDIIWH
2&KULVWHVZDUIU+HU]XQG6LQQ
(LQ/HLGQLFKWDXV]XVD JHQ
:LHVW|KQHQGGDLQ6DQGXQG%OXW
'LH0HQVFKHQNQlXOHODJHQ
8QGLPPHUVFKZDQNWHQRFKGLH6FKODFKW
'DHQGOLFK
.UHPPHU'DPP

0DUNJUDI/XGZLJGHUWDSIHUH+HOG
=XP'DPPHVDKPDQLKQUHLWHQ
(UGDFKWH'LH3RPPHUQVWHKHQLP)HOG
8QGZROOHQGHQ'DPPEHUVFKUHLWHQ
7URPSHWHUVDJHGHP+HU]RJDQ
,FKKlWWHJUR9HUODQJHQ
,KQXQGVHLQH5LWWHU0DQQIU0DQQ
+LHUGUEHQ]XHPSIDQJHQ
8QGZHQQHVKLHUGUEHQLKPQLFKWEHKDJW
6RZROOWLFKLKPYHUVSUHFKHQ
$XFKDXIGHP/XFK 'DPPXQYHU]DJW
(LQH/DQ]HPLWLKP]XEUHFKHQ
'UDXIGHU+HU]RJ(UZROOLKP5HGHVWHKQ
1LFKWNRPPHQGDVGQNLKP6QGH
8QGVLHZROOWHQVLFKWUHIIHQXQGZROOWHQVHKQ
:HUGDV6SLHODPEHVWHQYHUVWQGH
'UDXIJLQJHVDXIGHQ'DPPKLQDXI
'LFKWVWDQGHQGDGLH0lUNHU
'LHZHKUWHQVLFKHLQ]HOQXQG]X+DXI
'RFKGLH3RPPHUQZDUHQVWlUNHU
'LH0lUNLVFKHQNRQQWHQQLFKWEHVWDKQ
'DV/RFKZDULKU9HUGHUEHQ
9LHOHPXWHQGDOLHJHQJDKQ
8QGRKQH:XQGHVWHUEHQ

8QGPlKOLFKZLFKHQVLH6FKULWWXP6FKULWW
9RU.UHPPHQZHLWHU]XIHFKWH Q
'LH3RPPHUQIROJWHQLQIHVWHP7ULWW
'LH5LWWHUPLWVDPWGHQ.QHFKWHQ
$EHUYRU.UHPPHQKLHOWHQVLHDQ
'LH0lUNLVFKHQVWDQGHQGD0DQQDQ0DQQ
8QGZDUHQQLFKW]XYHUWUHLEHQ
(VLVWQLFKWP|JOLFKVLFKJHJHQGLH:DKUQHKPXQJHLQHUJHUDGH]X
IUDSSLHUHQ GHQbKQOLFKNHLW]XYHUVFKOLHHQGLHYRUDOOHP LQKDOWOLFK 
GHVJOHLFKHQLQ7RQXQG%DX]XWDJHWULWWXQGQXU]XNOHLQHP7HLODXVGHU
YRQGHUVHOEHQ+DQGKHUUKUHQGHQhEHUVHW]XQJEHLGHU%DOODGHQHUNOlUW
ZHUGHQNDQQ(VLVWPLUJDQ]XQ]ZHLIHOKDIWGDPDQLQ6F KRWWODQG
HQWZHGHUGLHSRPPHUVFKHRGHULQ3RPPHUQGLHVFKRWWLVFKH%DOODGH
JHNDQQWKDEHQPX,VWGLHSRPPHUVFKH%DOODGHHFKWVRPX VLH GLH
lOWHUHVHLQGHQQGDV(UHLJQLVGDVLKU]XJUXQGHOLHJWGLH6FKODFKWDP
.UHPPHU'DPPIlOOWLQGDV-DKUZlKUHQ GGDVGHUHQJOLVFK 
VFKRWWLVFKHQ%DOODGH]XJUXQGHOLHJHQGH(UHLJQLVGLH6FKODFKWEHL
2WWHUEXUQHUVWLQGDV-DKUIlOOW%LVFKRI7KRPDV3HUF\GHU
+HUDXVJHEHUGHUEHUKPWHQDOWHQJOLVFKHQ%DOODGHQVDPPOXQJGLHVHLQHQ
1DPHQWUlJW 3HUF\
V5HOLTXHVRI$QF LHQW(QJOLVK3RHWU\ VHW]WVRJDUGLH
&KHY\-DJGQRFKXPHLQ-DKUKXQGHUWVSlWHULQGLH=HLW+HLQULFKV 9,8QG
VRKlWWHQZLUGHQQHYHQWXHOOHLQHQQHXHQ7ULXPSKDOWGHXWVFKHU/LHG  XQG
%DOODGHQGLFKWXQJ]XYHU]HLFKQHQ$EHUIUHLOLFKLVWGLH.UHPPHU 'DPP
%DOODGHGLH]XHUVWLP-DKUHDXIWDXFKWHFKW"6RVHKULFKHV
ZQVFKHVRNDQQLFKGRFK=ZHLIHOQLFKWJDQ]XQWHUGUFNHQ,KQHQ
$XVGUXFN]XJHEHQLVWKLHUQLFKWGHU3ODW]LFKZUGHPLFKDEHUIUHXHQ
PLWHLQHP%DOODGHQVDFKNXQGLJHQGHUDXHUGHPGHV3ODWWGHXW VFKHQ
PlFKWLJLVWDOVRPLW0lQQHUQZLH.ODXV*URWK$GROI:LOEUDQGW.DUO
(JJHUV+HLQULFK6HLGHOLQHLQHQ0HLQXQJVDXVWDXVFKEHUGLHVHQ3XQNW
HLQWUHWHQ]XN|QQHQ'DVSODWWGHXWVFKH2ULJLQDOILQGHWVLFKLP 6WFN
GHU*UHLIZDOGVFKHQ1DFKULFKWHQXQGG DUDXVDEJHGUXFNWLQ%XFKKROW]

*HVFKLFKWHGHU&KXUPDUN%UDQGHQEXUJ7HLO ,,6 

.DSLWHO

'LH4XLW]RZXQGLKU5HFKWRGHU8QUHFKW
8QGQXQQRFKHLQPDO]XUFN]XGHQ4XLW]RZVYRQELV
XPXQVLQHLQHU6FKOXEHWUDFKWXQJGLH)UDJHQDFKLKUHP5HFKW
RGHU8QUHFKWYRU]XOHJHQ(VHQWVSULFKWLQQHUKDOEGHUPlUNLVFK
SUHXLVFKHQ*HVFKLFKWVVFKUHLEXQJHLQHPDOWHQEHLQDKH
KHLOLJJHVSURFKHQHP+HUNRPPHQGLH4XLW]RZVDOV
/DQGHVYHUUlWHU%XVFKNOHSSHUXQG5lXEHUDQ]XVHKHQHLQH
7UDGLWLRQGHUHQ$QVFKDXXQJHQXPQLFKW]XVDJHQ'RJPHQDXFK
HLQVRKHUYRUUDJHQGHU*HOHKUWHUZLH$GROI)ULHGULFK5LHGHO GHP
VLFKDQ:LVVHQXQG(LQJHGUXQJHQVHLQLQGLHNOHLQVWHQ
(LQ]HOKHLWHQGHU4XLW]RZ]HLWZRKOQLHPDQGDQGLH6HLWH]XVWHOOHQ
ZDJW DXIVQDFKGUFNOLFKVWH]XVWLPPW

5LHGHOGDPDOVQXUGLH$QIlQJHHLQHU.RQWURYHUVHYRUILQGHQG
VFKULHE(VLVWGHP8UWHLOHGHU4XLW]RZVFKHQ
=HLWJHQRVVHQJHJHQEHULQQHXHUHU=HLWGHU9HUVXFKJHPDFKW
ZRUGHQGLHIRUWJHVHW]WHQ)ULHGHQVEUFKHGHUYRQ4XLW]RZXQG
LKUHU*HQRVVHQDOVHKUOLFKHDGOLJH)HKGHQ]XUHFKWIHUWLJHQ8QG
VRKDWPDQGHQQDXFKGHQYHUZHJHQHQ:LGHUVWDQGGHQGLH
6FKOREHVLW]HUVRZRKOGHQEXUJJUlIOLFKHQZLHGHQN|QLJOLFKHQ
%HIHKOHQHQWJHJHQVHW]WHQIUHLQHSDWULRWLVFKH7DWDXVJHJHEHQ
GLHJHVFKHKHQVHLGDPLWGDV/DQGQLFKWYRQHLQHPQHXHQ
3IDQGEHVLW]HUDXVJH]RJHQZHUGH+WHQZLUXQVMHGRFKVRIlKUW
HUIRUWLQPLJHU9RUOLHEHIUHLQHJHZLVVH6WDQGHVULFKWXQJ
PLWGHQ(ULQQHUXQJHQGHUXQKHLOVFKZHUVWHQ9HUJDQJHQKHLWGHV
9DWHUODQGHVHLQJHIDKUYROOHV6SLHO]X WUHLEHQ3ODQPlLJHU
8QJHKRUVDPJHJHQGLHUHFKWPlLJH2EULJNHLWRIIHQH
:LGHUVHW]OLFKNHLWJHJHQGHQ/DQGHVIUVWHQ8QWUHXHJHJHQGLH
7UlJHUGHUODQGHVKHUUOLFKHQ*HZDOWHLQWURW]LJHU
6HOEVWlQGLJNHLWVGUDQJRKQH$FKWXQJYRU*HVHW]XQG5HFKWHLQ
YHUZHJHQHU)UHLKHLWVPXWRKQHDOOHQ6LQQIUGDV*HPHLQZRKO
RKQH/LHEH]XP9DWHUODQGHRKQH%HJHLVWHUXQJIUJURH
SROLWLVFKH,GHHQ GDVPX]XDOOHQ =HLWHQXQGYRQDOOHQ

6WDQGSXQNWHQDXVDOVHLQ9HUKDOWHQHUVFKHLQHQGHPMHGHU$GHO
IUHPGLVW,VWWURW]DOOHGHPGLH:LGHUVHW]OLFKNHLWGHU4XLW]RZVXQG
LKUHV$QKDQJHVJHOHJHQWOLFKLQ6FKXW]JHQRPPHQZRUGHQVR
ODVVHQVLFKVROFKH5HFKWIHUWLJXQJVYHUVXFKHQXUDXVGHP
WlXVFKHQGHQ6FKLPPHUYRQ5LWWHUOLFKNHLWHUNOlUHQGHQEHL
0DQJHODQJHQDXHU.HQQWQLVGLH3KDQWDVLHGDUEHUDXVJHEUHLWHW
KDW0DQGHQNWVLFKMHQHPlFKWLJHQ$GHOVIDPLOLHQGLHYRQLKUHQ
%XUJHQDXVPLWGHP%HJUQGHUHLQHUQHXHQ=HLWULFKWXQJXPGLH
+HUUVFKDIWUDQJHQXPJHEHQYRQGHPJDQ]HQURPDQWLVFKHQ5HL]H
PLWWHODOWULJHQ5LWWHUWXPVDEHUJHUDGHYRQULWWHUOLFKHP6LQQXQG
ULWWHUOLFKHU6LWWHVXFKWPDQLQGHPZLUUHQ7UHLEHQMHQHU7DJH
YHUJHEOLFKHLQH6SXU
8QGQDFKGLHVHQHLQOHLWHQGHQXQGGDV$OOJHPHLQHWUHIIHQGHQMD
DXIVDOOJHPHLQHKLQDQJHVHKHQDXFK]XWUHIIHQGHQ %HPHUNXQJHQ
ZHQGHWVLFK5LHGHOZLH]XU%HVWlWLJXQJVHLQHU6lW]H
YHUVFKLHGHQHQ(LQ]HOKHLWHQ]X
5LWWHUOLFK-DULWWHUOLFKZlUHHVJHZHVHQGHU:HKUORVHQ]X
VFKRQHQ)UDXHQXQG-XQJIUDXHQ]XEHVFKW]HQXQGLQWlWLJHU
*RWWHVIXUFKWGLH.LUFKHJHJHQ(QWZHLKXQJ]XYHUWHLGLJHQ$EHU
YRQXQVHUHQ/DQGHVEHVFKlGLJHUQZXUGHGHURIIHQH.DPSIPLW
GHP)HLQGHPHLVWHQVYRUVLFKWLJYHUPLHGHQ0LW9RUOLHEHPDFKWH
PDQVLFKGHQhEHUIDOOGHURIIHQHQ'|UIHUXQGGHQ5DXEGHU
VWlGWLVFKHQ9LHKKHUGHQ]XP*HVFKlIW:ROOWHPDQHLQ'RUI
DXVSRFKHQVRPXWHQJHZ|KQOLFKHUVWHLQLJH0lQQHU
WRWJHVFKODJHQRGHUIXUFKWHUUHJHQGYHUZXQGHWZHUGHQXPGLH
(LQZRKQHUVFKDIWYRQZHLWHUHP:LGHUVWDQGHDE]XVFKUHFNHQ'DQQ
QDKPPDQGHQ'RUIEHZRKQHUQZDVVLFKIRUWEULQJHQOLH
YRUQHKPOLFKGDV9LHKDEHUDXFK%HWWHQ.OHLGXQJVVWFNHVRZLH
.HVVHO *UDSHQb[WHXQGVRQVWLJH*HUlWH'LH.OHLGXQJVVWFNH
]RJPDQLQPHKUDOVHLQHP)DOOHGHQ)UDXHQXQG-XQJIUDXHQYRP
/HLEHEHVRQGHUVZHQQVLHNRVWEDUZDUHQ6FKlW]WHGRFKGLH
7RFKWHUGHV6FKXO]HQ]X+lPHUWHQEHL6WHQGDOGHUPDQGLH
.OHLGHUQDKPQDFKGHPPDQGHQ9DWHUJHW|WHWXQGGHQ%UXGHU
VFKZHUYHUZXQGHWKDWWHLKUH.OHLGHUDXIGUHL6FKRFNE|KPLVFKH
*URVFKHQHLQHGDPDOVEHWUlFKWOLFKH6XPPH1LFKWHLQPDO
.ORVWHUMXQJIUDXHQZXUGHQYHUVFKRQW$OVGHP/GHNHYRQ

%XQGVWHGWGHUYRQGHU%XUJ*DUGHOHJHQDXVULWW]ZHL1RQQHQDXV
GHP.ORVWHU$OWKDOGHQVOHEHQ]X:DJHQEHJHJQHWHQQDKPHU
LKQHQQLFKWQXUGLH3IHUGHVRQGHUQ]RJDXFKGHQ+RIHPHLVWHU
GHUVLHIXKUYRULKUHQ$XJHQDXV'DEHLVFKZDQGGLHIURPPH
6FKHXPHKUXQGPHKUGLHPDQYRUGHP+HLOLJHQYRU.LUFKKRI
XQG.LUFKHJHKDEWKDWWH5FNVLFKWORVJULIIHQGLH4XLW]RZVFKHQ
GLH*RWWHVKlXVHUDQLQGHQHQGLHEHGUlQJWHQ'RUIEHZRKQHU
6FKXW]JHVXFKWKDWWHQXQGQDFKGHPGLH.LUFKK|IHJHVWUPWXQG
GLH.LUFKWUHQHUEURFKHQZDUHQUDXEWHPDQGLH.LVWHQXQG
.DVWHQDXV GLHGLHJHlQJVWLJWHQ'RUIOHXWHQDFKGHUIUKHUDOV
$V\OJHOWHQGHQ.LUFKHJHVFKDIIWKDWWHQ8QWHUGLHVHQ8PVWlQGHQ
GXUIWHQLHPDQGEHUUDVFKWVHLQ'LHWULFKYRQ4XLW]RZDOVHUGHP
'HXWVFKHQ2UGHQ]X+OIH]LHKHQZROOWHVHLQHQ(QWVFKOX
ZHFKVHOQXQGVWDWWHLQHV$QJULIIVDXIGLH3ROHQXQWHUQLFKWLJHQ
9RUZlQGHQHLQHQ$QJULIIDXIGLH%HUOLQHU9LHKKHUGHQPDFKHQ]X
VHKHQ0LWGHPULWWHUOLFKHQ=XJHJHJHQGLH)HLQGHGHV2UGHQV
DEHUZDUHVYRUEHL6ROFKH=XJULIIH1DKPHQXQG
hEHUIDKUXQJHQ $XVGUFNHGLHVLFKLQGHQ%HULFKWHQMHQHU=HLW
EHVWlQGLJZLHGHUKROHQ ZDUHQGDPDOVDQGHU7DJHVRUGQXQJXQG
HVLVW]X]XJHEHQGDHVEHLGHPHLJHQWPOLFKHQ)HKGHUHFKW
MHQHU=HLWQLFKWLPPHUOHLFKWVHLQPDJHLQHVFKDUIH*UHQ]H
]ZLVFKHQ=XJULIIHQXQG5DXEWDWHQ]X]LHKHQ:HQQMHGRFK
JHJHQGLH%H]HLFKQXQJVROFKHU=XJULIIHDOV5DXEWDWHQGXUFK
KRFKJHVFKlW]WH*HVFKLFKWVVFKUHLEHUIHLHUOLFK9HUZDKUXQJ
HLQJHOHJWXQGGDEHLEHKDXSWHWZRUGHQLVWQXUDXVHLQHUGHU
1DWXUGHU6DFKHJDQ]XQDQJHPHVVHQHQSDUWHLLVFKHQ$XIIDVVXQJ
GHVJOHLFK]HLWLJHQ%HULFKWHUVWDWWHUV:XVWHUZLW] ZLUNRPPHQDXI
GLHVHQ]XUFN XQGXUWHLOVXQIlKLJHUQHXHUHU+LVWRULNHUKDEHHLQH
VRXQJHHLJQHWH%H]HLFKQXQJKHUYRUJHKHQN|QQHQVRQ|WLJWXQV
GLHV]XU(KUHGHU:DKUKHLWGLH%HPHUNXQJKLQ]X]XIJHQGD
ZHQLJVWHQVGHUGDPDOLJH(U]ELVFKRIYRQ0DJGHEXUJXQGGHU
%XUJJUDI)ULHGULFKVHOEVWGLHVH%H]HLFKQXQJNHLQHVZHJVIU
XQJHHLJQHWJHKDOWHQKDEHQ%HLGH)UVWHQEH]HLFKQHQLQLKUHQ
DPWOLFKHQ6FKULIWVWFNHQGLH*HZDOWWDWHQGHU4XLW]RZVGHV
.DVSDU*DQVXQG:LFKDUGYRQ5RFKRZEHUDXVKlXILJDOV5DXE
0RUG XQG0RUGEUDQG XQGGHUHQ8UKHEHULQHQWVSUHFKHQGHU
:HLVH8QGVRLVWHVGHQQQLFKWEORHLQYLHOOHLFKWSDUWHLLVFKHU
*HVFKLFKWVVFKUHLEHUMHQHU=HLWGHUYRQ5lXEHUHLHQVSULFKW
VRQGHUQDOOH JOHLFK]HLWLJHQ%HULFKWHUVWDWWHUGHV,Q XQG$XVODQGHV
VWLPPHQPLW:XVWHUZLW]GXUFKDXVEHUHLQ

$OOHGLHVH%HPHUNXQJHQVRZHLWVLHSROHPLVFK VLQGXQGHLQH
GXUFK6WDQGHVYRUXUWHLOHEHGLQJWH9RUHLQJHQRPPHQKHLW
KRFKJHVFKlW]WHU*HVFKLFKWVIRUVFKHUEHWRQHQULFKWHQVLFKJHJHQ
*HRUJ:LOKHOPYRQ5DXPHU HLQHQ9HWWHUGHVVRJHQDQQWHQ
+RKHQVWDXIHQ5DXPHU GHULQVHLQHP&RGH[GLSORPDWLFXV
EUDQGHQEXUJHQVLVGHQGDULQYRQLKPYHU|IIHQWOLFKWHQGLH
5HJLHUXQJV]HLW.XUIUVW)ULHGULFKV ,YRQELV
EHWUHIIHQGHQ8UNXQGHQHLQHQ(VVD\ YRUDXVVFKLFNWLQGHPHUGLH
4XLW]RZ]HLWXQGYRUDOOHPDXFKGLHEUDQGHQEXUJLVFKSUHXLVFKH
*HVFKLFKWVVFKUHLEXQJVRZHLWVLFKGLHVHOEHPLWGHUHEHQ
JHQDQQWHQ(SRFKHEHVFKlIWLJWNULWLVFKEHOHXFKWHW
(VKHLWLQGLHVHP(VVD\
:HQQJOHLFKGHU5DXPYHUELHWHWKLHUHLQHDXVIKUOLFKH
*HVFKLFKWHGHU4XLW]RZIHKGHQ]XJHEHQVRPXGRFKDXIGLH
JlQ]OLFKH(LQVHLWLJNHLW GHUELVKHUJHZ|KQOLFKHQ'DUVWHOOXQJ
DXIPHUNVDPJHPDFKWZHUGHQ'LHEUDQGHQEXUJLVFKH*HVFKLFKWH
KDWEHUKDXSWGDV6FKLFNVDOJHKDEWGDHLQHJHZLVVH
'DUVWHOOXQJVZHLVHJOHLFKVDPYHUVWHLQHUWRKQHDOOH.ULWLNDXV
HLQHP%XFKHLQGDVDQGHUHEHUJHJDQJHQLVWLQGHP]XP7HLOGLH
EHVVHUHQDUFKLYDOLVFKHQ0LWWHLOXQJHQYHUERUJHQEOLHEHQ]XP7HLO
DEHUDXFK9RUXUWHLOHIRUWJHSIODQ]WZRUGHQGLHVFKRQDXVGHQ
YRUKDQGHQHQ4XHOOHQ]XZLGHUOHJHQJHZHVHQZlUHQ'DKLQ
JHK|UWGHQQEHVRQGHUVDXFKGLH$UWZLHGHU:LGHUVWDQG
EHKDQGHOWLVWGHQGLH4XLW]RZVFKH3DUWHLJHJHQ%XUJJUDI
)ULHGULFKYRQ1UQEHUJYHUVXFKWHZlKUHQGGHUVHOEH
3IDQGLQKDEHU GHU0DUNZDUZREHLRKQHDOOH5FNVLFKWDXIGHQ
*HLVWGHUGDPDOLJHQ=HLWGHUPlUNLVFKH$GHODOVHLQH5RWWHYRQ
8QKROGHQ0RUGEUHQQHUQXQG5lXEHUQJHVFKLOGHUWZLUGZHOFKH
HLQH0HXWHUHLZLGHUGHQ.XUIUVWHQXQWHUQRPPHQKlWWHQZHLO
LKQHQGLHVHULKU5DXEKDQGZHUNKDEHOHJHQZROOHQ(VPX
]XQlFKVWDXIGLHWUEHXQGSDUWHLLVFKH4XHOOHGLHVHU$QVLFKWHQ
KLQJHZLHVHQZHUGHQ(VLVWGLHVQlPOLFKGLHEHUGLHVH

%HJHEHQKHLWHQJOHLFK]HLWLJDXIJHVHW]WH1DFKULFKWGHV(QJHOEHUW
:XVWHUZLW]HLQHVKHIWLJHQ:LGHUVDFKHUVGHU4XLW]RZV(UZDU
*HLVWOLFKHULQ%UDQGHQEXUJXQG3URYLVRUGHV$EWVYRQ/HKQLQ
+LHU]XNRPPWGDHUVHLQH1DFKULFKWJHUDGH]XHLQHU=HLW
DXIJHVHW]WKDWZRGLH)HKGH]ZLVFKHQGHP.XUIUVWHQXQG
EHLGHQ4XLW]RZVQRFKLQYROOHP*DQJHZDU:DKUVFKHLQOLFKZUGH
VHLQH(U]lKOXQJDQGHUVODXWHQZHQQHUGLHVHOEHQDFKGHULP
-DKUHHUIROJWHQ$XVV|KQXQJGHV.XUIUVWHQPLWMHQHU
)DPLOLHJHVFKULHEHQKlWWH
=ZHL'LQJHVLQGHVGLHEHVWlQGLJDOV$QNODJHSXQNWH
ZLHGHUNHKUHQHUVWHQVGLH4XLW]RZVZDUHQ5lXEHUXQG
]ZHLWHQVGLH4XLW]RZVZDUHQ5HEHOOHQ



(QJHOEHUW:XVWHUZLW] VRVFKUHLEW 'U-XOLXV+HLGHPDQQ GHPZLUDXFKGHQ$XVGUXFN


GLHPlUNLVFKH)URQGHYHUGDQNHQLQHLQHPGHU:XVWHUZLW]VFKHQ0lUNLVFKHQ&KURQLN
JHOWHQGHQ$XIVDW]H ZDULQGHU]ZHLWHQ+lOIWHGHV -DKUKXQGHUWV]X%UDQGH QEXUJ
JHERUHQXQGKDWWHVLFKIUGHQJHLVWOLFKHQXQGULFKWHUOLFKHQ%HUXIHQWVFKLHGHQ%DOGQDFK
GHP-DKUHEHIDQGHUVLFKLQ5RPLP'LHQVWHYRQ.DUGLQlOHQXQGZDUKLHU=HXJH
GHUIHLHUOLFKHQ+XOGLJXQJZHOFKHGLH5|PHULP1RYHPEHUGHPHEHQHUZlKO WHQ
3DSVWH,QQRFHQ] 9,,GDUEUDFKWHQ6FKRQLQGHQQlFKVWHQ-DKUHQPXHUQDFK
%UDQGHQEXUJ]XUFNJHNHKUWVHLQXQGIXQJLHUWHKLHUDOV0LWJOLHGHLQHV6FKLHGVJHULFKWVGDV
EHUXIHQZDUHLQHQ]ZLVFKHQGHP$EWH6WLFKYRQ/HKQLQXQG-RKDQQYRQ4XLW]RZEHU
GHQ%HVLW]GHU+DYHOEHL6FKOR3ODXHHQWVWDQGHQHQ.RQIOLNWJWOLFKEHL]XOHJHQ9RQ
ELVLVWVHLQH&KURQLNDPLQKDOWUHLFKVWHQXQGLKUH'DUVWHOOXQJVRYROO/HEHQXQG
$QVFKDXXQJGDPDQDQQHKPHQPXHUKDEHJHUDGH GLHVH =HLWGDXHUQGRGHU
YRUZLHJHQGLQVH LQHU9DWHUVWDGW%UDQGHQEXUJYHUEUDFKW'LH6WHOOXQJGLHHUKLHUHLQQDKP
ZDUDOOHU:DKUVFKHLQOLFKNHLWQDFKGLHHLQHVJHLVWOLFKHQ5LFKWHUVEHLP(UVFKHLQHQ
GHV%XUJJUDIHQ)ULHGULFKLQGHU0DUNVFKHLQWHULQ%HUOLQJHZHVHQ]XVHLQ%DOGQDFKGHP
6WXU]HGHU4XLW]RZVFKHQ3DUWHLZXUGH:XVWHUZLW]DXI*UXQGVHLQHUSUDNWLVFKHQ
7FKWLJNHLWDOV-XULVWYRQGHU6WDGW0DJGHEXUJ]XP6\QGLNXVHUQDQQW'LH0DJGHEXUJHU
6FK|IIHQFKURQLNEHPHUNWGDGLH6WDGW0DJGHEXUJEHLPN|QLJOLFKHQ+RIJHULFKWLQ
HLQHQ3UR] HYHUZLFNHOWZRUGHQVHLXQGPLWGHU)KUXQJGHVVHOEHQLKUHQ6\QGLNXV
(QJHOEHUW:XVWHUZLW]YRQ%UDQGHQEXUJEHWUDXWKDEHZHOFKHUGHP +RIH QDFK5HJHQVEXUJ
LQ%D\HUQQDFK8QJDUQ6FKOHVLHQXQG%|KPHQJHIROJWVHLXQGHLQREVLHJHQGHV
(UNHQQWQLVHUVWULWWHQKDE HZDUHUQRFKLQ0DJGHEXUJDEHUILQGHQZLULKQLQ
DPWOLFKHU7lWLJNHLW YLHOOHLFKWHEHQIDOOVDOV6\QGLNXV LQVHLQHU9DWHUVWDGW%UDQGHQEXUJ
ZLHGHU1DFK+DIIWL]ZlUHHUVFKRQODQJHEHYRUHUQDFK0DJGHEXUJJLQJ'RPKHUU
]X%UDQGHQEXUJJHZH VHQ+LHUYHUEOLHEHUZlKUHQGVHLQHUOHW]WHQ/HEHQVMDKUHIDQG0XH
]XU$EIDVVXQJVHLQHU&KURQLN  XQGHUULFKWHWHHLQHQ$OWDULQGHU.DWKDULQHQNLUFKH+LHU
ZDUGLKPDXFKJHVWRUEHQDP 'H]HPEHUVHLQHOHW]WH5XKHVWlWWH



'LHVHEHUKPWH&KURQLNGLH ZLUPLW5FNVLFKWDXIGLH4XLW]RZ]HLWGDVPHLVWHIDVW
OLHHVLFKVDJHQDOOHVYHUGDQNHQLVWLP2ULJLQDOYHUORUHQJHJDQJHQ:LUNHQQHQVLH
QXUDXV$XV]JHQGLH$QGUHDV$QJHOXVLQVHLQHPlUNLVFKHQ$QQDOHQXQG
3HWHU+DIIWL]LQVHLQ0LFURFKURQRO RJLFRQKLQEHUJHQRPPHQKDW

:LHYHUKlOWHVVLFKQXQGDPLW"
%HWUDFKWHQZLU]XHUVWGHQ9RUZXUIGHU5lXEHUHLVRNDPVROFKH
ZLHGDPDOVLQJDQ]'HXWVFKODQGDXFKEHLPPlUNLVFKHQ$GHOYRU
(VLVWDEHUJDQ]EHUWULHEHQZHQQGHVKDOEGDVJDQ]H/DQGIU
HLQH 0|UGHUK|KOHXQGGHUJDQ]HPlUNLVFKH$GHOIUHLQH
5lXEHUEDQGHDXVJHJHEHQZLUG(VPXEHL%HXUWHLOXQJGLHVHU
6DFKHGXUFKDXVGHU8QWHUVFKLHGIHVWJHKDOWHQZHUGHQGHULP
XQG -DKUKXQGHUW]ZLVFKHQHLQHUHKUOLFKHQ)HKGH XQGHLQHU
5lXEHUHL EHVWDQG'DV5HFKW]XU)HKGHZXUGHGHP$GHOVR
ZHQLJVWUHLWLJJHPDFKWZLHGHQ)UVWHQXQGGHQ6WlGWHQZHQQ
PDQDXIJWOLFKHP:HJH]XVHLQHP5HFKWHQLFKWNRPPHQ
NRQQWH'LH/DQGHVKHUUHQGHU0DUN%UDQGHQEXUJZDUHQLP
XQGLP$QIDQJHGHV -DKUKXQGHUWVIDVWEHVWlQGLJDEZHVHQG
XQGGDVGHP*HGHLKHQGHV/DQGHVDOOHUGLQJVVFKlGOLFKH
)HKGHZHVHQJULIILPPHUZHLWHUXPVLFKDXFKGLH)UVWHQ6WlGWH
XQG5LWWHUVFKDIWHQGHUEHQDFKEDUWHQ/lQGHUZXUGHQDOOPlKOLFK
KLQHLQJH]RJHQXQGDXVHLQHUEHHQGLJWHQ)HKGHHQWVSDQQHQVLFK
VWHWV]ZHLQHXH'DLQVROFKHQ=HLWHQDXFKHLJHQWOLFKH
5lXEHUHLKlXILJHUYRUNDPXQGGDLKUVFKZHU]XVWHXHUQZDU
LVWOHLFKWEHJUHLIOLFKQLFKWVGHVWRZHQLJHUEOLHEGHU8QWHUVFKLHG
]ZLVFKHQ6WUDHQUDXEXQG)HKGHEHVWHKHQ'LHYLHOHQ.ULHJHGHU
4XLW]RZVZDUHQZHQQPDQVLHXQSDUWHLLVFKEHWUDFKWHWVlPWOLFK
HKUOLFKH)HKGHQZHQQDXFKQLFKWJHOHXJQHWZHUGHQVROOGDVLH
GDV)HKGHUHFKWJHOHJHQWOLFKPLEUDXFKWKDEHQP|JHQLQGHPVLH
LQLKUHUGDPDOLJHQhEHUPDFKWHLQHQDXVGHU/XIWJHJULIIHQHQ
$QVSUXFKGXUFK]XVHW]HQVLFKEHPKWHQ$OOHLQ]XZHOFKHQ=HLWHQ
KDWhEHUPDFKWQLFKWGLH6FKUDQNHQGHVVWUHQJHQ5HFKWVXQGGHU
%LOOLJNHLWEHUWUHWHQ,PPHUEOLHEGLHVYRQ5lXEHUHLZHLW
YHUVFKLHGHQGDGLHVHDXFKLP0LWWHODOWHUVWHWVDOVHWZDV(KUORVHV
DQJHVHKHQZXUGHhEHUKDXSWDEHUSIOHJWHQVLFKQXUZHQLJHDUPH
(GHOOHXWHPLW:HJHODJHUXQJXQG6WUDXFKUHLWHUHL]XEHIDVVHQXQG
GLH*HEUGHUYRQ4XLW]RZPXVFKRQLKUH0DFKWXQGLKU
SHUV|QOLFKHU&KDUDNWHUYRUHLQHPVROFKHQ9HUGDFKWHVFKW]HQ
:XVWHUZLW]
$QNODJHQEHUQHKPHQVHKUJHJHQVHLQHQ:LOOHQ
]XJOHLFKGLHZLUNVDPVWH9HUWHLGLJXQJGHU$QJHNODJWHQ(U
EHVFKXOGLJWVLHGDVLHGDV+HU]RJWXP6DFKVHQIUVLFKKlWWHQ
HUREHUQZROOHQGDVLHJHWUDFKWHWKlWWHQ%HUOLQ]XJHZLQQHQ
XPYRQGLHVHP0LWWHOSXQNWDXVVLFKGLHJDQ]H0DUN]X

XQWHUZHUIHQXQGGD+HQQLQJYRQ4XLW]RZQXUGHVKDOELQ3DULV
VWXGLHUWKDEHXPHLQ%LVWXP]XHUODQJHQGDGLH)DPLOLHJHKRIIW
KDEHDXIGLHVH$UW.XUIUVWHQWPHUXQGJDQ]H/lQGHUDQVLFK]X
EULQJHQ:HUGLHVOLHVWZLUGXQP|JOLFKJODXEHQGDVR
KRFKVWUHEHQGH5LWWHUDXVJH]HLFKQHWDQ*HLVWXQG9HUP|JHQLQ
GHP%HUDXEHQHLQ]HOQHU.DXIOHXWHHLQHQVFKPlKOLFKHQXQG
XQEHGHXWHQGHQ9RUWHLOJHVXFKWKDEHQVROOWHQ:XVWHUZLW]
ZLGHUOHJWVLFKGHQQDXFKVHOEVWLQGHPHUGLH4XLW]RZIHKGHQ
HLQ]HOQDXIIKUWDXVGHUHQ$XVIKUXQJXQZLGHUOHJOLFK
KHUYRUJHKWGDHVQXUHKUOLFKH)HKGHQJHJHQEHQDFKEDUWH
)UVWHQGLH+HU]|JHYRQ0HFNOHQEXUJ6DFKVHQXQG3RPPHUQ
JHJHQGHQ(U]ELVFKRIYRQ0DJGHEXUJJHJHQGHQ*UDIHQYRQ
6FKZDU]EXUJJHJHQGLH6WlGWH%HUOLQXQG%UDQGHQEXUJXQG
JHJHQGHQ$EWYRQ/HKQLQZDUHQMDHUJLEWVRJDUGLH
9HUDQODVVXQJ]XHLQLJHQGLHVHU)HKGHQDQZHOFKHHVZHQLJVWHQV
]ZHLIHOKDIWOlWDXIZHVVHQ6HLWHGDV5HFKWJHZHVHQLVW]XPDO
ZHQQPDQGDEHLGLHDXJHQVFKHLQOLFKH3DUWHLOLFKNHLWGHU
:XVWHUZLW]VFKHQ'DUVWHOOXQJLQ%HWUDFKW]LHKW:XVWHUZLW]
EHKDXSWHW]XP%HLVSLHOGD'LHWULFKYRQ4XLW]RZGLH6WDGW%HUOLQ
RKQH(QWVDJXQJDQJHIDOOHQKDEHDOOHLQLP/DXIHVHLQHU
(U]lKOXQJ]HLJWVLFKGDHUHLQHQ$QVSUXFKDQGLHVHOEHKDWWH
ZHLOVLHLKPGLH%H]DKOXQJHLQHVYHUVSURFKHQHQ6FKXW]JHOGHV
YHUZHLJHUWH'DGHUhEHUPXWGLH4XLW]RZV]X8QJHUHFKWLJNHLWHQ
YHUOHLWHWHPDJVHLQDEHUNHLQH+DQGOXQJHQNDQQLKQHQGLH
*HVFKLFKWHQDFKZHLVHQGLHGLH5LWWHUHKUHYHUOHW]WKlWWHQ
6RZHLW5DXPHU GHQZLUKLHUDXV]XJVZHLVH]LWLHUWKDEHQ EHUGLH
4XLW]RZVFKHQ5lXEHUHLHQ$EHUDXFKGHQ9RUZXUIGHU)HORQLH
ZLOOHUQLFKWJHOWHQODVVHQXQGVRIlKUWHUGHQQIRUW
:DV]ZHLWHQVGLH%HVFKXOGLJXQJGHU:LGHUVHW]OLFKNHLWGHU
5HEHOOHQVFKDIW DQJHKWVRVLQGDXFKKLHUEHLGLH=HLWYHUKlOWQLVVH
QLHPDOVJHK|ULJEHUFNVLFKWLJWZRUGHQ:LHZDUGLH6DFKODJH"
9RQDOOHQ6HLWHQILHOHQGLH1DFKEDUQHLQGLH3RPPHUQULVVHQGLH
8FNHUPDUNGLH+HU]|JHYRQ0HFNOHQEXUJGLH3ULJQLW]GHU
'HXWVFKH2UGHQGLH1HXPDUNDEXQGJHZLZlUHGLHJDQ]H0DUN
HLQH%HXWHDQJUHQ]HQGHU)UVWHQJHZRUGHQZHQQQLFKWGLH
/DQGHVKDXSWOHXWHGHU$OWPDUN3ULJQLW]XQG0LWWHOPDUN+QHU
YRQ.|QLJVPDUFN.DVSDU*DQV]X3XWOLW] XQG/LSSROGYRQ
%UHGRZ:LGHUVWDQGJHOHLVWHWKlWWHQ$OVHQGOLFKLP-DKUH
GLH0DUNDQ.DLVHU6LJLVPXQG]XUFNILHO]HXJWHVJHZLYRQGHU
SDWULRWLVFKHQ'HQNXQJVDUWGHV/DQGHVKDXSWPDQQVYRQ3XWOLW]

GDHUVRJOHLFKQDFK8QJDUQHLOWHXPGHQ.DLVHU]XEHZHJHQ
VHOEVW GLH5HJLHUXQJLQGLH+DQG]XQHKPHQXQGHVPXWHLKQ
ZRKOVFKPHU]HQDOVHUGRUWHUIXKUGDGDV9DWHUODQGYRQQHXHP
DQHLQHQLKPJDQ]IUHPGHQHQWIHUQWHQ)UVWHQYHUKDQGHOWZHUGHQ
VROOWH1DFKGHPGHU%XUJJUDILP-DKUHLQGLH0DUN
JHNRPPHQZDUVXFKWHGHU$GHOREZRKOXQJHUQVLFKDQIDQJV
PLWLKPJWOLFK]XVHW]HQDOOHLQQRFKLQGHPVHOEHQ-DKUH
HQWVSDQQVLFKHLQ=ZLVWZHOFKHUEDOG]XHLQHPRIIHQHQ.ULHJH
DXIORGHUWH'LH8UVDFKHGHU$EQHLJXQJPRFKWHZRKOPLWGDULQ
OLHJHQGDGHUPlFKWLJH$GHOGHUZlKUHQGGHVOHW]WYHUIORVVHQHQ
-DKUKXQGHUWVVLFKGDUDQJHZ|KQWKDWWHGHQ+HUUQLP/DQGH]X
VSLHOHQXQGVHLQH5HFKWHRKQH5FNVLFKWDXIHLQHQ+|KHUHQ]X
YHUIROJHQVLFKQLFKWJHUQGXUFKHLQHQ)UVWHQEHVFKUlQNHQODVVHQ
ZROOWHGHVVHQ(QHUJLHHUEDOGHUNDQQWKDEHQPRFKWHDOOHLQ
DQGHUHUVHLWVZDUVHLQ0LWUDXHQGDGHUIUHPGH)UVWGHQ
HLQKHLPLVFKHQ$GHOXQWHUGUFNHQXQGGHQ)UDQNHQGHQ/RKQXQG
GLH(KUHGHU5HJLHUXQJGHU0DUN]XZHQGHQZHUGHQLFKW
XQJHUHFKW=XGHPPXWHGLH5LWWHUVFKDIWQLFKWPLW*UXQG
YHUPXWHQGDGHU3IDQGLQKDEHUVREDOGHU]XVHLQHP*HOGH
JHODQJWZlUHGDV3IDQGVWFNDXIJHEHQZHUGH"3DWULRWLVFKH
%HVRUJQLVVHGLHVHU$UWGDUIPDQEHLHLQHP.DVSDU*DQV]X3XWOLW]
ZRKOYRUDXVVHW]HQ8QP|JOLFKNDQQPDQGHU5LWWHUVFKDIWHLQ
9HUEUHFKHQGDUDXVPDFKHQGDVLHGLHODQJH5HLKH
JORUUHLFKHU5HJHQWHQQLFKWYRUDXVVDKZHOFKHGHUQHXH 9HUZHVHU
GXUFKGLHJ|WWOLFKH9RUVHKXQJEHVWLPPWZDUGHU.XUPDUN]X
JHEHQ$OOHVGDVPXLQ(UZlJXQJJH]RJHQZHUGHQHKHPDQ
EHUGHQQLFKWHLQHPDOWHQDQJHERUHQHQ)UVWHQMDQLFKWHLQPDO
HLQHPHLJHQWOLFKHQ/DQGHVKHUUQVRQGHUQQXUHLQHP3IDQGLQKDEHU
HQWJHJHQJHVHW]WHQ:LGHUVWDQGXUWHLOHQZLOO'LH5HGHGLHGLH
4XLW]RZVJHIKUWKDEHQVROOHQ8QGZHQQHVHLQ-DKUODQJ
1UQEHUJHUUHJQHWHVLHZROOWHQGRFK LKUH6FKO|VVHUEHKDOWHQ
]HXJW]ZDUYRQJURHPhEHUPXWHPDFKWVLHDEHUQRFKQLFKW]X
+RFKYHUUlWHUQGHQQGHUHLJHQWOLFKH.XUIUVWXQG/DQGHVKHUU
JHJHQGHQHLQFULPHQODHVDHPDMHVWDWLVEHJDQJHQZHUGHQ
NRQQWHZDULPPHUQRFKGHU.DLVHU6LJLVPXQG:lUHGHQ
*HEUGHUQ4XLW]RZJHOXQJHQZRQDFKVLHVWUHEWHQZHUP|FKWH
EHVWLPPHQZDVGDV6FKLFNVDOGHU0DUNJHZHVHQZlUH"
:DKUVFKHLQOLFK=HUVSOLWWHUXQJHLQ1HEHQ XQG'XUFKHLQDQGHUYRQ
5HLFKVVWlGWHQXQG5HLFKVULWWHUVFKDIWHQ=XP*OFNIUGLH0DUN
IU3UHXHQXQGIUGLHSROLWLVFKH*HVWDOWXQJYRQJDQ](XURSDLVW
HVGDKLQQLFKWJHNRPPHQDOOHLQGLH8UKHEHUVROFKHU(QWZUIH

N|QQHQZHQLJVWHQVDXIHLQHHEHQVRJHUHFKWH:UGLJXQJ
$QVSUXFKPDFKHQZLH)UDQ]YRQ6LFNLQJHQGHVVHQ3OlQHDXFKDXI
+HUVWHOOXQJGHVNDLVHUOLFKHQ$QVHKHQVXQGDXIHLQH(UZHLWHUXQJ
GHU5HFKWHGHV5LWWHUVWDQGHVKLQDXVJLQJHQ=XP%HZHLVH
EULJHQVZLH VHKUKLVWRULVFKH9RUXUWHLOHGD]XEHLWUDJHQN|QQHQ
XQYHUGLHQWHUZHLVHZLUNOLFKHQ1DFKWHLO]XVWLIWHQPDJKLHU]XP
6FKOXVVHKHUYRUJHKREHQZHUGHQGDDOV]XU=HLW.|QLJ)ULHGULFK
:LOKHOPV ,GLHYRQ'LHWULFKYRQ4XLW]RZDEVWDPPHQGH+DXSWOLQLH
GHU)DPLOLHDXVVWDUEGHU.|QLJEHL:LHGHUYHUOHLKXQJGHU
HUOHGLJWHQVHKUEHWUlFKWOLFKHQ/HKQHGLHEULJHQ/LQLHQQXUDXV
GHP *UXQGHEHUJLQJZHLOLKPHLQLJH*QVWOLQJHYRUVWHOOWHQ
GDGLH4XLW]RZVVLFKJHJHQVHLQH9RUIDKUHQDOV+RFKYHUUlWHU
XQG5HEHOOHQEHWUDJHQ KlWWHQXQGGLH)DPLOLHGDKHUHLQHU
%HUFNVLFKWLJXQJJDUQLFKWZHUWVHL

6R5LHGHO VR5DXPHU XQVHUHEHVWHQ6SH]LDOKLVWRULNHUGHUHQ


8UWHLOHKLQVLFKWOLFKGHU4XLW]RZ]HLWVLFKDOVRGLDPHWUDO
HQWJHJHQVWHOOHQ:HUKDWUHFKW"5LHGHOKDWUHFKWYRQ5lXEHUHLHQ
XQG)HORQLH]XVSUHFKHQDEHU5DXPHUKDWPHLQHP(UPHVVHQ
QDFKQRFKHLQYLHOJU|HUHV5HFKWEHLGHV]XEHVWUHLWHQ5LHGHO
LVWGHUJHOHKUWHUHJUQGOLFKHUH)RUVFKHU GDV0DVHLQHU.HQQWQLV
LVWZRKOYRQNHLQHPDQGHUQHUUHLFKWZRUGHQ DEHU5DXPHULVW GHU
ZHLWDXVEHGHXWHQGHUH+LVWRULNHU(UKDWGDV$XJHGHV
*HVFKLFKWVVFKUHLEHUVHUEHJUHLIWJURH9RUJlQJHZlKUHQGHVPLU
EHL5LHGHOGHVVHQ6WDQGSXQNWQLFKWKRFKJHQXJLVWXPHLQHQ
IUHLHQ%OLFN]XJHVWDWWHQ]ZHLIHOKDIWHUVFKHLQWREPDQLKQ
EHUKDXSW]XGHQ+LVWRULNHUQ]lKOHQNDQQ$XVJH]HLFKQHWHU
)RUVFKHUVHLQKHLWQRFKQLFKW+LVWRULNHUVHLQ5DXPHUEHXUWHLOW
DOOHVDXVGHU]XVFKLOGHUQGHQ=HLW5LHGHODOOHVDXVVHLQHUHLJHQHQ
=HLWKHUDXV(UZLUIW5DXPHU7HQGHQ]HQXQG9RUXUWHLOHYRU
ZlKUHQGHUVHOEHU LQ9RUXUWHLOHQVWHFNWXQGGHUVHOEHQ
3DUWHLOLFKNHLW$XVGUXFNJLEWGLHVLFKVFKRQLQ:XVWHUZLW]

$XI]HLFKQXQJHQILQGHW8QVHUHV9RONHV)KOHQVWHOOWVLFKIUHLOLFK
JDQ]DXIGLH6HLWH5LHGHOVXQGZLUGZHQQQLFKWIULPPHUVR
GRFKQRFKDXIODQJHKLQLQGLHVHU6WHOOXQJEHKDUUHQ=XGHU
2EHUDFKWGLH.DLVHUXQG5HLFKEHUGLHPlUNLVFKH)URQGH
YHUKlQJWHQNRPPWGLHVFKOLPPHUHGLHGXUFKYLHU-DKUKXQGHUWH
KLQDXFKGLH1DFKJHERUHQHQEHUGLH4XLW]RZVDXVJHVSURFKHQ
KDEHQ$EHUGLHVH9HUXUWHLOXQJLVWXQJHUHFKWXQG DOOHVZDVLFK
]XJHVWHKHQNDQQLVWGDVGDLFKGLHVH9HUXUWHLOXQJWURW]LKUHU

8QJHUHFKWLJNHLWEHJUHLIOLFKILQGH6LHKDWLKUHQ*UXQG]XQlFKVWLQ
HLQHUIDOVFKHQ)UDJHVWHOOXQJXQG]XP]ZHLWHQLQHLQHU
UKPOLFKHQDEHUGHSODFLHUWHQ/R\DOLWlWEHJOHLWHWYRQ HLQHP
XQDXVURWWEDUHQ$GHOVDQWDJRQLVPXVGHVPlUNLVFKEUJHUOLFKHQ
*HIKOV
hEHUEHLGHVQRFKHLQ:RUW
,QHLQHUIDOVFKHQ)UDJHVWHOOXQJZHLOGLH'LQJHEHVWlQGLJ
GDUDXIKLQDQJHVHKHQZHUGHQDOVREHVVLFKXPGLH)UDJHKDQGOH
ZDVYRU]X]LHKHQVHL4XLW]RZWXPRGHU+RKHQ]ROOHUQWXP"'DUXP
DEHUKDWHVVLFKVHLW)ULHVDFNXQG3ODXHILHOHQXQG.DVSDU*DQV
EHL.HW]HU$QJHUPQGHGLH6FKDUWHDXVZHW]WHQLHPHKU
JHKDQGHOWQLFKWHLQPDOEHLGHPJHGHPWLJWHQ$GHOVHOEVW0DQ
LVWHLQLJGDUEHUGDGHU6LHJGHV%XUJJUDIHQHLQ*OFNZDUXQG
GDGHU6LHJGHUDGOLJHQ2SSRVLWLRQHLQ8QJOFNJHZHVHQZlUH
'LHV=XJHVWlQGQLVNDQQDEHUGLH5HFKWVIUDJHQLFKWWDQJLHUHQ(V
ZDUGDVJXWH5HFKWGHV$GHOVYRQHLQHPQHXHQ9HUZHVHUXQG
3IDQGLQKDEHUQLFKWYLHOZLVVHQ]XZROOHQ'LHYRUDXIJHJDQJHQHQ
(UIDKUXQJHQEHUHFKWLJWHQGD]X6ROOWHQLQXQVHUHUXQGDOOHU
*HVFKLFKWHQXULPPHUGLH JHOWHQGLH]XMHGHU$QRUGQXQJRGHU
MHGHPRIIL]LHOOHQ*HVFKHKQLVMDXQGDPHQVDJHQRGHUJHVDJW
KDEHQVRZUGHQZLUVR]LHPOLFKDOOH1DPHQVWUHLFKHQPVVHQ
EHLGHUHQ1HQQXQJXQVGDV+HU]K|KHUVFKOlJW'DGHU%XUJJUDI
VLHJWHPXZLHZLUQXUZLHGHUKROHQN|QQHQDOVHLQXQHQGOLFKHU
6HJHQIU/DQGXQG9RONDQJHVHKHQZHUGHQGDPDQLKPDEHU
GDPDOV 2SSRVLWLRQPDFKWHZDUYHU]HLKOLFKYLHOOHLFKW
JHUHFKWIHUWLJW
8QGGLHVH)UDJHULFKWLJ]XVWHOOHQZlUHGHQQDXFKVLFKHUOLFK
OlQJVWJHJOFNWZHQQQLFKW XQGGDPLWJHKHQZLU]XGHP
]ZHLWHQ3XQNWEHU GLHGXUFKPHKUDOVYLHU-DKUKXQGHUWHKLQ
HWDEOLHUWH*HJQHUVFKDIW]ZLVFKHQPlUNLVFKHP$GHOXQG
PlUNLVFKHP%UJHUWXPGLHVHPDOWHQ$QWL4XLW]RZJHIKOLPPHU
ZLHGHUQHXH1DKUXQJ]XJHIKUWXQGGLHV*HIKOGDGXUFKLPPHU
DXIVQHXHEHOHEWKlWWH2EXQVHU%UJHUWXPGDEHLUHJHOPlLJLP
5HFKWXQGXQVHULPVFKOLPPVWHQ)DOOHLQJHZLVVHV
hEHUOHJHQKHLWVJHIKOKHUDXVNHKUHQGHU$GHOLPPHULP8QUHFKW
JHZHVHQLVWLVWPLU]ZHLIHOKDIWDEHUGHVWR]ZHLIHOORVHULVWHVPLU
GDGHUPlUNLVFKH%UJHUOLFKHVHLQHUPlUNLVFKHQ$GHOVDQWLSDWKLH
GXUFKDXV+HUUZHUGHQPXZHQQHUYRUKDWPlUNLVFKH
*HVFKLFKWH]XVFKUHLEHQ'LHVLVWDEHUXQVHUHP5LHGHOQLFKW

JHOXQJHQ(LQVHLQ8UWHLOVFKlGLJHQGHVEUJHUOLFKHV3DUWHLJHIKO
GDVGXUFK9HUEHXJXQJHQJHJHQGLH+RKHQ]ROOHUQXQGHLQ
XQDXVJHVHW]WHV$XILKUH6HLWH7UHWHQ DQ)UHLEOLFNQLFKWJHZLQQW
GXUFKGULQJWVHLQHJDQ]H'DUVWHOOXQJXQGPDFKWLKQWURW]
ZXQGHUYROOHU (LQ]HONHQQWQLVGHUYRQLKPEHVFKULHEHQHQ=HLW
XQIlKLJGLHVH=HLWYRQHLQHPK|KHUHQ6WDQGSXQNWDXV]X
EHWUDFKWHQ(UEHUVLHKWDXI3ULQ]LSXQG3ROLWLNKLQDQJHVHKHQ
GDDOOHVZDVGDPDOVHLQHQYRUQHKPHQ1DPHQXQGHLQ
JHVHOOVFKDIWOLFKHVXQGPRUDOLVFKHV$QVHKHQLQGHU0DUN
%UDQGHQEXUJKDWWHGHQ6WDQGSXQNWGHU4XLW]RZVWHLOWHZDV



'LHVLVWHLQPLWXQWHUVR]XP%HLVSLHODXI6 XQG6 GHU


5LHGHOVFKHQ=HKQ-DKUHVHKUVW|UHQGKHUYRUWUHWHQGHU=XJ'LHWULFK
YRQ4XLW]RZKDWWHQDFKGHPHUODQGIOFK WLJZDUHLQH.ODJHVFKULIW
DXIJHVHW]WLQGHUHUQDFK]XZHLVHQWUDFKWHWHGDGHU%XUJJUDILKP
VHLQHP%UXGHU+DQVXQGGHP.DVSDU*DQV]X3XWOLW]YHUVFKLHGHQH
=XVDJHQQLFKWJHKDOWHQKDEH5LHGHOZHLVWGLHVRKQHZHLWHUHV]XUFN
1XQPDJGLHVH=XUFNZHLVXQJE HUHFKWLJWVHLQREVFKRQLFKQLFKWOHXJQHQ
NDQQGDLFKDXFKQDFK GHU 6HLWHKLQZLHGHUVWDUNH=ZHLIHOXQWHUKDOWH
=ZHLIHOGLHZHQQLFKQLFKWLUUHYRQ5DXPHUJHWHLOWZHUGHQ5LHGHODEHU
EHKDQGHOWGLH6DFKHVRZLHZHQQLQHLQHUGHUDUWLJHQ.RQWURYHUVH
]ZLVFKHQHLQHPIUlQNLVFKHQ)UVWHQZLH)ULHGULFKYRQ1UQEHUJXQG
HLQHPPlUNLVFKHQ$GOLJHQZLH'LHWULFKYRQ4XLW]RZYRQHLQHP=ZHLIHO
EHUKDXSWJDUQLFKWGLH5HGHVHLQN|QQH+LHULQVSULFKWVLFKDEHULFK
PXHVZLHGHUKROHQHLQH*HVLQQXQJDXVPLWGHULFKGX UFKDXVQLFKWPLW
NDQQ,P0LWWHODOWHUJDOWHQ/LVWXQG9RUWHLOEHUDOOXQGGLH
)UVWOLFKNHLWHQGLHEHVWlQGLJXQGRIWPHKUDOVGLHYRQLKQHQ
%HKHUUVFKWHQ]XGHQIUDJZUGLJVWHQ0LWWHOQJULIIHQZDVGDQQ3ROLWLN
KLHHQWEHKUWHQQRFKJDQ]ZHQQPDQGHQ$XV GUXFNJHVWDWWHQZLOO
MHQHV+HLOLJHQVFKHLQHVPLWGHPZLUVLHKHXW]XWDJHJDQ]DXIULFKWLJZHLO
LPJDQ]HQJHQRPPHQZRKOYHUGLHQWXPJHEHQ(VJLEW]XU=HLWNDXP
HLQHQ)UVWHQVLFKHUOLFKQLFKWLQ'HXWVFKODQGYRQGHPZLUHLQHUOLVWLJHQ
3ILIILJNHLWRGHU=ZHLG HXWLJNHLWRGHUJDU8QHKUOLFKNHLWJHZlUWLJZlUHQ'DV
ODJDEHUGDPDOVEHUDOOLQGHU:HOWVHKUDQGHUV0DQOHVHEHLVSLHOVZHLVH
GHQ6FKOXYRQ6KDNHVSHDUHV+HLQULFK ,9 7HLO-RKDQQYRQ
/DQFDVWHU%UXGHUGHV3ULQ]HQ+HLQ]GHVVSlWHUQ+HLQULFKV 9OlGWGHQ
LPIHLQGOLFKHQ/DJHUVWHKHQGHQ(U]ELVFKRIYRQ<RUNVDPWGHQ/RUGV
+DVWLQJVXQG0RZEUD\]XHLQHU=XVDPPHQNXQIWHLQXQGOlWVLHGDQQ
VHLQ:RUWEUHFKHQG]XP7RGHIKUHQ$OOHGUHLEH]DKOHQLKU9HUWUDXHQ
PLWGHP/HEHQ8QGGRFKZDU-RKDQQYRQ/DQFDVWH UHLQ3ULQ]HLQ
.|QLJVVRKQ'LH6]HQHZLUNWZLGHUOLFKXQGYHUGLUEWHLQHPPRGHUQHQ
0HQVFKHQLQJHZLVVHP6LQQHGDVJDQ]H6WFNDEHUQRFK]X
6KDNHVSHDUHVFKHQ=HLWHQODJHVVRGDPDQDXVHLQHPWXGRU 
ODQFDVWULVFKHQ3DUWHLJHIKOKHUDXVDQGLHVHU:LGHUOLFKN HLWNHLQHQ$QVWR
QDKP

GRFKZHQQHUQLFKWJHZLOOWLVWGHQJHVDPWHQGDPDOLJHQ$GHOIU
HLQH]XIlOOLJPLW0DFKWEHIXJQLVVHQDXVJHVWDWWHWH5lXEHUEDQGH]X
KDOWHQHLQHU5HFKWIHUWLJXQJGHU)URQGH]LHPOLFKJOHLFKNRPPW(U
EHUVLHKWGHVZHLWHUHQGDGLH.ULHJIKUXQJGHU0HFNOHQEXUJHU
XQG3RPPHUQ+HU]|JHYRUDOOHPGLHGHV0DJGHEXUJHU
(U]ELVFKRIV XPNHLQ+DDUEUHLWDQGHUVZDUDOVGLHGHU4XLW]RZV
XQGLKUHV$QKDQJVXQGEHUVLHKW]XPGULWWHQGDDOOHGLH
*HQDQQWHQZHQQHVLKQHQSDWHVLFKQLFKWQXUGLUHNWGHU
4XLW]RZVFKHQ.ULHJVNXQVWXQG.ULHJVWDSIHUNHLWVRQGHUQDXFKGHU
4XLW]RZVFKHQ.ULHJVIKUXQJVIRUPHQDOVRZHQQPDQVRZLOOGHV
5lXEHUVWLOVEHGLHQWHQ(LQHUZLHGHUDQGHUH'LHVVLQGGLH
*UQGHGLHPLFKLQGLHVHP6WUHLWHDXI5DXPHUV 6HLWHWUHWHQ
ODVVHQ%HL5LHGHO QLPPWGDV%UJHUJHIKO$QVWRDQGHU
$GHOVEHUKHEXQJXQGILFKWGRSSHOWVLFKHUKLQWHUGHP6FKLOGHGHU
/R\DOLWlW5DXPHUVWHKWGUEHU5LHGHOVWHFNWGULQ(ULVWGHU5DW
YRQ+HLOEURQQGHUEHUGHQJHIDQJHQHQ*|W]YRQ%HUOLFKLQJHQ]X
*HULFKWHVLW]W

 ,QGHP]ZHLWHQ.DSLWHOGLHVHV$XIVDW]HVKDEHLFKQDFK:XVWHUZLW]


$XI]HLFKQXQJHQGLH%HVWUPXQJXQG(UREHUXQJGHU6WDGW 5DWKHQRZ
GXUFKGHQ(U]ELVFKRIYRQ0DJGHEXUJGDPDOV$OEHUWYRQ4XHUIXUW
DXVIKUOLFKJHVFKLOGHUW:DV]XMHQHU=HLWVHLWHQVGH V(U]ELVFKRIV
JHVFKDKUHSUlVHQWLHUWHLQ4XDQWXPYRQ*UDXVDPNHLWGDVGXUFKNHLQH
7DWGHU4XLW]RZVHUUHLFKWMHGHQIDOOVQLFKWEHUWURIIHQZLUG(VJDELQ
GLHVHQ)HKGHQEHUKDXSWQXU HLQH )RUPGHU$NWLRQDOOHVZDV
:XVWHUZLW]HU]lKOWJOHLFKYLHOQXQREHV GLH3RPPHUQRGHU
0HFNOHQEXUJHUGLH%LVFK|IOLFKHQRGHU(U]ELVFK|IOLFKHQGLH/QHEXUJHU
RGHU/DXHQEXUJHUZDUHQDOOHVWUlJWGHQVHOEHQ.ULHJIKUXQJVVWHPSHO
XQGHVLVWXQEHJUHLIOLFKGDGHUVHOEH0DQQ:XVWHUZLW]GHUGLHVH
PRUDOLVFKYROONRPPHQJOHLFKZHUWL JHQ.lPSIHKLQWHUHLQDQGHUDXI]lKOWGLH
YRQVHLWHQGHUHWDEOLHUWHQ0lFKWHEHJDQJHQHQhEHUJULIIHJXWKHLHQ
RGHUHQWVFKXOGLJHQRGHULJQRULHUHQGLHYRQVHLWHQGHU)URQGH
EHJDQJHQHQDEHUVRKDUWYHUXUWHLOHQNDQQ,QGHU+DQGHOVZHLVHZDU
KEHQXQGGUEHQNH LQ8QWHUVFKLHGXQGDXFKKLQVLFKWOLFKGHU
5HFKWVEHIXJQLVODJHVHLQHUVHLWVNUDIWGHVEHVWHKHQGHQ)HKGHUHFKWHV
XQGDQGHUHUVHLWVEHLGHU.RPSOL]LHUWKHLWZHLWHUHU]XU(UZlJXQJ
NRPPHQGHU)UDJHQNHLQHVZHJVVRVFKOLPPIUGLH4XLW]RZVZLHGLH
)HLQGHGHUVHOEHQ ZDKUKDEHQZROOHQ

.DSLWHO

'LHWULFKYRQ4XLW]RZDXI5KVWlGWYRQ
/DQGVNQHFKWHQHUVFKODJHQDP 2NWREHU

'LH4XLW]RZIDPLOLHWULWWPLWGHQ%UGHUQ'LHWULFKXQG-RKDQQYRQ
4XLW]RZYRPKLVWRULVFKSROLWLVFKHQ6FKDXSODW]DEXQGILQGHWYRQ
 'LHWULFKV7RGHVMDKU EH]LHKXQJVZHLVHYRQ -RKDQQV
7RGHVMDKU DQNHLQH*HOHJHQKHLWPHKULQGLH/DQGHVJHVFKLFKWH
EHVWLPPHQGHLQ]XJUHLIHQ $EHUZHQQHVGHU)DPLOLHVHLWGHP
YHUVDJWEOLHE0LWWHOSXQNWJURHUXQGDOOJHPHLQHU,QWHUHVVHQ]X
VHLQVREOLHEVLHGRFKLQLKUHPHQJHUHQSULJQLW]LVFKHQ.UHLVH
GXUFKDOOH-DKUKXQGHUWHKLQHLQ*HJHQVWDQGGHU$XIPHUNVDPNHLW
XQG7HLOQDKPH=XNHLQHU=HLWPHKUDOVLP-DKUHZR
'LHWULFKYRQ4XLW]RZDXI5KVWlGW LQGHPEHQDFKEDUWHQGHP
+DYHOEHUJHU%LVWXP]XJHK|ULJHQ'RUIH/HJGH YRQ/DQGVNQHFKWHQ
HUVFKODJHQZXUGH
'HU+HUJDQJGHUELVGLHVHQ7DJLQGHU*HJHQGIRUWOHEWZDUGHU
IROJHQGH
/DQGVNQHFKWHIQI]LJRGHUVHFK]LJ0DQQVWDUNGLHVHKU
ZDKUVFKHLQOLFKDXVNXUIUVWOLFKHP'LHQVWHQWODVVHQDXIGHP
:HJHQDFKLKUHUKDU]LVFKKDOEHUVWlGWLVFKHQ+HLPDWZDUHQZDUHQ
DP 2NWREHUXQWHU)KUXQJLKUHV+DXSWPDQQV-UJHQ
+DQQH GHUHLQ:HLEXQG]ZHL6|KQH]HKQ XQGVLHEHQMlKULJ


:LUEHJHJQHQYRQDQGHP4XLW]RZQDPHQGXUFKYLHU-DKUKXQGHUWHKLQ
XQDXVJHVHW]WLQ6WH OOXQJHQYRQ PLWWOHUHU %HGHXWXQJVHL
VLQGHU9HUZDOWXQJ
VHL
VLQGHU$UPHH:DVLKUH6WHOOXQJHQLQGHUOHW]WHUHQDQJHKWVR
EHYRU]XJWHQVLHZLHGLHPHLVWHQ$OWDGOLJHQGHU0DUNGLH7UXSSHGLHELV
GLHVHQ7DJGLHOHW]WHQ5HVWHYRQ5LWWHUPlLJHPDXFKLQ LKUHUlXHUHQ
(UVFKHLQXQJ]XZDKUHQWUDFKWHWGLHVFKZHUH5HLWHUHL:lKUHQGGHU
IULGHUL]LDQLVFKHQEH]LHKXQJVZHLVHGHULKUXQPLWWHOEDUIROJHQGHQ=HLWVWDQGHQ
GUHLSULJQLW]LVFKH4XLW]RZVDQGHU6SLW]HGUHLHU .UDVVLHUUHJLPHQWHUGDUXQWHU
GLH5HJLPHQWHUYRQ %HHUHQXQGYRQ5HLW]HQVWHLQ'HUlOWHVWHGLHVHUGUHL
.UDVVLHUREHUVWHQVWDUEQDFKIQI]LJMlKULJHU'LHQVW]HLWHKUHQYROOHQ
:XQGHQHUOLHJHQGGHU]ZHLWHGHUGULWWH,QGLHVHP$XJHQEOLFNH
VWHKHQQRFKGUHL4XLW]RZVLQGHU$UPHH6HFRQGH /LHXWHQDQWVGHU,QIDQWHULH
XQG$UWLOOHULH9HUlQGHUWH=HLWHQ

KDWWH ELVQDFK5KVWlGWJHNRPPHQXQGKDWWHQKLHUQLFKWQXU
JHSOQGHUWVRQGHUQVLFKDXFKDOOHUKDQG$XVVFKUHLWXQJHQHUODXEW
'LHWULFKYRQ4XLW]RZGHULQVHLQHU(LJHQVFKDIWDOV*XWVKHUU
YLHOOHLFKWLPVWDQGHJHZHVHQZlUHGHP8QIXJH]XVWHXHUQZDU
DEZHVHQGXQG]ZDULQ*O|ZHQZRKLQHUVLFKXPDQHLQHU-DJG
WHLO]XQHKPHQEHJHEHQKDWWH'LH5KVWlGWHULQLKUHU$QJVWXQG
%HGUlQJQLVVFKLFNWHQ%RWHQEHU%RWHQGLHQLFKWQXUGDV
*HVFKHKHQHYHUPHOGHWHQVRQGHUQDXFKXPVFKOHXQLJH5FNNHKU
XQG+OIHEDWHQHLQH%LWWHGLH'LHWULFKYRQ4XLW]RZ]XHUIOOHQ
QLFKWVlXPWH(UYHUOLHDXIGHU6WHOOHGLH*O|ZHQHU-DJGDXHU
YRQHLQHP'LHQHUQXUQRFKYRQHLQHPMXQJHQYRQ5HVWRUI
EHJOHLWHWGHULQHLQHP/HKQVYHUKlOWQLV]XGHQ4XLW]RZVVWDQG
XQGULWWDXIGDVDQGHUWKDOE0HLOHQHQWIHUQWH5KVWlGW]X/HJGH
ZDUKDOEHU:HJ$OVHUGDVJURHUHLFKH%LVFKRIVGRUI /HJGH 
SDVVLHUHQZROOWHWUDIHUDOOKLHUGLH/DQGVNQHFKWHEHUHLWVYRUGLH
PLWWOHUZHLOHGDV4XLW]RZVFKH 5KVWlGWYHUODVVHQXQGLKUHQ
3OQGHU]XJDXI/HJGH]XIRUWJHVHW]WKDWWHQ'LHWULFKYRQ4XLW]RZ
ULWWVRJOHLFKDQGHQ)KUHUKHUDQXPLKP9RUVWHOOXQJHQ]X
PDFKHQXQGGDV8QJHVHW]OLFKHVHLQHU+DQGOXQJVZHLVH
YRU]XKDOWHQ(VVFKHLQWDEHUGDGLHVWDWVlFKOLFKHLQVWULWWLJHU
3XQNWZDUXQGGDVLFKGHU/DQGVNQHFKWVKDXIHQHLQHV
NXUIUVWOLFKHQ%ULHIHVHUIUHXWHGHULKQHQGDV$QUHFKWJDE
8QWHUNRPPHQXQG9HUSIOHJXQJ]XIRUGHUQ0XWPDOLFKDXI
VROFKHV$QUHFKWJHVWW]WQDKPVLFKGHU/DQGVNQHFKWIKUHU
KHUDXVGHQUXKLJHQXQGJHPHVVHQHQ:RUWHQ'LHWULFKYRQ
4XLW]RZVEHUPWLJ]XEHJHJQHQZDVDOVGLHVH'UHLVWLJNHLW
PHKUXQGPHKULQ+RKQXQG)UHFKKHLWDXVDUWHWHGHQMXQJHQYRQ
5HVWRUIGHUDUWLJHPS|UWHGDHUGDV3LVWRO]RJXQGGHQ-UJHQ
+DQQHQLHGHUVFKR(LQXQEHUOHJWHU$NWDQGHQVLFKGHQQVRIRUW
DXFKHLQIXUFKWEDUHV0DVVDFUHNQSIWH:WHQGEHUGHQ7RG
LKUHV)KUHUVGUDQJHQGLH/DQGVNQHFKWHYRQDOOHQ6HLWHQDXI
'LHWULFKYRQ4XLW]RZHLQ]HUUWHQLKQYRP3IHUGHGXUFKVWDFKHQ
LKQPLWLKUHQ6SLHHQXQG'ROFKHQXQGDOVGDVMXQJH/HEHQWURW]
DOOGLHVHUVFKZHUHQ9HUZXQGXQJHQQLFKWHUO|VFKHQZROOWHNQLHWH
0DUJDUHWKH%UDQGHQEXUJ-UJHQ+DQQHV:HLEDXIGLH%UXVWGHV
8QJOFNOLFKHQQLHGHUXQGGXUFKVFKQLWWLKPGLH.HKOHZREHLGHU
]HKQMlKULJH6RKQLKU+OIHOHLVWHWH'HUMXQJHYRQ5HVWRUIDXI
GHQPDQHEHQIDOOVHLQGUDQJVSRUQWHVHLQ3IHUGXQGVXFKWHVLFK
GXUFK)OXFKW]XUHWWHQDEHUHUZDUGHLQJHKROWXQGLQJOHLFKHU
:HLVHZLH'LHWULFKYRQ4XLW]RZHUPRUGHW(VZDUHLQEOXWLJHU
6LHJGHU/DQGVNQHFKWHGHPIUHLOLFKHLQH1LHGHUODJHVHKUEDOG

IROJHQVROOWH'LH1DFKULFKWYRQGHP]X/HJGH*HVFKHKHQHQOLHI
LP1XGXUFKGLHJDQ]H3ULJQLW]XQGYRQDOOHQ6HLWHQKHUUFNWH
6XNNXUVKHUDQGHUDXVGHPEHQDFKEDUWHQ$GHODEHUDXFKDXV
GHUEHZDIIQHWHQ%UJHUVFKDIWGHUQlFKVWJHOHJHQHQ6WlGWH
EHVWDQG'LH/DQGVNQHFKWHZXUGHQXP]LQJHOWXQG
JHIDQJHQJHQRPPHQXQG]XNOHLQHUHP7HLODXIGHP
6FKXO]HQJHULFKW]X/HJGH]XJU|HUHP7HLOLQGHQ
6FKORJHIlQJQLVVHQ]X.OHW]NH5KVWlGWXQG3ODWWHQEXUJ
XQWHUJHEUDFKWZRQDFKPDQLKQHQGHQ3UR]HDXI0RUGXQG
/DQGIULHGHQVEUXFKPDFKWH%LQQHQYHUKlOWQLVPlLJNXU]HU=HLW
HUOHGLJWHGLH-XVWL]GDV9HUIDKUHQXQGXQWHUP $SULO
HUJLQJ8UWHLOXQG%HIHKOGHV.XUIUVWHQ-RKDQQ*HRUJDQ
2WWRYRQGHU+XGHQ/DQGULFKWHU]X3HUOHEHUJ
IHUQHUDQ
'DYLG+HLQLVFK%UJHUPHLVWHU]X3ULW]ZDON
XQGOHW]WHQVDQ
+HLQULFK/XFNH5DWVYHUZDQGWHQ]X+DYHOEHUJ
ZRQDFKGLH+LQULFKWXQJYRQ1LFNHO6DVVH DXV+DYHOEHUJ3DXO
+DUWNH DXV*VWHQ-DNRE/DXWVFK DXV.XSIHUVFKPLHGHQ
&KULVWRSK%UDXQ DXV)UDQNHQKDXVHQ3HWHU%UXQQ XQG%RWKR
+RO]KDXVHQ DXV$VFKHUVOHEHQVRZLHGHU0DUJDUHWKH%UDQGHQEXUJ
DXV6SDQGDXDQJHRUGQHWZXUGH=XP6FKOXKLHHVLQGHP
NXUIUVWOLFKHQ%HIHKOH6RZROOW,KUGHQQREJHGDFKWHVHFKV
/DQGVNQHFKWHVRZLHGHV)KUHUV:HLELQ*HPlKHLWJHIlOOWHQ
8UWHOVPLWGHP6FKZHUWHULFKWHQODVVHQXQGKHUQDFKYHURUGQHQ
GDGLH.|SIHDQGHUQ]XP$EVFKHXXQGZHJHQGHUVFKUHFNOLFKHQ
XQGXQHUK|UWHQ0RUGWDWDXI6WDQJHQJHVWHFNWZHUGHQ
'HU5HVWGHU/DQGVNQHFKWHZXUGHJHVWlXSWXQG/DQGHV
YHUZLHVHQ'LH+LQULFKWXQJJHVFKDK]X5KVWlGW
6RHQGLJWHGHUWUEVHOLJH9RUJDQJGHU]XQlFKVWLQHLQHU0RUG
XQG-DKUPDUNWVEDOODGHYHUKHUUOLFKWZXUGHGDULQQXUQRFK
VFKZDFKH1DFKNOlQJHHLQHU -DKUH]XUFNOLHJHQGHQEHVVHUHQ
%DOODGHQ]HLW]XILQGHQVLQG(LQLJH6WHOOHQEHVVHUHQ
9HUVWlQGQLVVHVKDOEHUOHLVHYDULLHUWP|JHQGLHV]HLJHQ

$OVGHU-XQNHUGDUDXIJHQ/HJGH NDP
'HQ)KUHUHULQGLH)UDJHQDKP
0LWZHV%HIHKOHQHUVHLYHUVHKQ"

'HU)KUHUDEHUEOLHEWURW]LJVWHKQ
8QGUHLFKWHGHP-XQNHUVHLQ3DWHQW
'HUQDKPHVUDVFKLQVHLQH+lQG
$XIGDHUHVOHVH'RFKZDVJHVFKLHKW"
(VNRQQWHGHQ7URW]YHUGXOGHQQLFKW
&KULVWRSKYRQ5HVWRUI XQGDOVREDOG
(UVFKLHWHUGHQ)KUHU'DPLW*HZDOW
(LQGULQJHQGLH.QHFKWHPLW6SLHXQG6FKZHUW
8QG]HUUHQGHQ-XQNHUKHUDEYRP3IHUG
8QGGHV)KUHUV:HLE XQGLKU%XEHPLW 
6LHUDXIWLKQXQGPLWGHQ6FKXKHQLKQWULWW
%HVVHUDOVGLHVH%DOODGHZDUHQGLHYHUVFKLHGHQHQ0RQXPHQWHGLH
GHP$QGHQNHQ'LHWULFKYRQ4XLW]RZVHUULFKWHWZXUGHQ
(LQVLQ6DQGVWHLQDXVJHIKUWHUKHEWVLFKELVGLHVHQ7DJLQGHU
'RUIVWUDH]X/HJGHMXVWDQGHU6WHOOHZRGHU0RUGYHUEW
ZXUGH'DV'HQNPDOLVWVHKUVWDWWOLFKXQGYRQHLQHPEHUDXV
JHVFKPDFNYROOHQ$UUDQJHPHQWGDVDXIVQHXHGHQKRKHQ6WDQG
GHVGDPDOLJHQ EHVWH5HQDLVVDQFH]HLW .XQVWKDQGZHUNV]HLJW
'DV*DQ]HKDWHLQH+|KHYRQHWZDIQI]HKQ)XXQGJOLHGHUWVLFK
LQ8QWHUEDX6RFNHOXQG1LVFKHPLWVHLWOLFKHU6lXOHQHLQIDVVXQJ
VDPWHLQHPQDFKREHQKLQDEVFKOLHHQGHQXQGPLWHLQHP
&KULVWXVNRSIDXVJHVWDWWHWHQ5XQGERJHQDXIVDW],QGHU1LVFKH
VWHKW'LHWULFKYRQ4XLW]RZLQJDQ]HU)LJXUJHKDUQLVFKWGHQ+HOP
]XVHLQHQ)HQGLH6lXOHQUHFKWVXQGOLQNVPLW:DSSHQJH]LHUW
'HU6DQGVWHLQVRFNHODEHUWUXJDOV,QVFKULIWGLH%DOODGHGDUDXV
YRUVWHKHQGHLQLJH6WURSKHQYRQPLUPLWJHWHLOWZXUGHQ
6RGDV'HQNPDOLQGHU'RUIVWUDH]X/HJGHGDVVLFKLQGHU
.LUFKH]X5KVWlGW LPZHVHQWOLFKHQZLHGHUKROWQXUPLWGHP
8QWHUVFKLHGHGDVLFKGDV0DWHULDO 0DUPRUXQG$ODEDVWHUVWDWW
6DQGVWHLQ XQGPLWLKPGLH%LOGKDXHUDUEHLWLQVRQGHUKHLWGLHGHU
6lXOHQXQGGHV$XIVDW]HVXPYLHOHVUHLFKHUXQGNQVWOHULVFK
GXUFKJHIKUWHUHUZHLVW$XFKGLH,QVFKULIWLVWHLQHDQGHUH6WDWW
GHU9HUVHVLQG%LEHOVSUFKHGDGHQHQNXU]H1RWL]HQEHU/HEHQ
XQG7RG'LHWULFKVYRQ4XLW]RZYRUDXVJHKHQ6LHODXWHQ$QQR
LVWGHUHGOHJHVWUHQJHXQGHKUHQIHVWH'LHWULFK YRQ4XLW]RZ
DXI5KVWlGWHUEVHVVHQ 'LHWULFKVYRQ4XLW]RZZHLODQG
+DXSWPDQQDXI6FKOR/HQ]HQ6RKQ LP'RUIH/HJGHGHQ
 2NWREHUYRQHLQHP+DXIHQWUXQNHQHU/DQGVNQHFKWH

XQVFKXOGLJHUZHLVHHUVFKODJHQIROJHQGHQ7DJHVKLHUKHUJHQ
5KVWlGWJHEUDFKWXQGGHQ 1RYHPEHULQGLHVHU.LUFKHQLQ
YRONUHLFKHU9HUVDPPOXQJHKUOLFKHU XQGFKULVWOLFKHUZHLVH]XU
(UGHEHVWDWWHWZRUGHQ*RWWYHUOHLKHLKPXQGXQVDOOHQHLQH
IU|KOLFKH$XIHUVWHKXQJ-HVDLDV.DSLWHO $EHUGHU*HUHFKWH
NRPPWXPXQGQLHPDQGLVWHVGHUHV]X+HU]HQQHKPH'HQQ
GLH*HUHFKWHQZHUGHQZHJJHUDIIWYRUGHP8QJOFN
$XHUGLHVHP0RQXPHQWUHFKWVQHEHQGHU.DQ]HOLVWLQGHU
.LUFKH]X5KVWlGWDXFKQRFKGHUEHVRQGHUVZRKOHUKDOWHQH
VFK|QJHDUEHLWHWH0DUPRUJUDEVWHLQ 'LHWULFKYRQ4XLW]RZV
YRUKDQGHQVRGDZDVGHPEHUKPWHQ 'LHWULFKYRQ4XLW]RZDQ
%LOGXQG+XOGLJXQJEHUGDV*UDEKLQDXVYHUVDJWEOLHEGHP
XQEHUKPWHQLQUHLFKHP0DH]XWHLOZXUGH'LH/HJHQGHGLHVHV
*UDEVWHLQVGLH ZHLOGDVQHEHQVWHKHQGH0DUPRU XQG
$ODEDVWHUPRQXPHQWDOOHV HU]lKOW GLH8UVDFKVHLQHV7RGHV
YHUVFKZHLJHQ]XGUIHQJODXEWODXWHWHLQIDFK$QQRGHQ
 2NWREHULVWGHUJHVWUHQJHXQGHKUHQIHVWH'LHWULFKYRQ
4XLW]RZ 'LHWULFKV6RKQ DXI5KVWlGWHUEJHVHVVHQLQ*RWWVHOLJ
HQWVFKODIHQ'HU YHUOHLKHLKPHLQHIU|KOLFKH$XIHUVWHKXQJ

hEHUKDXSWZLHKLHUKLQ]XJHIJWZHUGHQPDJLVWGLH.LUFKH]X
5KVWlGWGLHYRQlOWHVWHU=HLWDQGLH5XKVWlWWH GDKHUGHU1DPH 
GHU4XLW]RZIDPLOLHZDUUHLFKDQ0RQXPHQWHQXQG*UDEVWHLQHQ
ZHQQGLHVHOEHQDXFKQLFKWDQQlKHUQGGHU=DKOGHUHU
HQWVSUHFKHQGLHKLHULP/DXIHYRQYLHOOHLFKW -DKUHQ
EHLJHVHW]WZXUGHQ
6REHILQGHWVLFKQHEHQGHP*UDEVWHLQGHVHUPRUGHWHQ
'LHWULFKYRQ4XLW]RZQRFKHLQVFK|QHU'RSSHOJUDEVWHLQ0DQQ
XQG)UDXHLQHVXPHLQ0HQVFKHQDOWHUZHLWHU]XUFNJHKHQGHQ
'LHWULFKYRQ4XLW]RZ IDVWDOOH4XLW]RZVKLHHQ'LHWULFK GHVVHQ
/HJHQGHODXWHW$QQR'RPLQLGHQ 2NWREHULVWGHUHGOH
JHVWUHQJHHKUHQIHVWH'LHWULFKYRQ4XLW]RZ-UJHQVVHOLJHU6RKQ
HUEJHVHVVHQ]X.OHW]NH5KVWlGW(OGHQEXUJ9RJWVKDJHQ
FKULVWOLFKLQ*RWWHQWVFKODIHQXQGHUZDUWHWDOOKLHUGHUIU|KOLFKHQ
$XIHUVWHKXQJ$PHQ6HLQHV$OWHUV /,9

'LHVHUVHOELJHKDWDXFKQRFKHLQ0RQXPHQWGDV ZLHYRUGHP
$OWDUGLH*UDEVWHLQH EHLGHUULYDOLVLHUHQ VRQHEHQGHU.DQ]HO
PLWGHP(SLWDSKLXP GHVHUVFKODJHQHQ'LHWULFKYRQ4XLW]RZ
DQNQVWOHULVFKHU7FKWLJNHLWZHWWHLIHUW0DWHULDO$XIEDX*U|H
VLQGGLHVHOEHQDEHUGDVQHXQXQGVHFK]LJHU0RQXPHQWLVWGHP
GUHLXQGQHXQ]LJHUQRFKEHUOHJHQXQG]ZDUQLFKWEORDQ
6FKPXFNVRQGHUQDXFKDQ6FK|QKHLW(VHUIUHXWVLFKHEHQIDOOV
HLQHUODQJHQ,QVFKULIWGHULFKIROJHQGHFKDUDNWHULVWLVFKH=HLOHQ
HQWQHKPH

'LHWULFK DXVDGOLJHP*HVFKOHFKW
'HU4XLW]RZHQJHERUHQHFKW 
%HL-UJHQVHLQHP9DWHUZHUW
%HJUDEHQUXKWKLHULQGHU(UG
(UOLHEWH*RWWHVIXUFKW YRUDOO'LQJ
&KULVWRDOOHLQPLW*ODXEHQDQKLQJ
'HP3ULHVWHUVWDQGHWDWVHLQ
(KU
:HOFKHVDQGHUHQZHUGHLQH/HKU
8QGVRLQYLHOHQ5HLPHQZHLWHU'DV*DQ]HVLFKWOLFKGHU(UJX
HLQHVPLWVHLQHU*HPHLQGHYLHOOHLFKWDXFKPLWVHLQHPQHXHQ
3DWURQDXIGHP .ULHJVIXHOHEHQGHQ(LIHUHUV
'UHLQRFK lOWHUH4XLW]RZ*UDEVWHLQHVWHKHQDXIUHFKWLQGHU
5KVWlGWHU&KRUQLVFKH'HUlOWHVWHGDWLHUWYRP-DKUH
1HEHQLKPHUKHEWVLFKGHUHLQHU3ULRULQRGHUbEWLVVLQYRQ4XLW]RZ
QLFKW6NXOSWXUVRQGHUQ7HPSHUDELOGDXI 6WHLQ XQGJHJHQEHU
HLQGULWWHU*UDEVWHLQDXVGHP-DKUH'LHVHUZlKUHQGVLH
GHQEHLGHQDQGHUHQIHKOWKDWHLQH,QVFKULIW$QQR'RPLQL
GHQ'RQQHUVWDJQDFK0DUWLQLLVWJHVWRUEHQGHUHKUEDUHXQG
HKUHQIHVWH'LULFNHYRQ4XLW]RZGHU2OGHGHP*RWWJQlGLJXQG
EDUPKHU]LJVHL

*UDEVWHLQHGLHELVYRU ]XUFNJHKHQXQGEHUGLH4XLW]RZV
GHU4XLW]RZ]HLWRGHUGRFKZHQLJVWHQVLKUHU.LQGHUXQG(QNHO
HLQLJHZQVFKHQVZHUWH'DWHQJHEHQN|QQWHQVLQGQLFKWGD 'D
-RKDQQYRQ4XLW]RZ VHLQH5XKHVWlWWHKLHUJHIXQGHQLVWQLFKW
HUZLHVHQDEHUDXFKQLFKWDXVJHVFKORVVHQ



'HVWRUHLFKHULVWGLH.LUFKH]X5KVWlGWDQLQWHUHVVDQWHQHLQHU VSlWHUHQ =HLW


DQJHK|ULJHQ0RQXPHQWHQXQG%LOGZHUNHQGLHZHLOLQGHU0HKU]DKOGXUFK
EHVRQGHUH6FK|QKHLWDXVJH]HLFKQHW DQGLHVHU6WHOOHJHQDQQWZHUGHQP|JHQ
REVFKRQVLHMHGHU%H]LHKXQJ]XGHQ4XLW]RZVHQWEHKUHQ$OOHJHK|UHQ
QlPOLFKGHU -DJRZ]HLW DQ GHU=HLWGHU MHW]LJHQ %HVLW]HUYRQ4XLW]|ZHOXQG
5KVWlGW GLHPLWGHP-DKUHEHJLQQW(LQ0RQXPHQWLQ)RUPHLQHU
DXVGHU.LUFKHQZDQGYRUVSULQJHQGHQ7HPSHOIDoDGHJHPDKQWGDQNEDUDQ
GHQGHUEHUXIHQZDUGHQ -DJRZHLQ]XJDQGLHVHUDOWHQ 4XLW]RZ VWHOOH
KHUEHL]XIKUHQ(VZDUGLHV7KRPDV*QWKHUYRQ-DJRZDXI$XORVHQ'LH
GLHVHPJHOWHQGH7HPSHOLQVFKULIWODXWHW'HPYHUHK UXQJVZUGLJHQ$QGHQNHQ
GHVKRFKZRKOJHERUHQHQ+HUUQ7KRPDV*QWKHUYRQ-DJRZ(UEKHUUQDXI$OW 
+DXV$XORVHQJHERUHQGHQ -XOLXQGDOVGHUOHW]WHGHU$XORVHQVFKHQ
/LQLHJHVWRUEHQDP -XOLZLGPHQGLHV'HQNPDO0DJGDOHQH&KDUORWWH
YRQ-DJRZ JHERUHQHYRQ%LVPDUFNXQG*HRUJ2WWR)ULHGULFKYRQ-DJRZDXI
5KVWlGW'LHVHU* 2 )YRQ-DJRZ9HWWHURGHU1HIIHGHVNLQGHUORVHQ
7KRPDV*QWKHUYRQ-DJRZDXI$XORVHQZDUGHU(UEHGHV/HW]WJHQDQQWHQ(U
YHUGDQNWHGDVHLQHU'RUIWUDGLWLRQQDFKZHQLJHU VHLQHUQDKHQ9HUZDQGWVFKDIW
DOVHLQHP$NWHULWWHUOLFKHU*HVLQQXQJ7KRPDV*QWKHUYRQ-DJRZYHUPlKOWH
VLFKLQVHLQHP$OWHUQRFKPLW&KDUORWWHYRQ%LVPDUFN'HU5XIGHUVFK|QHQ
MXQJHQ)UDXZXUGHYHUGlFKWLJWZDVGHP9HWWHU*HRUJ2WWR)ULHGULFKYRQ
-DJRZ9HUDQODVVXQJJDEGHQ9HUOHXPGHUVHLQHU$QYHUZDQGWHQ]XP
=ZHLNDPSIKHUDXV]XIRUGHUQ'LHVJHZDQQLKPGDV+HU]GHV$OWHQGHUQXQ
GDKLQWHVWLHUWHGDVHLQHU)UDXGDV%DUYHUP|JHQGHP9HWWHUDEHUGHU
*WHUEHVLW]]XIDOOHQVROOH1DFKGHP7RGHGHVVR7HVWLHU HQGHQNDPHV]XP
(KHEQGQLV]ZLVFKHQ9HWWHUXQG0XKPHZDVGDQQHUIUHXOLFKHUZHLVHGDV
NDXPJHWHLOWH*HVDPWYHUP|JHQZLHGHU]XVDPPHQEUDFKWH5KVWlGWZXUGH
JHNDXIWXQGGDV0RQXPHQWLQ'DQNEDUNHLWHUULFKWHW :DVVLFKVRQVWQRFKDQ
PRGHUQHPNQVWOHULVFKHQ6F KPXFNLQGHU5KVWlGWHU.LUFKHEHILQGHWVLQG
]XQlFKVW]ZHL0DUPRUEVWHQDXI3IHLOHUQRGHU6lXOHQYRQVFKZDU]HP0DUPRU
XQGIHUQHUHLQ0DUPRUUHOLHI'LHEHLGHQ%VWHQYRQ3URIHVVRU:LFKPDQQXQG
3URIHVVRU&DXHUKHUUKUHQGVLQG%LOGQLVVHGHV*HRUJ2WWR)ULH GULFKYRQ
-DJRZJHVWRUEHQXQGGHV)ULHGULFK7KRPDV$FKDW]YRQ-DJRZ
JHVWRUEHQ'DV 0DUPRUUHOLHI YRQ'UDNH JHIHUWLJWXQGYRQJDQ]
EHVRQGHUHU6FK|QKHLW VHOEVWXQWHU'UDNHV:HUNHQQRFKKHUYRUUDJHQG LVW
GHP$QGHQNHQGHUIUKYHUVWRUEHQHQ %HUWKDYRQ-DJRZYHUPlKOWHYRQ
GHU6FKXOHQEXUJJHZLGPHW(VVWHOOWHLQHVFK|QHMXQJH)UDXGDUGLHPLW
GHP$XVGUXFNVWLOOHQ*OFNHVDXILKU.LQGEOLFNWGDVLKUGHU0XWWHUHLQ
NOHLQHV.UX]LIL[UHLFKW6LHVWDUEMXQJPLW]ZHLXQG]ZDQ]LJ-DKUHQXQGZDU
HLQH6FKZHVWHUGHVJHJHQZlUWLJHQ%HVLW]HUVYRQ5KVWlGW

.DSLWHO

'LH(OGHQEXUJHU4XLW]RZV4XLW]RZGHU
-XGHQNOHPPHUVHLQ6RKQXQGVHLQ
(QNHO
4XLW]|ZHOXQG5KVWlGW6WDYHQRZXQG.OHW]NH ZDUHQ
DOWTXLW]RZVFKHU%HVLW]]XGHPVLFKLQ0DUNJUDI:DOGHPDUV
7DJHQDXFKQRFKGLHJDQ]LP1RUGZHVWHQGHU3ULJQLW]JHOHJHQH
YRQ]ZHL$UPHQGHVNOHLQHQ(OGHIOXVVHVHLQJHVFKORVVHQHXQG
QDFKHEHQGLHVHP)OXVVHEHQDQQWH(OGHQEXUJJHVHOOWH:LU
HUZlKQWHQLKUHUVFKRQLQHLQHU*UDELQVFKULIWLPYRULJHQ.DSLWHO
'LHVH(OGHQEXUJZHFKVHOWHGUHLPDOLKUH*HVWDOW=X%HJLQQGHV
 -DKUKXQGHUWVHUULFKWHWXQGYRQGHQ4XLW]RZVDXI.OHW]NH
4XLW]|ZHOXQG5KVWlGW RGHUGRFKYRQGHU9HWWHUVFKDIW
GHUVHOEHQ ]HLWZHLOLJEHZRKQWVWDQGGLH%XUJGLHVHV1DPHQV
XQG]ZDULQLKUHUXUVSUQJOLFKHQ*HVWDOWELV,QGLHVHP
-DKUHZDUVLHGHUDUWXQEHZRKQEDUJHZRUGHQGDPDQDQLKUH
$EWUDJXQJJLQJXQGDXVLKUHQ6WHLQPDVVHQHLQQHXHV6FKOR
KHUVWHOOWH'LHVKLHOWVLFKGXUFKIDVWGUHL-DKUKXQGHUWHKLQXQG
 'LH.LUFKH]X .OHW]NH QLFKWVRZ RKOHUKDOWHQZLHGLH]X5KVWlGWZDU

QRFKXPUHLFKDQ4XLW]RZ *UDEVWHLQHQXQG4XLW]RZ 0RQXPHQWHQ


$QLKUHU)OOHOLHVLFKHUNHQQHQGD.OHW]NHGXUFK-DKUKXQGHUWHKLQ
PLW4XLW]|ZHOXQG5KVWlGWDQ%HGHXWXQJJHZHWWHLIHUWMDEHLGHYLHOOHLFKW
EHUWURIIHQKDWWH'DQHXHUH+LVWRULNHULP*HJHQVDW]H]X.O|GHQ
GDYRQDXVJHKHQ'LHWULFKXQG-RKDQQYRQ4XLW]RZVHLHQQLFKW]X
4XLW]|ZHOVRQGHUQ]X.OHW]NHJHERUHQZRUGHQKDEHLFKVFKRQDQ
DQGHUHU6WHOOHKHUYRUJHKREHQ8PGLH0LWWHGHVYRULJHQ-DKUKXQGHUWV
EHIDQGVLFKQRFKHLQHYRQ$QQDYRQ4XLW]RZGHP*HGlFKWQLVLKUHU
%UGHUXQG6FKZHVWHUQHUULFKWHWH%UHWWHUZDQGLQGHU.LUFKHZRUDXIQHXQ
)LJXUHQ YLHU0DQQV  XQGIQI:HLEVELOGHUZLH%HNPDQQVFKUHLEW LQ
7HPSHUDIDUEHQJHPDOWZDUHQ$OOHGLHVH)LJXU HQWUXJHQ8QWHUVFKULIWHQ
YRQGHQHQGLH0HKU]DKOLP-DKUHQRFK]XOHVHQZDU $QWRQLXV YRQ
4XLW]RZZDUEHLHLQHP)HXHUXPJHNRPPHQ .|QH YRQ4XLW]RZLQHLQHU
6FKODFKWLQ)UDQNUHLFKJHIDOOHQ$OOGLHVLVWMHW]WIRUWXQGQXU]ZHL
*UDEVWHLQHVLQGJHEOLHEHQ /HW]WHUHJHOWHQGHP$QGHQNHQ 'LHWULFKV YRQ
4XLW]RZJHVWRUEHQ LKPJHZLGPHWYRQ $FKDW] YRQ4XLW]RZ ZLH
GHP$QGHQNHQ 3KLOLSSV YRQ4XLW]RZJHVWRUEHQXQGHULQQHUQ
OHEKDIWDQGLHEHLGHQLQXQVHUHPYRULJHQ.DSLWHODXVIKUOLFKHU
EHVFKULHEHQHQ4XL W]RZ'HQNPlOHUYRQXQGLQGHU.LUFKH]X
5KVWlGW

ELOGHWHPLWVHLQHQWLHILQGDV'DFKVLFKHLQVHQNHQGHQ*LHEHOQXQG
GHQIQI6SLW]HQVHLQHV7XUPHVHLQHQ6FKPXFNGHU*HJHQG$P
*UQGRQQHUVWDJHDEHUZXUGHGLHVH+HUUOLFKNHLW]XGHUDXFK
VRYLHO)HQVWHUZLH7DJHLP-DKUHJHK|UWHQGXUFKHLQHQ
IXUFKWEDUHQ%UDQG]HUVW|UWXQGZDVVLFKMHW]WQRFKDQ6WHOOHYRQ
%XUJEH]LHKXQJVZHLVH6FKOR(OGHQEXUJHUKHEWLVWHLQ
YHUKlOWQLVPlLJNOHLQHVXQGVFKPDOHV*HElXGHPLWJODWWHP
=LHJHOGDFKXQGHLQHPYLHUHFNLJHQGLFNHQXQG]LHPOLFKKRKHQ
7XUPHGDUEHU 'LHVHU7XUPMHW]W+RIXKUXQG7DXEHQVFKODJ
EHKHUEHUJHQGLVWQRFKHLQ5HVWGHVXUVSUQJOLFKHQlOWHVWHQ
%DXHVLQGHPVLFKXQWHUDQGHUHPDXFKGHULQGHUJDQ]HQ3ULJQLW]
EHNDQQWH4XLW]RZVWXKOEHILQGHWHLQJURHV+XIHLVHQGDV
4XLW]RZGHU-XGHQNOHPPHU]X%HJLQQGHV-DKUKXQGHUWVLQ
GLH0DXHUHLQIJHQOLH=XZHOFKHP=ZHFNHVROOLQ
QDFKVWHKHQGHPHU]lKOWZHUGHQ

8PVD.XQR+DUWZLJYRQ4XLW]RZPLWGHP=XQDPHQGHU
-XGHQNOHPPHUDXIGHU(OGHQEXUJ(VZDUGLHVHOEH=HLWLQGHU
VLFKGLH-XGHQLQGHU0DUNEHVRQGHUVDEHULQGHU$OWPDUNGXUFK
.XUIUVW-RDFKLP ,YHUIROJWVDKHQXQGQDFK0HFNOHQEXUJ
/QHEXUJXQG+DPEXUJIOFKWHWHQ$OOHGLHVHPXWHQDQGHU
(OGHQEXUJYRUEHU:HQQVLHQXQ]XP6FKODJEDXPEHLP
'DPP]ROONDPHQOLH4XLW]RZIUGLH:HJHUODXEQLVHLQHQ
*ROGJXOGHQYRQLKQHQIRUGHUQXQGMHGHQGHUVLFKGLHVHQ
*ROGJXOGHQ]X]DKOHQZHLJHUWHQDFKGHP7XUPHVFKOHSSHQ



9RQGHU(OGHQEXUJ LQVHLQHUJHJHQZlUWLJHQ*HVWDOWZLHYRQIDVWDOOHQ
6FKO|VVHUQ.LUFKHQXQG'HQNPlOHUQGLHGLHVHU4XLW]|ZHO $XIVDW]JHQDQQW
KDWKDW+RISKRWRJUDSK 'DYLG6FKZDQ] 3RWVGDPHU3ODW] (LQJDQJ%HOOHYXH 
6WUDH  GLHYHUVFKLHGHQVWHQ%LOGHUDQJHIHUWLJWXQGGLH*HVDPWKHLW
GHUVHOEHQ]XHLQHP$OEXP]XVDPPHQJHVWHOOW (VEHILQGHQVLFKGDUXQWHUGLH
:XQGHUEOXWNLUFKH]X:LOVQDFNLQYLHU$XIQDKPHQ(LQ]HOQKHLWHQDXVGHU
.LUFKH%LOGQLVGHV+DYHOEHUJHU%LVFKRIV-RKYRQ:HSHOLW]%OLFNYRQ
4XLW]|ZHODXIGLH(OEH6FKOR4XLW]|ZHOGLH.LUFKHYRQ4XLW]|ZHOGLH5XLQHQ
GHU4XLW]RZEXUJLQ.OHW]NHGLH.LUFKH]X.OHW]NHYHUVFKLHGHQH
4XLW]RZHSLWDSKLHQLQGHU.LUFKH]X.OHW]NHGLH.LUFKH]X5KVWlGW
4XLW]RZHSLWDSKLQGHU.LUFKH]X5KVWlGW0DUPRUELOGQLVVHGHU)DPLOLHYRQ
-DJRZHEHQGDVHOEVW4XLW]RZGHQNPDODXIGHU'RUIVWUDH]X /HJGHGLH
(OGHQEXUJEHL/HQ]HQGHU4XLW]RZWXUPLQGHU(OGHQEXUJ6FKOR3ODXHGDV
.UHX]DP.UHPPHU'DPPGHU0DUNWSODW]]X$QJHUPQGHXQGDQGHUHV
PHKU

GHPVHOEHQ7XUPHGHUMHW]WQRFKVWHKW'RUWJLQJHVDXIODQJHU
/HLWHU]XGHUHKHPDOLJHQ7UPHUVWXEHKLQDXILQZHOFKHU6WXEH
.XQR+DUWZLJYRQ4XLW]RZHLQHHEHQVRVLQQUHLFKHZLHSULPLWLYH
GHQ6SDQLHUQEHLGHQHQHUJHGLHQWDEJHOHUQWH0DUWHUVWlWWH]XU
(USUHVVXQJGHV-XGHQ:HJHJHOGHVKHUJHULFKWHWKDWWH7LHILQGDV
0DXHUZHUNZDUZLHVFKRQLQ.U]HKHUYRUJHKREHQHLQJURHV
+XIHLVHQHLQJHODVVHQ$XIGLHVHVNDPGHUJHIDQJHQH-XGHGHUDUW
]XVLW]HQGDQXUGLH)XVSLW]HQGHQ%RGHQHUUHLFKWHQhEHUGLH
.QLHZXUGHLKPHLQHVWDUNH(LVHQVWDQJHJHSUHWGLHUHFKWVLQ
HLQHU$QJHOJLQJXQGQDFKOLQNVKLQLQHLQH.UDPSHJULIIYRUGLH
PDQQXQHLQ6FKOROHJWH:DVGDQQVFKOLHOLFKGLH0DUWHU
YHUYROOVWlQGLJWHZDUGDGLHJHVSUHL]WHQ$UPHGHV
8QJOFNOLFKHQPLWWHOVWHLQHVKDOENUHLVI|UPLJHQ(LVHQVDQGLH
+LQWHUZDQGJHVSDQQWZXUGHQ'LHVDOOHVKLHGLH
-XGHQNOHPPH'DULQVDGHUZLOONUOLFK9HUXUWHLOWHPXWH
KXQJHUQXQGGXUVWHQXQGVRQVWLJH/HLEHVTXDODXVKDOWHQELVHU
VLFK]XP=DKOHQEHUHLWHUNOlUWH'LH4XDOZDUXPVR
VFKUHFNOLFKHUDOVQXUHLQPDODP7DJHLQ.QHFKWRGHU6FKOLHHU
HUVFKLHQXQGQDFKVDKREGHU*HIDQJHQHVLFKQXQYLHOOHLFKW
EHTXHPHQZHUGHVHLQHQ*ROGJXOGHQ]X]DKOHQ
$XIVROFKH:HLVHNDP4XLW]RZ]XYLHOHP*HOGHELVHUQDFKGHP
HU
VMDKUHODQJJHWULHEHQHUIDKUHQVROOWHGDHLQK|FKVWHU+HUU
XQGJHUHFKWHU5LFKWHUZDUWHGHUXQVDXFKLP*HOLQJHQXQVHUHU
0LVVHWDWRIWQRFK]XWUHIIHQXQGKHLP]XVXFKHQZHL
.XQR+DUWZLJVWDQGHLQHV7DJHVVHOEVWDP6FKODJEDXPDOVHLQ
DOWHU-XGHPLWVHLQHU7RFKWHUKHUDQVFKULWW'HU:lFKWHUIRUGHUWH
]ZHL*ROGJXOGHQ:HJHJHOGXQGZLHVDOVGHU-XGHVLFKZHLJHUWH
]X.XQR+DUWZLJKLQEHUXQGVDJWH:ROOW,KUHVDQGHUVVR
ZHQGHW(XFKDQGHQ+HUUQGD'DQHLJWHVLFKGHUDOWH-XGHYRU
GHP5LWWHUXQGEDWLKQLKPGDV=ROOJHOGHUODVVHQ]XZROOHQ,FK
ELQNHLQ.DXIPDQQLFKELQGHU5DEELYRQ6WHQGDOXQGGLHQWHGHQ
ZHQLJHQDXV PHLQHP9RONGLHWURW]GHV.XUIUVWHQKDUWHP
*HERWLQGHU6WDGWGLHVLHQlKUWH]XUFNJHEOLHEHQZDUHQ-HW]W
VLQGDXFKGLHOHW]WHQYRQPHLQHU*HPHLQGHIRUWXQGLFKZLOO
LKQHQQDFK]LHKHQ
'HU4XLW]RZDEHUDOVHUVROFKHVYHUQDKPK|KQWHQXUXQGVFKULH
9HUUXFKWHUGXGHUGXGHQ.XUIUVWHQEHWURJHQKDVW*HERWHU
QLFKWDOOHQ-XGHQDXV6WHQGDO]XZHLFKHQ"8QGGXKDVWHV
JHZDJWGD]XEOHLEHQXQGZHLWHU]XOHKUHQLQHXUHUVFKlQGOLFKHQ

:HLVH*XWGDLFKVHOEHUKLHUELQGLFK]XIDQJHQ,FKZHUGH
GLFK]X GHP+HUUQ.XUIUVWHQVFKLFNHQXQGGHUVROOEHUGLFK
ULFKWHQODVVHQ
'DILHOGHU-XGHYRUGHP6FKHOWHQGHQDXIGLH.QLHGHUGHQQDXFK
YHUVSUDFKLKQIUHL]LHKHQODVVHQ]XZROOHQZHQQHUKXQGHUW
*ROGJXOGHQ]DKOH6RQVWPVVHHULQGLH.OHPPH
+HUU LFKEHVLW]HQLFKWVDOVGDV%URWGHU7UEVDOGDVPHLQH
7RFKWHULP7XFKYRQ6WHQGDOPLWJHQRPPHQKDW%LV'|PLW]
JHGDFKWHQZLUKHXWH]XNRPPHQ'DZDUWHQXQVHUHUHWOLFKHDXV
GHP9RONH
4XLW]RZVDQQHLQH:HLOHQDFKXQGVDJWHGDQQZlKUHQGHUVLFK
DQGHV-XGHQ7RFKWHUZDQGWH/DXI'LUQHODXIVFKQHOOXQGVDJH
GHLQHQ/HXWHQLQ'|PLW]GDVLHGHLQHQ9DWHUPLWKXQGHUW
*ROGJXOGHQYRQPHLQHP6WXKOHKHUXQWHUKROHQVROOHQ(VVLQG
VLFKHUGRUWHLQLJHGLHPHLQHQ6WXKOYRP+|UHQVDJHQNHQQHQ
RGHUZRKOJDUDXV(UIDKUXQJXQGVFKRQDXILKPJHVHVVHQKDEHQ
6LHZHUGHQJHUQH]DKOHQDXIGDLKQHQGHU5DEELQLFKW
YHUORUHQJHKW
8QGGDPLWWULHEHUGDV0lGFKHQDXI'|PLW]]XZlKUHQGHUGHQ
5DEELQDFKGHP7XUPVFKOHSSWH
'DVDQXQGHUDOWH5DEELYRQ0RUJHQELV$EHQGXQGDOV4XLW]RZ
NDPXQGQDFKVDKYHUQDKPHUQXUZLHGHU$OWHEHWHWH$QGHQ
:DVVHUQ]X%DEHOVDHQZLUXQGZHLQHWHQZHQQZLUDQ=LRQ
JHGDFKWHQ8QGDOVHUGDVK|UWHZXUGHGHP4XLW]RZ
XQKHLPOLFKXQGHLQ=LWWHUQEHILHOLKQXQGHUVWLHJVRUDVFKHU
NRQQWHGLH/HLWHUZLHGHUKLQDEYRQGHUDXVHUGHQDOWHQ-XGHQ
EHREDFKWHWKDWWH
7DJVGDUDXINDPHUZLHGHUXQGK|UWHZLHGHUGDV6LQJHQXQG
%HWHQXQGDOVDPGULWWHQ7DJHGLH-XGHQWRFKWHUQRFKLPPHU
QLFKWGDZDUEHILHOGHQ4XLW]RZHLQLKPVRQVWIUHPGHUXQG
LPPHU ZDFKVHQGHU6FKUHFNHQXQGHUEHVFKORHLQHQ:DJHQ
DQVFKLUUHQXQGGHQDOWHQ-XGHQELV'|PLW]KLQIDKUHQ]XODVVHQ
,P$XJHQEOLFNDEHUDOVHUGHQ%HIHKOGD]XJDEWUDWGLH
-XGHQWRFKWHUZLHGHULQV6FKORWRUPLWLKU]Z|OIKHEUlLVFKH
0lQQHUXQGGLH7RFKWHUKLHOWGHP4XLW]RZGLHKXQGHUW
*ROGJXOGHQHQWJHJHQ,QVHLQHU$QJVWDEHUZLHVHUGDV*HOGDE
XQGQDKPVHLQHQ:HJQDFKGHP7XUPKLQXQGVWLHJGLH/HLWHU

KLQDXIXPMHW]WGHQ$OWHQYRQVHLQHP6WXKOKHUDE]XQHKPHQ$OV
HUDEHUDXIGHUREHUVWHQ6SURVVHZDUYHUQDKPHUGULQQHQLQGHU
7XUPVWXEHGLH:RUWH+|UH,VUDHOGHU+HUUXQVHU*RWWDOOHLQLVW
*RWWXQGDOV.XQR+DUWZLJEHLGLHVHQ:RUWHQYRQGHU/HLWHUKHU
DEZlUWVEOLFNWHQDKPHUZDKUGDGLH-XGHQGLHPLWLKP
]XJOHLFKLQGHQ7XUPIOXUHLQJHWUHWHQZDUHQDXIGLH'LHOH
QLHGHUNQLHWHQXQGGHQ*HVDQJLKUHV5DEELEHDQWZRUWHWHQ8QG
QXQ|IIQHWH4XLW]RZGLH7UXQGVDKGHQ$OWHQGHVVHQ$XJHQLKQ
DQIXQNHOWHQ,FKGHU+HUUGHLQ*RWWELQHLQHLIULJHU*RWWGHU
GDKHLPVXFKHWGHU9lWHU0LVVHWDWDQGHQ.LQGHUQ
%LVGDKLQNDPGHU6WHUEHQGH
'DQQO|VWHQHLQSDDUKHUEHLJHUXIHQH.QHFKWHGLH/HLFKHGHV
5DEELDXVGHU.OHPPHXQGEHUJDEHQVLHGHQ-XGHQGLHQXQ
ZHKNODJHQGLKUHQ+HLP]XJQDFK'|PLW]KLQDQWUDWHQ'LHKXQGHUW
*ROGJXOGHQDEHUKDWWHGLH7RFKWHUGHP4XLW]RZYRUGLH)H
JHVFKOHXGHUW
4XLW]RZZLQNWHVHLQHQ/HXWHQGDVLHGDV*HOGIUVLFKQlKPHQ
(UVHOEVWDEHUOLHNHLQHQ-XGHQPHKULQGLH.OHPPHVHW]HQXQG
QDKPNHLQHQ:HJH]ROOPHKU

.XQR+DUWZLJZDUVFKRQYLHU]LJDOVHUVLFKPLWHLQHU
$QYHUZDQGWHQGHUVFK|QHQ$GHOKHLGYRQ4XLW]RZYHUPlKOWH6LH
QDKPLKQGHV%HVLW]HVKDOEHU HLQ9HWWHUGHQVLHOLHEWHJLQJ
QDFK1HXVSDQLHQ XQGJHILHOVLFKGDULQLKPLKUH*OHLFKJLOWLJNHLW
XQG$EQHLJXQJ]X]HLJHQ$OVVLHMHGRFKQDFK-DKUXQG7DJHLQHV
=ZLOOLQJVSDDUHVJHQDVlQGHUWHVLFKLKUH+DOWXQJXQGVLHEHZLHV
YRQQXQDQLKUHP*DWWHQHEHQVRYLHO/LHEHZLHVLHIUKHUQXU
6SRWWXQGhEHOZROOHQIULKQJHKDEWKDWWH'LH=ZLOOLQJHZXUGHQ
+DQV XQG.XUW'LHWULFKJHWDXIWXQGZXFKVHQ]XU)UHXGHEHLGHU
(OWHUQKHUDQ+DQV GHUlOWHUHZDUHUQVWHUHQ.XUW'LHWULFK
EHUPWLJHQ6LQQHV$OVGHU9DWHUDEHU]XVWHUEHQNDPULHIHU
EHLGH]XVLFKKHUDQXQGHU]lKOWHZHLOHUVHLQ*HZLVVHQEHIUHLHQ
ZROOWHGDHULQVHLQHQMXQJHQ-DKUHQHLQJURHU6QGHUYRU*RWW
JHZHVHQVHLGLHZHLOHQHUGHQIOFKWLJHQ-XGHQGLHYRUVHLQHP
6FKORVVHYRUEHLPXWHQHLQHQVFKZHUHQ'DPP XQG:HJH]ROO
DEJHSUHWKDEH'DVZDUGDVHLQHZDVGHU$OWHVDJWH'DQDFK
DEHUNDPGDV]ZHLWHZRQDFKHUEHLGH %UGHU]X(UEHQLQGHU

(OGHQEXUJHLQVHW]WHGHPbOWHUHQQXUHLQ$XIVLFKWV XQG
(QWVFKHLGXQJVUHFKWHLQUlXPHQG]XP=HLFKHQGHVVHQHULKPGHQ
VRJHQDQQWHQ4XLW]RZULQJEHUUHLFKWH'LHVHU5LQJZDUVHLW
EHLGHU)DPLOLHZR0DUNJUDI:DOGHPDUHLQHQGDPDOLJHQ.XQR
+DUWZLJYRQ4XLW]RZPLWGHUHEHQHUEDXWHQ(OGHQEXUJ EHOHKQW
KDWWH=XU:HLKHGHUQHXHQ%XUJDEHUZDUHLQ3ULHVWHUDXV
+DYHOEHUJHUVFKLHQHQXQGKDWWH]XGHPYRULKP.QLHQGHQGLH
:RUWHJHVSURFKHQ8QGQXQ.XQR+DUWZLJYRQ4XLW]RZXP
GLFKIHVWHU]XELQGHQDQGDVGLUDQYHUWUDXWH6FKORYHUOREHLFK
GLFKLP$XIWUDJHGHVKRFKZUGLJHQ/DQGHVELVFKRIV]X+DYHOEHUJ
PLWGHU(OGHQEXUJXQGVWHFNHGLHVHQ5LQJDXVJHZHLKWHP6LOEHU
YRP7HPSHODXVGHUKHLOLJHQ*RWWHVVWDGW-HUXVDOHP DQGHLQH
+DQG'HU%LVFKRIKDWHVEHIRKOHQGHU0DUNJUDIKDWHVJQlGLJ
JHQHKPLJW1XQOD*RWWZDOWHQ
'DVZDUGHU6LOEHUULQJGHU4XLW]RZVGHUVLFK7DOLVPDQXQG
=HLFKHQGHU+HUUVFKDIW]XJOHLFKGXUFK]ZHL-DKUKXQGHUWHKLQYRQ
*HVFKOHFKW]X*HVFKOHFKWZHLWHUYHUHUEWKDWWH-HW]WEHIDQGHU
VLFKDP5LQJILQJHUGHVlOWHUHQ%UXGHUV+DQV
'LH=ZLOOLQJHOHEWHQVRUJORVLQGHQ7DJKLQHLQYRUDOOHPGHU
-QJHUHGHU]XU9HUVFKZHQGXQJQHLJWHZDVGHPbOWHUHQHQGOLFK
9HUDQODVVXQJJDELKP9RUKDOWXQJHQ]XPDFKHQ'DVYHUGUR
DEHUGHQMQJHUHQ.XUW'LHWULFKXQGE|VHU1HLGEHJDQQVLFKLQ
VHLQHU6HHOHIHVW]XVHW]HQ:LHZHQQLKQVFKOLHOLFKGHU%UXGHU
GHU(UEHGHV5LQJHVNUDIWGLHVHV+HUUVFKDIWV XQG
%HVLW]HV]HLFKHQVYRQGHU(OGHQEXUJHLQIUDOOHPDOYHUWULHEH"
9LHOOHLFKWXQWHUGHP9RUZDQGH]XYLHO*HOGYHUJHXGHWRGHUHVLQ
GLHVHPXQGMHQHP]XWROOJHWULHEHQ]XKDEHQ"'DVGXUIWHQLFKW
VHLQXQGGLHVHQXQGlKQOLFKHQ*UEHOHLHQKLQJHJHEHQNDPLKP
HLQWHXIOLVFKHU3ODQ
(LQ-DKUPRFKWHVHLWGHV9DWHUV7RGHYHUJDQJHQVHLQ%HLGH
VDHQEHLP)UKPDKOHGLH.QHFKWHZDUHQQDFKGHP3ULHPHUZDOG
DXI$UEHLWJHVFKLFNWZlKUHQGGLH0lJGHPLWGHU6FKDIIQHULQEHL
GHU:lVFKHZDUHQ.XUWOHQNWHGDV*HVSUlFKDXIGHQ9DWHUXQG
VDJWH-DGLH-XGHQNOHPPH:DUXPXQVGHU9DWHUGLHV
QW]OLFKH:HUN]HXJQXULPPHUYHUERUJHQJHKDOWHQKDW:LU
VROOWHQHLQPDOKLQDXIVWHLJHQXQGXQVGDV'LQJDQVHKHQ+DQV
GHUlOWHUHZDUHV]XIULHGHQXQGVRNOHWWHUWHQVLHGLH/HLWHUELVLQ
GDV7XUPJHPDFKKLQDXI+LHUREHQEHUNDPVLHPRPHQWDQHLQ
*UDXVHQEHLP$QEOLFNGHU.OHPPHELVVLFK.XUWGHU$QZDQGOXQJ

+HUUZHUGHQGQDFKHLQHU:HLOHODFKHQGDXIGDV+XIHLVHQVHW]WH
6FK|QVLW]WVLFK
VQLFKWGDUDXI'LH+LVSDQLVFKHQKDEHQHV
ZLUNOLFKYHUVWDQGHQGLH-XGHQ]DKOXQJVOXVWLJ]XPDFKHQ:LOOVW
GX
VQLFKWDXFKHLQPDOYHUVXFKHQ"
+DQVJLQJDXIGHQ6FKHU]HLQ:DUXPQLFKW"8QGHUVHW]WHVLFK
KLQHLQSUHWHVHOEVWGDV4XHUHLVHQEHUGLH.QLHXQGVFKREGDV
6FKORYRUGLHgVHGHU6WDQJH*OHLFKGDUDXIDEHUVSUDQJ.XUWLQ
VFKHLQEDUHU$XVJHODVVHQKHLWKLQ]XEHIHVWLJWHGLHJHVSUHL]WHQ
$UPHGHV%UXGHUVDQGHU+LQWHUZDQGXQGQHVWHOWHLKPGLH.HWWHQ
YRQEHLGHQ 6HLWHQKHUXPGHQ/HLE8QGGDEHL]RJHUYHUVWRKOHQ
GHQ6FKOVVHODXVGHP6FKORGHU4XHUVWDQJH1XQJDEHVHLQ
/DFKHQEHUGHQ-XGHQLQGHU.OHPPHELV+DQVGHV
3URELHUHQVPGHZLHGHUDXI]XVWHKHQEHJHKUWH*HZLJHZL
$EHUZRLVWQXUGHU6FKOVVHO"8QGQXQEHJDQQ.XUW]XP6FKHLQ
DP)XERGHQ]XVXFKHQ2GHUVROOWLFKLKQXQDFKWVDPHUZHLVH
PLWGHP)XHEHLVHLWHJHVFKREHQKDEHQ"9LHOOHLFKWGDHUXQWHQ
OLHJW8QGEHLGLHVHQ:RUWHQVWLHJHUKLQDEXQGQDKPGLH/HLWHU
XQGYHUVWHFNWHVLHKLQWHU6WUDXFKZHUNXQG*HEVFKXQGKRUFKWH
ELVGDVOHLVH:LPPHUQGDVHUYHUQDKPLKQYRQVHLQHU
+RUFKHUVWHOOHYHUWULHE
(QGOLFKGHQGULWWHQ7DJZDU+DQVVHLQHU4XDOHUOHJHQXQG.XUW
VWUHLIWHNDOWEOWLJGHQ6LOEHUULQJYRQGHU+DQGGHV7RWHQGHQ
7RWHQVHOEVWDEHUEHJUXEHULP6DQGHQDKHGHP7XUP8QGQXQ
OLHHU%RWHQDXVUHLWHQGLHQDFKGHP9HUVFKZXQGHQHQVXFKHQ
PXWHQ$OVDEHUDOOHZLHGHUGDKHLPZDUHQXQGGHQVRQDKLP
6DQGH9HUVFKDUUWHQDXILKUHU6XFKHQXU]XJHZLQLFKWJHIXQGHQ
KDWWHQWDWHUZDVlXHUOLFK5HFKWHQVZDUXQGPHOGHWHGHP
.XUIUVWHQGDGHU%UXGHUVSXUORVYHUVFKZXQGHQGHV
9HUVFKZXQGHQHQ6LOEHUULQJDEHULQVHLQHU/DGHJHIXQGHQVHL'D
ZXUGHGHQQ.XUW'LHWULFKGHU-QJHUHPLWGHU(OGHQEXUJEHOHKQW
XQGHPSILQJLQHLQHPIHLHUOLFKHQ%HOHKQXQJVDNWHGHQ
4XLW]RZULQJ(UWUXJLKQDXFKYRQ6WXQGDQXQGVWDQGLQ$QVHKHQ
XQGULWWHUOLFKHQ(KUHQDEHUGLHPLWLKPXQWHUHLQHP'DFKH
OHEWHQEHPHUNWHQGRFKDOOHUOHL6RQGHUEDUHVDQLKP,PPHU]XU
=HLWGHU7DJXQGQDFKWJOHLFKHZDUHUHLQH:RFKHODQJXQVWHWXQG
UXKHORV XQGHUKREVLFKYRQVHLQHP/DJHUXQGJLQJDXIGHQ7XUP
]X'DVWDQGHUHLQH:HLOHULFKWHWHGDVJHVFKORVVHQH$XJHQDFK
REHQXQGNHKUWHGDQQHUVWQDFKGHP6FKORVVH]XUFN7DJV
GDUDXIVDKHUYHUVW|UWDXVXQGPRFKWHZlKUHQGGHU=HLWGHQ
6LOEHUULQJQLFKWWUDJHQ

.XUW'LHWULFKYRQ4XLW]RZZDUVHFK]LJ-DKUHDOWDOVHUPLWVHLQHP
HLQ]LJHQ6RKQH3KLOLSSXQG]ZDUDXIGHPZHLWHQ:DOGUHYLHUH
GDVVLFKYRQ6WHUELW]ELV%UHHW]]LHKWHLQH-DJGDEKLHOW]XGHU
PDQGHQJDQ]HQ$GHOGHU8PJHJHQGJHODGHQKDWWH5HLFKH %HXWH
ZXUGHJHZRQQHQXQGDOVGLH6RQQHQLHGHUJLQJ]RJHQDOOHQDFK
GHU(OGHQEXUJ]XUFNXPGDVHOEVWHLQHQ1DFKWUXQN
HLQ]XQHKPHQ%HLPHUVWHQ)UHLKRIHYRQ6HHGRUIZDUHLQH)XUW
XQGDOVPDQGUEHQDXIGHUDQGHUHQ6HLWHGHU(OGHKLHOWVFKOXJ
.XUW'LHWULFKYRUXQPLWWHOEDUDP)OXKLQXQWHUKRKHQ%lXPHQ
XQG6FKLOIXQG5RKU]XU6HLWHGHQ5HVWGHV:HJHV
]XUFN]XOHJHQ
8QGVLHKHGDZlKUHQGHUQRFKVRVSUDFKZDUPDQELVDXI
KXQGHUW6FKULWWDQHLQHQKRFKLQ6FKLOIVWHKHQGHQ6XPSI
JHNRPPHQGHQGLHQLFKWOlQJHUPHKULQ=XFKWXQG2UGQXQJ
JHKDOWHQHQ+XQGHVRIRUWXPVSUWHQXQGXPZLWWHUWHQ3KLOLSSYRQ
4XLW]RZHLOWHVRUDVFKZLHP|JOLFKGHQ+XQGHQQDFKXP]X
VHKHQZDVHVVHLXQGZDUGDOVEDOGHLQHU:LOGVDXJHZDKUGLH
VLFKPLWNODIIHQGHP5DFKHQXQGJOKHQGHQ$XJHQYRULKP
DXIULFKWHWHZHQLJEHNPPHUWXPGLH5GHQGLHYRQDOOHQ6HLWHQ
KHUDXIGDV7LHUORVIXKUHQ3KLOLSSHLQLJHUPDHQHUVFKUHFNW
VXFKWHGHQ5HVWGHU-DJGJHVHOOVFKDIWZLHGHUDXIXQGHU]lKOWH
ZDVHUJHVHKHQ$OVHUEHLVHLQHU5FNNHKUDEHUYHUK|KQWXQGHLQ
)HLJOLQJJHVFKROWHQZXUGHOLHIHULQ$XIUHJXQJQDFKGHU
6XPSIVWlWWH]XUFN]RJVHLQ:DLGPHVVHUXQGVWU]WHVLFKDXI
GDV:LOGVFKZHLQ'DEHLJOLWWHU]XVHLQHP8QKHLODXVXQGZlUH
YHUORUHQJHZHVHQZHQQLKPQLFKWGHUUDVFKKLQ]XHLOHQGH9DWHU
GDV:DLGPHVVHUDXVGHU+DQGJHULVVHQXQGGHQ.DPSIPLWGHP
7LHUHQXQVHLQHUVHLWVDXIJHQRPPHQKlWWH'HV$OWHQ$EVLFKWJLQJ
HUVLFKWOLFKGDKLQGHP:LOGVFKZHLQGLH)DXVWLQGHQ5DFKHQ]X
VWRHQXQGGDV0HVVHUGDEHLVR]XKDOWHQGDGDV7LHUEHLP
=XVFKQDSSHQGLH.OLQJHVLFKLQGHQ6FKOXQGSUHVVHQPXWH
OHLGHUDEHUPLODQJGDV:DJQLVGDV0HVVHUJOLWWVHLWZlUWVXQG
GLHYRUGHUHQ=lKQHGHV6FKZHLQHV]HUPDOPWHQIXUFKWEDUGHV
5LWWHUV+DQGXQG$UP:DVKDOIHVGDVLFKLQ]ZLVFKHQGLHJDQ]H
-DJGJHVHOOVFKDIWKHUDQJHGUlQJWXQGGHQ$OWHQDXVVHLQHU
PLOLFKHQ/DJHEHIUHLWKDWWH"'LHUHFKWH+DQGELOGHWHQXUQRFK
HLQHQXQI|UPLJHQ6WXPSIXQGGHU6LOEHUULQJZDUIRUW,QWLHIHU
1LHGHUJHVFKODJHQKHLWOHJWHPDQGLHOHW]WH6WUHFNHGHV:HJHV
]XUFNXQGEHWWHWHGHQ$OWHQDXIVHLQ /DJHU+LHUOLWWHUXQVlJOLFK

XQGDOVGHUDQGHUH0RUJHQGDZDUEHIDKOHUHLQHQ3ULHVWHUDXV
/HQ]HQ]XKROHQ8QGQXQZDUHVMXVWZLHGDPDOVZRGHU9DWHU
LKPXQGVHLQHPlOWHUHQ%UXGHUVHLQH6QGHEHNDQQWKDWWH'HQQ
NDXPGDGHU3ULHVWHUHUVFKLHQHQVR PXWHGHU6RKQPLW
KLQ]XWUHWHQXQGK|UWHQXQGLH%HLFKWHYRQGHP%UXGHUPRUG'LH
1DFKWGDUDXIDEHUDOVHUPLWVHLQHP6RKQH3KLOLSSDOOHLQZDUXQG
ZRKOIKOWHGDHV]X(QGHJHKHVFKREHUVLFKLQGLH.LVVHQ
K|KHUKLQDXIXQGVDJWH-D3KLOLSSGLH:LOGVDXGDVZDUGHU
7HXIHO,FKKDEHVGHXWOLFKDQGHQ*OXWDXJHQXQGDQGHPKHLHQ
$WHPJHVSUW8QGGHU5LQJLVWKLQ8QGLVWDXFKJXWVR'HQQGHU
1DPHGHU4XLW]RZVPLWGHP6LOEHUULQJHKDWWHNHLQHQJXWHQ
.ODQJPHKUVHLWGHPLKQHUVWPHLQ9DWHUXQGGDQDFKLFKVHOEHU
HQWZUGLJWKDWWH6RHQWZHLKWKlWWHGHU6LOEHUULQJXQVHUHP
*HVFKOHFKWHNHLQHQ6HJHQPHKUJHEUDFKW8QGVRZLOOLFK
VGHQQ
PLWHLQHUIURPPHQ6WLIWXQJYHUVXFKHQDEHUQLFKWYRQGHP
-XGHQJHOGH1HLQQLPPGDVZDVLFKVRQVWQRFKJHVSDUWXQG
OD GDV5|KULFKWDEVFKQHLGHQDQGHU6XPSIVWHOOHZRGHU7HXIHO
PLFK]XP7RGHJHWURIIHQXQGOD6WHLQXQG6DQGDXIVFKWWHQ
XQGZHQQGXIHVWHQ%DXJUXQG KDVWGDQQEDXHLQ3IDUUKDXV
GDUDXIGDVGHU(OGHQEXUJHU*HPHLQGHELVGLHVH6WXQGHJHIHKOW
KDWXQG]XP8QWHUKDOWHQLPP3HWHU5RJJHV+RIXQGODGDV
DOOHVEHVWHKHQ]XEOHLEHQGHU(ULQQHUXQJDQPHLQ9HUEUHFKHQXQG
PHLQH5HXH
'LHVHOEH1DFKWQRFKJLQJ.XUW'LHWULFK KHLPXQG3KLOLSSYRQ
4XLW]RZ OHJWHGHQ*UXQGVWHLQ]XGHU(OGHQEXUJHU3IDUUH'LH
3IDUUHVHOEVWDEHU PHKUHUHNOHLQH*HPHLQGHQXPIDVVHQG 
HPSILQJGHQ1DPHQGHU3IDUUH]X6HHGRUIZHLOVLHQDFK$UW
HLQHU)OXLQVHO]ZLVFKHQ/|FNQLW]XQG(OGHJHOHJHQLVW'DVWHKW
VLHELVGLHVHQ7DJDOVHLQ]LJHVhEHUEOHLEVHOYRQGHP:LUNHQXQG
:DOWHQHLQHVDOWHQ5LWWHUJHVFKOHFKWVXQGHU]lKOWGDGLH6QGH
GHU/HXWH9HUGHUEHQDEHUEHNXQGHW]XJOHLFKDXFKGDVDQGHUH
YHUV|KQXQJVUHLFKH:RUW/DVVHWXQV*XWHVWXQVRODQJHVQRFK
=HLWLVWDOOHUPHLVWDEHUDQGHV*ODXEHQV*HQRVVHQ

.DSLWHO

'LH-RKDQQLVQDFKWLQGHU.LUFKH]X6HHGRUI
5KVWlGWLVWGLH5XKVWlWWHGHU)DPLOLH ZDU HVZHQLJVWHQV DEHU
LKUHQlFKWOLFKH+HHUVFKDXKDEHQGLH4XLW]RZVFKHQ7RWHQLQGHU
.LUFKH]X6HHGRUI'DUXKW.XQR+DUWZLJ ,,,DXVGHU(OGHQEXUJHU
/LQLH6RKQRGHU(QNHO3KLOLSSVJHVWRUEHQ DOVHLQ.RPWXUGHV
-RKDQQLWHURUGHQVXQGLQGHU-RKDQQLVQDFKWVWHLJWHULQGHP
VFKZDU]HQ-RKDQQLWHUPDQWHOPLWGHPDFKWJHVSLW]WHQ.UHX]DXV
VHLQHP*UDEH'DQQNRPPHQDOOH4XLW]RZV]XVDPPHQYLHOH
EODQNH.HUOHZLHVLFKGDV9RONHU]lKOWXQGKDEHQLKUHQ 7DJ
XQGLKUH)DPLOLHQDQGDFKW8QG.XQR+DUWZLJDOV3DWURQXQG
2UGHQVKHUUZDOWHWVHLQHV$PWHVXQGHPSIlQJWDOOHGLHGLH
KHU]XNRPPHQLQGHUYRQHLQHPKHOOHQ6FKHLQHUIOOWHQ.LUFKH
'HUPLWGHU6WXPSIKDQGLVWDXFKGDEHLDEHUPXVLFKYRQGHQ
EULJHQJHWUHQQWKDOWHQXQGVHLWDEXQGXQWHUKDOEGHV7XUPHVEHL
GHU7RWHQEDKUHVWHKHQDOVHLQHUGHUGHU.LUFKHQEXHYHUIDOOHQ
8PHLQ8KUGDQQHUOLVFKWGHUKHOOH6FKHLQZLHGHUXQGPLWLKP
VLQGDOOHYHUVFKZXQGHQ

3ODXHD+
.DSLWHO

3ODXHYRQELV
.XUIUVWOLFKH=HLWXQG=HLWGHU6DOGHUQXQG$UQLPV
GHQ)HEUXDUILHOGLH4XLW]RZEXUJ3ODXH LKUHQ
%HODJHUHUQGHP%XUJJUDIHQ)ULHGULFKXQGGHP(U]ELVFKRIYRQ
0DJGHEXUJLQGLH+lQGHQDFKGHPVFKRQDP7DJHYRUKHU-RKDQQ
YRQ4XLW]RZ EHLVHLQHP )OXFKWYHUVXFKHJHIDQJHQJHQRPPHQXQG
LQGHU.LUFKH]X3ODXHLQGHQ6WRFNJHVHW]WZRUGHQZDU7DJV
GDUDXIHLQLJWHQVLFKGLH6LHJHUEHUHLQHQ%HIHKOVKDEHUHLQHQ
6FKORKDXSWPDQQIUGDVYRQLKQHQJHPHLQVFKDIWOLFKHUREHUWH
6FKOR,KUH:DKOEHVWHOOWHGD]XGHQ5LWWHU*Q]HOYRQ
%DUWHQVOHEHQIUGLH'DXHUHLQHV-DKUHV(UPXWHYRUGHQ
)UVWHQHQGOLFKJHOREHQGDV6FKORJHWUHXOLFKEHZDKUHQXQG
EHVFKLUPHQ]XZROOHQ]XEHLGHU /DQGH1XW]XQG)URPPHQ
+LHUGXUFKZXUGHYRQGHPIUKHUHQ3ODQHGLH%XUJYRQ*UXQGDXV
]XEUHFKHQ$EVWDQGJHQRPPHQ$EHUVFKOLHOLFKHUIROJWHGLHV
1LHGHUOHJHQGRFKQDFKGHPHLQYRQEHLGHQVLHJUHLFKHQ
3DUWHLHQ 0DUNXQG0DJGHEXUJ EHL*HOHJHQKHLWQHXHU
(LIHUVFKWHOHLHQDQJHUXIHQHV6FKLHGVJHULFKWGDKLQHQWVFKLHGHQ
KDWWHGDGLH=XEHK|UXQJHQYRQ3ODXHZLOOVDJHQDOOH'|UIHU
bFNHU)RUVWHQHWF]ZLVFKHQGHU0DUNXQG0DJGHEXUJJHWHLOWGLH
%HIHVWLJXQJVZHUNHGHU%XUJDEHUXQYHU]JOLFK]HUVW|UWZHUGHQ
VROOWHQ:DVGHQQDXFKVRJXWHVVLFKWXQOLHDXVJHIKUWZXUGH
'HU2UW 3ODXHEOLHE EHLGHU0DUN
9RQGLHVHP=HLWSXQNWDQJDEHVNHLQH3ODXHU
6FKORKDXSWPDQQVFKDIWPHKUZHLOGDV6FKORGDVHLQHU
VROFKHQDOV9RUDXVVHW]XQJGLHQWHQLFKWPHKUYRUKDQGHQZDU$Q
6WHOOHGHU6FKORKDXSWPDQQVFKDIWWUDWQXQPHKUHLQH
$PWVKDXSWPDQQVFKDIWPLWGHP5HFKWHGHU=ROOHUKHEXQJ
ZDUHV*HRUJYRQ:DOGHQIHOVGHPGXUFK.XUIUVW)ULHGULFK

(LVHQ]DKQHLQ3ULYLOHJLXP YHUOLHKHQZXUGHNUDIWGHVVHQHUGHQ
%UFNHQ VRZLH/DQG XQG:DVVHU]ROOHUKHEHQGXUIWHPLWGHP
=XVDW]HGD]ZLVFKHQ%UDQGHQEXUJXQG5DWKHQRZNHLQHDQGHUH
%UFNHDXHUGHU3ODQHUEHUGLH+DYHOIKUHQDXFKNHLQH)lKUH
JHKDOWHQZHUGHQVROOH
'HU(UWUDJGLHVHV=ROOHVZDUHLQEHGHXWHQGHUXQGGLH3ODXHU
%UFNHEOLHEELVLQXQVHUH7DJHKLQHLQHLQHYRQ3lFKWHUQYLHO
EHJHKUWH=ROOVWlWWH'HUOHW]WHGLHVHU3lFKWHUZLHKLHU
YRUJUHLIHQGHU]lKOWZHUGHQPDJKLH*HULPVN\HLQ2ULJLQDO
1HEHQVHLQHP=ROOKDXVHVWDQGHLQ6FKXSSHQXQGLQGLHVHP
6FKXSSHQHLQLPPHUJHVDWWHOWHV3IHUG:HKGHP
+DQGZHUNVEXUVFKHQGHULPYHUPHLQWOLFKHQ6FKXW]HLQHV
3ODW]UHJHQVRGHUPLW+LOIHGHU'lPPHUXQJRKQH=ROOEHUGLH
%UFNH]XNRPPHQKRIIWH*HULPVN\ZDUIVLFKDXIVHLQHQ.OHSSHU
MDJWHQDFKXQGUXKWHQLFKWHKHUELVHUGHQ)HLQGJHVWHOOWXQGLP
8QYHUP|JHQVIDOOHJHSIlQGHWKDWWH'DEHLJDEHVQLFKWVZDVYRQ
LKPYHUVFKRQWZRUGHQZlUH%HLVHLQHP7RGHKLQWHUOLHHUHLQH
7UXKHYROODXIJHVWDSHOWHU+DQGZHUNVEXUVFKHQPW]HQ
3ODXHZDUNXUIUVWOLFKHV$PWXQGEOLHEHVELVXPZHOFKH
=HLWHVZRKOLQIROJHEHVWlQGLJHU*HOGYHUOHJHQKHLWHQGHV]ZHLWHQ
-RDFKLPSIXQGZHLVHYRQ0DWWKLDVYRQ6DOGHUQ HUVWDQGHQZXUGH
'LH:LWZHGHVVHOEHQVWLIWHWHVSlWHUGLH6DOGHUQVFKH6FKXOH]X
%UDQGHQEXUJJLQJ3ODXH QXQPHKUGXUFK.DXI DXV
NXUIUVWOLFKHU+DQGLQGLH+lQGHGHU%UGHU.XUWXQG%HKUHQG
YRQ$UQLP DXI%RLW]HQEXUJXQG*HUVZDOGHEHU'LH$UQLPV
EHVDHQHVGUHLXQGYLHU]LJ-DKUHZHOFKH=HLWQHEHQDQGHUP
DXFKGHU$XVVFKPFNXQJGHU3ODQHU.LUFKH]XJXWHNDP(LQ


'DVGHP *HRUJYRQ:DOGHQIHOV YHUOLHKHQH3ULYLOHJLXPNQSIWHVLFKEULJHQV


DQDOOHUOHL%HGLQJXQJHQXQWHUGHQHQ GLH:LHGHUKHUVWHOOXQJ GHV6FKORVVHVGLH
ZLFKWLJVWHZDU(VKHLWLQGHUEHWUHIIHQGHQ8UNXQGHGDGDVDOWH6FKOR
GDVVHKU]HUEURFKHQYHUIDOOHQXQGXQJHIHVWLJWVHL]X1XW]XQG)URPPHQ
GHU+HUUVFKDIWZLHGHV/DQGHVZLHGHUDXIJHEUDFKWJHIHVWLJWXQGJH EDXWXQG
LQJXWHP=XVWDQGHJHKDOWHQZHUGHQVROOH'HPDOOHQXQWHU]RJVLFKGHUYRQ
:DOGHQIHOVDXFKZLUNOLFKXQGVWHOOWHGHQ%DX ZHQLJVWHQVSDUWLHOO ZLHGHUKHU
ZDVVLFKLQVRZHLWRKQHVRQGHUOLFKH0KHWXQOLHDOVGDVYLHU]LJ-DKUHIUKHU
DQJHRUGQHWH%U HFKHQXQG6FKOHLIHQGHUYLHU]HKQ)XGLFNHQ6FKORPDXHUQ
QXUVHKUXQYROONRPPHQDXVJHIKUWZRUGHQZDU'LHVYHUJOHLFKVZHLVH1HXH
KLHQXQ]XP8QWHUVFKLHGHYRQGHUHKHPDOLJHQ4XLW]RZEXUJGHUYRQ
:DOGHQIHOVVFKH%DXZDUDEHULPZHVHQWOLFKHQQLFKWVDQGHUHV DOVGDVDOWH
6FKORGDVPDQLQHLQHP(LQ]HOWHLOH GHUEULJHQVQRFKLPPHUJURJHQXJ
ZDU ZLHGHUIHVWXQGZRKQOLFKJHPDFKWKDWWH

DODEDVWHUQHV(SLWDSKLXPYRQKHUYRUUDJHQGHP.XQVWZHUWHPLW
'DUVWHOOXQJHQDXVGHUKHLOLJHQ*HVFKLFKWH.UHX]LJXQJ XQWHQ
GLH'RQDWRUHQ VFKPFNWMHW]W GHQ$OWDU'LHXUVSUQJOLFKH
,QVFKULIWGLH$XVNXQIWJHEHQZUGHYRQZHP HVHUULFKWHWZXUGH
LVWOHLGHUYHUORUHQJHJDQJHQ8QWHUGHQDQGHUQQRFKYRUKDQGHQHQ
*UDEVWHLQHQLVWQXUGHUOHW]WHGHUGHP6RKQXQG(UEHQ.XUWYRQ
$UQLPVHUULFKWHWZXUGHYRQ%HGHXWXQJ(UWUlJWIROJHQGH
,QVFKULIWGHQ -XOLLVWGHUHGOHJHVWUHQJHXQG
HKUHQIHVWH/HRQKDUGYRQ$UQLPLQ*RWWVHOLJHQWVFKODIHQVHLQHV
$OWHUV -DKUH 7DJH'HV6HHOH*RWWJQlGLJVHL

.DSLWHO

3ODXHYRQ ELV
'LHYRQ*|UQH]HLW
/HRQKDUGYRQ$UQLPGHP3ODXHDOVYlWHUOLFKHV(UEH]XJHIDOOHQ
ZDUZDULQIROJHGHU9HUZLUUXQJHQGLHGHUGDPDOVEHJLQQHQGH
'UHLLJMlKULJH.ULHJKHUDXIIKUWHGHUJHVWDOWLQ6FKXOGHQJHUDWHQ
GDHUVLFKQLFKWJHWUDXWHVLFKLP%HVLW]HVHLQHU*WHU]X
EHKDXSWHQ(UYHUNDXIWHGHVKDOEXQG]ZDUHLQLJH7DJHYRU
VHLQHPIUK]HLWLJHQ7RGHGLH+HUUVFKDIW3ODXH]XGHUDXHUGHU
6WDGWJOHLFKHQ1DPHQVDXFKQRFKYLHU'|UIHUJHK|UWHQDQGHQ
'RPKHUUQXQG7KHVDXUDULXVGHUHU]ELVFK|IOLFKHQ.LUFKH]X
0DJGHEXUJ&KULVWRSKYRQ*|UQHEHLGHVVHQ)DPLOLH3ODXH
QXQPHKUELVEOLHE'LH.DXIVXPPHZDU  7DOHU=ZHL
-DKUHQDFK%HJLQQGHV'UHLLJMlKULJHQ.ULHJVZXUGHGLHVHU%HVLW]
DQJHWUHWHQXQG]ZHL-DKUHQDFK6FKOXGHV6LHEHQMlKULJHQ
.ULHJHVWUDWHQGLH*|UQHVYRQGLHVHP%HVLW]]XUFN
'D3ODXH]X%HJLQQGLHVHU(SRFKHEHVRQGHUVRIWXQGVFKZHU
KHLPJHVXFKWZXUGHZDUQDWUOLFKZDUHVGRFKGHU+DXSWSD
]ZLVFKHQ%HUOLQXQG0DJGHEXUJZXUGHGLH%UFNHYRQGHQ
.DLVHUOLFKHQDEJHZRUIHQXPGLHDXV3RPPHUQKHUDQ]LHKHQGHQ
6FKZHGHQDE]XKDOWHQYROOHQGHWHQGLHVH GLH6FKZHGHQ 
GDV9HUQLFKWXQJVZHUNGXUFK$EKDXHQGHUQRFK
VWHKHQJHEOLHEHQHQ3IlKOH1LFKWHLQPDOHLQHQ.DKQOLHPDQGHQ
(LQZRKQHUQQXUXPGHQDPDQGHUHQ8IHUVWHKHQGHQ.DLVHUOLFKHQ
NHLQHUOHL9RUVFKXE]XOHLVWHQSOQGHUWHQGLH6DFKVHQ$EHU
HUVWDOVEUDQGHQEXUJLVFKH/DQGHVNLQGHUYRP
%XUJVGRUIVFKHQ5HJLPHQWLQ3ODXH4XDUWLHUQDKPHQHUUHLFKWHGLH
1RWLKUHQ*LSIHOSXQNW8PGLHVH=HLWZDUHVGDGLH%HZRKQHU
YRQ3ODXHVLFKELWWZHLVDQGHQ.XUIUVWHQ*HRUJH:LOKHOP
ZDQGWHQ2EZLUQXQZRKOQLFKWVPHKUDXIGLHVHU:HOWDOVGDV
EORH/HEHQXQGPLW(KUHQ]XPHOGHQQLFKWHLQ+HPGDXIGHP
/HLEHEHKDOWHQKDEHQVRZHUGHQZLUGRFKDQLW]RPLWVFKZHUHU
7ULEXODWLRQYRQGHV2EHUVWHQYRQ%XUJVGRUI5HJLPHQWEHOHJW
GHVVHQXQV]XJHZLHVHQH5HXWHUXQVlQJVWLJHQXQGSODJHQXQG
YROOHQGV]HUVFKODJHQXQG]X$VFKHEUHQQHQZDVXQVGLHDQGHUQ
6ROGDWHQDQ]HUEURFKHQHP(LJHQWXPQRFKJHODVVHQKDEHQ8QG

ZHQQZLUXQVHUH+lXVHUQXUXPGHV1DFKWODJHUVZLOOHQQLFKWJHUQ
PLWGHP5FNHQDQVHKHQXQGXQVPLW.XPPHUXQG1RWDXFK
IHUQHUKLQGDULQ]XIULVWHQJHGHQNHQVRN|QQHQZLU
VGRFKQXU
ZHQQXQVNXUIUVWOLFKH*QDGHQDXIGUHL-DKUHYRQDOOHU
.RQWULEXWLRQXQG(LQTXDUWLHUXQJHQEHIUHLQ(QGOLFKZDUGHU.ULHJ
]X(QGHXQGGHV&KULVWRSKYRQ*|UQH6RKQGHULQ]ZLVFKHQGDV
(UEHDQJHWUHWHQPKWHVLFKZLHVLFKGHU9DWHUELV]XVHLQHP
HUIROJWHQ7RGHJHPKWKDWWHGHPYHUDUPWHQ2UWHZLHGHU
DXI]XKHOIHQ,QGLHVHP%HVWUHEHQHLQLJWHQVLFKDXFKGLH *|UQHV
GLH GHQEHLGHQHUVWHQ%HVLW]HUQ9DWHUXQG6RKQLQ6FKOR3ODXH
IROJWHQDPHLQJUHLIHQGVWHQXQGVHJHQVUHLFKVWHQDEHUZDUGLH
:LUNVDPNHLW)ULHGULFKV YRQ*|UQHGHVIQIWHQ*|UQHDQGLHVHU
6WHOOHGHUVFKRQYRUKHUDXIGHPEHQDFKEDUWHQ*ROOZLW]
DQVlVVLJ3ODXHGXUFK9HUJOHLFKDQVLFKEUDFKWH
)ULHGULFKYRQ*|UQHJHERUHQGHQ-XOLZDUHLQXQGYLHU]LJ
-DKUHDOW*HKHLPUDWXQG.DPPHUSUlVLGHQWDOVHUVHLQHQ
1HXEHVLW]DQWUDW(UOLHDOVHUVWHVXQG:LFKWLJVWHVGLHZlKUHQG
GHV'UHLLJMlKULJHQ.ULHJHVDEJHWUDJHQH%UFNHZLHGHUKHUVWHOOHQ
XQGJLQJGDQQLQIQIMlKULJHU%DXWlWLJNHLWGD]XEHUGDVYRQ
*HRUJYRQ:DOGHQIHOVDXIGHQ7UPPHUQGHUDOWHQ%XUJQHX
HUULFKWHWHZlKUHQGGHV.ULHJHVDEHU]XP]ZHLWHQ 0DOH]HUVW|UWH
6FKORGXUFKHLQHQGHP=HLWJHVFKPDFNHQWVSUHFKHQGHQ1HXEDX
]XHUVHW]HQ'LHVJHVFKDKPLWHLQHP.RVWHQDXIZDQGHYRQ
  7DOHUQ(VZDUHLQDQVHKQOLFKHV+DXSWJHElXGHPLW]ZHL
6HLWHQIOJHOQEHUGHVVHQGDPDOLJH*HVDPWHUVFKHLQXQJZLULQ
GHQ*XWV XQG3IDUUDNWHQHLQHYRPDOWHQ3IDUUHU/|VHFNH
KHUUKUHQGHHWZDGHU0LWWHGHVYRULJHQ-DKUKXQGHUWVDQJHK|ULJH
%HVFKUHLEXQJKDEHQGHUHQ,QKDOWVLFKLPZHVHQWOLFKHQPLWGHP
%LOGHGHFNWGDVXQVGDV6FKORELVGLHVHQ$XJHQEOLFNJHZlKUW
'DV&RUSVGHORJLVGLH+DXSWIURQWQDFK2VWHQLVWPLW
YRUWUHIIOLFKHQ6RXWHUUDLQVYHUVHKHQXQGKDW]ZHL(WDJHQMHGHPLW
HLQHPKHUUOLFKHQ6DDOXQGYLHOHQVFK|QHQ=LPPHUQ2EHQDXI
GHP'DFKHEHILQGHWVLFKHLQJHUlXPLJHU$OWDQDXIGHPPDQ
EHTXHPVSD]LHUHQJHKHQXQGGHVKHUUOLFKVWHQ$XVEOLFNVJHQLHHQ
NDQQ-HQVHLWVGHU +DYHOVLHKWPDQKXQGHUW5XWHQYRP6FKORVVH
HQWIHUQWHLQHKDOEPRQGI|UPLJH6FKDQ]HYRQZRDXV]XU
4XLW]RZ]HLWGLHPDUNJUlIOLFKHQ/HXWH%XUJ3ODXHEHVFKRVVHQ
KDEHQ'LHVH6FKDQ]HKDWHLQH/lQJHYRQ 5XWHQXQGLVW
VHQNUHFKWELV )XKRFK$P(QGHGHVPLWWlJOLFKHQ
6FKORIOJHOVLVWHLQHVFK|QH.DSHOOHGDULQZHQQHVGLH
+HUUVFKDIWYHUODQJWGHU*RWWHVGLHQVWJHKDOWHQZHUGHQNDQQ9RU

GHP6FKORVVHIOLHWGLH+DYHO6RQVWLVWQRFKDXVDOWHU=HLWKHU
HLQEUHLWHUXQGWLHIHU*UDEHQXPGDV6FKORKHUJH]RJHQVRGD
PDQQXUEHU=XJEUFNHQLQGDVVHOEHJHODQJHQNDQQ$XFKGHU
7XUP LVWQRFKGDZRULQ+DQVYRQ4XLW]RZGHQ+HU]RJ
-RKDQQYRQ0HFNOHQEXUJHLQ-DKUODQJJHIDQJHQKLHOW
)ULHGULFKYRQ*|UQHEDXWHGHP9HUNHKUGLH%UFNHVLFKVHOEVW HLQ
6FKORQHEHQKHUDEHUOLHIZLHVFKRQLQNXU]HPKHUYRUJHKREHQ
GDVHLIULJH%HVWUHEHQGHUVHLWGHP'UHLLJMlKULJHQ.ULHJH
YHUDUPWHQ%HY|ONHUXQJYRQ3ODXHZLHGHUDXI]XKHOIHQ(UEHJDQQ
PLWHLQHU:ROOHQPDQXIDNWXUXQGDOVGLHVHQLFKWDXVUHLFKHQG
SURVSHULHUWHOLHHULKUHLQH3RU]HOODQPDQXIDNWXUIROJHQ(V
YHUORKQWVLFKEHLGHU*HVFKLFKWHGHUVHOEHQGHUHUVWHQLQ
3UHXHQHLQHQ$XJHQEOLFN]XYHUZHLOHQ
(VZDULQ+DOOH]XQLFKWQlKHU]XEHVWLPPHQGHU=HLWGD
)ULHGULFKYRQ*|UQH GLH%HNDQQWVFKDIWHLQHVJHZLVVHQ.HPSH
PDFKWHYRQGHPHVKLHGDHULQGHU%|WWFKHUVFKHQ
3RU]HOODQPDQXIDNWXU]X0HLHQJHDUEHLWHWXQGGLH*HKHLPQLVVH
GHUVHOEHQNHQQHQJHOHUQWKDEH0LWGLHVHP.HPSHVHW]WHVLFKYRQ
*|UQHQXQLQ9HUELQGXQJXQGEHVWLPPWHGHQVHOEHQDQHLQHPLQ
GHU1lKHVLFK YRUILQGHQGHQU|WOLFKHQIHXHUIHVWHQ7RQVHLQH.XQVW
]XYHUVXFKHQ.HPSHJLQJDXIGHQ$QWUDJHLQXQGQDFKGHP
GHU.XQVWPDOHU'DYLG%HQQHZLW] HLQDQVFKOlJLJHU.RSI
VSlWHU'LUHNWRUGHU)DEULN XQGLP-DKUHHLQDXIGLHVHP
*HELHWDXVJH]HLFKQHWHU7HFKQLNHU-RKDQQ0HKOKRUQKLQ]XJHWUHWHQ
ZDUHQJHODQJHVHLQZHLHV 3RU]HOODQKHU]XVWHOOHQ DQIDQJV
KDWWHPDQVLFKPLWHLQHPURWEUDXQHQEHJQJHQPVVHQ GDV
GXUFKVHLQH7UHIIOLFKNHLWGLHJHKHJWHQ(UZDUWXQJHQQRFKEHUWUDI
0DQIDEUL]LHUWH7DIHODXIVlW]H.UJH7HH XQG


'LHVHU7XUPZDUDOVRIXQI]LJ-DKUYRU3DVWRU/|VHFNHVRELJHU
%HVFKUHLEXQJQRFKVRJXWHUKDOWHQGDLKQ)ULHGULFKYRQ*|UQHGHPLP
6RPPHUJHQDQQWHQ-DKUHVDXIGHU5HLVHQDFK0DJGHEXUJLQ3ODXH
YRUVSUHFKHQGHQ.|QLJH)ULHGULFK:LOKH OP ,DOVHLQH6HKHQVZUGLJNHLW]HLJHQ
NRQQWH'HU.|QLJOLHEWHGHUJOHLFKHQDEHUQLFKW$OOHVZDVDQ$GHOVPDFKW
HULQQHUWHYHUGURLKQXQGVRIUDJWHHUGHQLQQLFKWJHULQJHQ6FKUHFNXQG
PLQGHVWHQVLQJURH9HUOHJHQKHLWJHUDWHQGHQ6FKORKHUUQREHUGHQ 7XUP
HWZDKDEHVWHKHQODVVHQXPDXFKHLQPDOHLQHQ0DUNJUDIHQGDULQ
IHVW]XVHW]HQ'DVZDU]XGHXWOLFKXPQLFKWYHUVWDQGHQ]XZHUGHQXQGVR
OLHGHQQYRQ*|UQHGHQ7XUPELVDXI+|KHYRQDFKW)XDEWUDJHQ$XFK
GLHVHU5HVWYHUVFKZDQGJHJHQGDV(QGHGHV-DK UKXQGHUWVXQWHU*HQHUDOYRQ
$QKDOW1XUGDVXQWHULUGLVFKH*HIlQJQLVDOVRGDV+DXSWHULQQHUXQJVVWFN
EOLHEXQGKDWVLFKELVGLHVHQ7DJHUKDOWHQ

6FKRNRODGHQVHUYLFHV%XWWHUEFKVHQ.RQIHNW XQG
.RFKJHVFKLUUHNXU]XPDOOHVZDVPDQJHZRKQWZDUDXV
2VWLQGLHQRGHU+ROODQG]XEH]LHKHQ-HGHU$UEHLWHUZXUGHGXUFK
(LGYHUSIOLFKWHWYRQGHPZDVHULQGHU0DQXIDNWXUJHVHKHQ
RGHUHUOHUQWKDEHQLHPDQGHPHVVHLZHUHVZROOHGDVJHULQJVWH
VDJHQRGHUZHLVHQRGHUVHLQH.XQVWDXVZlUWVEHQXQGEUDXFKHQ
]XZROOHQ$OOH=LPPHUGHV3ODQHU6FKORVVHVZDUHQDOVEDOGPLW
DOOHUOHLNRVWEDUHP*HUlWDXVJHVWDWWHWXQGQDPHQWOLFK9RUKRIXQG
*DUWHQPLWPlFKWLJHQ9DVHQXQG%OXPHQW|SIHQJH]LHUW$XFKGHU
$EVDW]XQWHUODJNHLQHQ6FKZLHULJNHLWHQ6FKRQLQGHU
1DFKEDUVFKDIWIDQGHQVLFK.lXIHUGLH0HQJHGHQQ5HLFKHXQG
9RUQHKPHVXFKWHQGHP+HUUQYRQ*|UQHGHU]XGHQ
WRQDQJHEHQGHQ0lQQHUQ]lKOWHLQGHU$XVVWDWWXQJLKUHU+lXVHU
QDFK]XDKPHQ$EHUDXFKGDV$XVODQGNDXIWHVHKUEHWUlFKWOLFK
XQGDXHUHLQHU]X%HUOLQEHILQGOLFKHQ+DXSWQLHGHUODJHZXUGHQ
1LHGHUODJHQLQ%UHVODX0DJGHEXUJ%UDXQVFKZHLJ+DPEXUJ
.DVVHO'DQ]LJXQG.|QLJVEHUJHUULFKWHW)U+ROODQGXQG(QJODQG
EHVWLPPWH:DUHZXUGHELV+DPEXUJIUDFKWIUHLJHOLHIHUW$XI
(LQNlXIHYRQ 7DOHUJDEHVZDVJDQ]PRGHUQNOLQJWEHL
%DU]DKOXQJHQ 7DOHUDXI 7DOHUMlKUOLFKH$EQDKPHDEHU
DXHU 3UR]HQWQRFK 7DOHU3UlPLHLQGHQ.DXIhEHUDOOKLQ
GUDQJGHU5XIGHU3ODXHU0DQXIDNWXUXQGDOV3HWHUGHU*URH
VHLQH]ZHLWH5HLVHGXUFK(XURSDPDFKWHNDPHULQ%HJOHLWXQJ
)ULHGULFK:LOKHOPV ,GHULKPLQ%UDQGHQEXUJVHLQHJURH
*DUGHJH]HLJWKDWWHQDFK3ODXHEOLHEGDVHOEVWDXIGHP6FKOR
EHU1DFKWXQGEHVWHOOWHQDFK%HVLFKWLJXQJGHU)DEULNHLQ
YROOVWlQGLJHV7DIHOVHUYLFHGDVDXFKVHKUVFK|QDXVILHOXQGDXI
EUDXQHP*UXQGHGDVVWDUNYHUJROGHWH:DSSHQGHV=DUHQ]HLJWH
'LHVH)RUWVFKULWWHGLHVVHLWLJIUHXGLJEHJUWZDUHQ
VHOEVWYHUVWlQGOLFKHLQ6FKUHFNHQLQ6DFKVHQZRPDQGLH
)RUWIKUXQJXQGMHGHQIDOOVGLH5HQWDELOLWlWGHU0HLQHU
0DQXIDNWXUHUQVWOLFKLQ)UDJHJHVWHOOWVDKVRVHKUGD
8QWHUKDQGOXQJHQ GLHVLFKEULJHQVEDOGZLHGHU]HUVFKOXJHQ 
EHJDQQHQXPGLH)DEULNLQ3ODXH]XP5FNWULWW]XYHUDQODVVHQ
'LH+LOIHIU6DFKVHQNDPVFKOLHOLFKYRQDQGHUHU6HLWHKHU
)ULHGULFKYRQ*|UQHGXUFK)ULHGULFK:LOKHOP ,]XP*HKHLPHQ
(WDWVUDWHUQDQQWVDKVLFKEDOGQDFKVHLQHU(UQHQQXQJLQHLQH
KRKH9HUZDOWXQJVVWHOOHQDFK2VWSUHXHQEHUXIHQXQGYRQGLHVHU
HQWIHUQWHQ3URYLQ]DXVVHOEVWYHUVWlQGOLFKDXHUVWDQGHGHQ
9RUJlQJHQLQ3ODXHZLHGDVGXUFKDXVQ|WLJZDUNRQWUROOLHUHQG]X
IROJHQ6RULVVHQGHQQ8QRUGQXQJHQHLQGLHUDVFKZXFKVHQXQG

EHL5FNNHKUYRQ*|UQHVGDV$XIJHEHQGHVJDQ]HQ%HWULHEHV]XU
)ROJHKDWWHQ
'DVZDU$EHUELV]XVHLQHP/HEHQVDXVJDQJHEOLHEYRQ
*|UQHV*HVDPWWlWLJNHLWHLQ6HJHQIU6WDGWXQG/DQG,P-DKUH
ZXUGHPXWPDOLFKXQWHUVHLQHU$QUHJXQJGHU3ODXHVFKH
.DQDOEHJRQQHQXQGDP -XQLEHHQGHW6LHE]HKQ7DJH
VSlWHUVWDUEHU'DV3ODQHU.LUFKHQEXFKPHOGHW'HQ -XQL
KDW6 ([F+HUU)ULHGULFKYRQ*|UQH6HLQHU0DMHVWlW
KRFKEHVWDOOWHU:LUNOLFKHU *HKHLPHU(WDWV XQG.ULHJVPLQLVWHU
9L]HSUlVLGHQWXQGHUVWHUGLULJLHUHQGHU0LQLVWHUEHLGHP*HQHUDO
2EHUILQDQ].ULHJV XQG'RPDLQHQ'LUHNWRULR5LWWHUGHV
6FKZDU]HQ$GOHURUGHQV*HQHUDOSRVWPHLVWHU(UEKHUUDXI3ODXH
*ROOZLW]HWFHWFQDFKHLQHUODQJZLHULJHQ6FKZDFKKHLWLP
IQIXQGVLHE]LJVWHQ-DKUH'HUR$OWHUVGDV=HLWOLFKHPLWGHP
(ZLJHQYHUZHFKVHOWXQGLVWVHLQH/HLFKHGHQ -XQLLQGHP
KRFKDGOLJHQ*HZ|OEH]X*ROOZLW]EHLJHVHW]WZRUGHQ
3ODXHEOLHEQRFK]ZDQ]LJ-DKUHLQYRQ*|UQHVFKHP%HVLW]ELVHV
/HRSROGYRQ*|UQH6RKQ)ULHGULFKVYRQ*|UQHLP-DKUHIU
  7DOHUDQGHQ.|QLJOLFKSUHXLVFKHQ2EHUVWHQYRQGHU
,QIDQWHULH:LOKHOPYRQ$QKDOW*HQHUDOTXDUWLHU XQG
+RIMlJHUPHLVWHUDXFK'RPKHUUGHUKRKHQ6WLIWVNLUFKH]X
+DYHOEHUJYHUNDXIWH

.DSLWHO

3ODXHYRQELV
9RQ$QKDOWVFKH=HLW
:LOKHOPYRQ$QKDOWZDUGHUQDWUOLFKH6RKQGHV3ULQ]HQ:LOKHOP
*XVWDY YRQ$QKDOW lOWHVWHQ6RKQHVGHV)UVWHQ/HRSROGYRQ
'HVVDX PLWKLQHLQ(QNHOGHV$OWHQ'HVVDXHUV(UJOLFKGLHVHPLQ
YLHOHQ6WFNHQDEHUIUHLOLFKPHKULQVHLQHQ)HKOHUQDOVLQVHLQHQ
7XJHQGHQ7URW]GHPRGHUYLHOOHLFKWDXFKHEHQGHVKDOEZDUHU
HLQHLQWHUHVVDQWH)LJXU'HPZXQGHUVDPHQ5HJLPHQWGDVHU
DFKWXQG]ZDQ]LJ-DKUHODQJLQ3ODXHIKUWHVFKLFNHLFKVHLQH
ELRJUDSKLVFKH6NL]]HYRUDXV
3ULQ]:LOKHOP*XVWDY YRQ$QKDOWXQWHUKLHOWHLQ9HUKlOWQLVPLWGHU
7RFKWHUHLQHV6XSHULQWHQGHQWHQQDPHQV6FKDUGLXV'LHVHP
9HUKlOWQLVHQWVSURVVHQ]ZHL6|KQH:LOKHOPXQG3KLOLSSGLHEHLGH
]X.DSHOOHEHL5DGHJDVWLP$QKDOWLVFKHQGDV/LFKW GHU:HOW
HUEOLFNWHQ'HUlOWHVWH:LOKHOPJHERUHQWUDWEHLGHP
3ULQ]HQ0RULW]YRQ$QKDOWVHLQHP2QNHOXQWHUGHP1DPHQ
:LOKHOPL LQ'LHQVWXQG]HLFKQHWHVLFKGXUFK$QODJHQXQG
$QVWHOOLJNHLWGHUDUWDXVGD3ULQ]0RULW]HLQ3DWHQWDOV/LHXWHQDQW
IU LKQHUZLUNWH,QGLHVHU(LJHQVFKDIWEOLHEHUYLHU-DKUHODQJLQ
GHV3ULQ]HQ*HIROJHXQGDOVGLHVHUEHL+RFKNLUFKVFKZHU
YHUZXQGHWGDV+HHUYHUOLHHPSIDKOHUVHLQHQ6FKW]OLQJGHP
*HQHUDOYRQ+OVHQGHPHUJOHLFK]HLWLJGDV(KUHQZRUWDEQDKP
EHUGLH*HEXUWVYHUKlOWQLVVH/LHXWHQDQW:LOKHOPLV
XQYHUEUFKOLFKHV6FKZHLJHQEHREDFKWHQ]XZROOHQ
/LHXWHQDQW:LOKHOPL IROJWHQXQVHLQHPQHXHQ*|QQHUQDFK
6DFKVHQXQG]HLFKQHWHVLFKKLHULQHLQHP*HIHFKWHZHOFKHV
+OVHQGHQgVWHUUHLFKHUQOLHIHUWHDXV'HUJOFNOLFKH$XVJDQJ
GHV*HIHFKWHVHUVFKLHQ)ULHGULFKVRZLFKWLJGDHUVLFKVHOEVW
]XP*HQHUDO+OVHQEHJDEPLWGHPVHOEHQGDV7HUUDLQ
EHUEOLFNWHXQGHLQHQVHLQHU,QJHQLHXUHEHDXIWUDJWHHLQHQ
JHQDXHQ3ODQDQ]XIHUWLJHQ=XIlOOLJK|UWH:LOKHOPLGHQ%HIHKOXQG
EDWGHQ*HQHUDOHUP|JHLKPGLH(UODXEQLVYHUVFKDIIHQHEHQIDOOV

HLQHQ3ODQDQIHUWLJHQ]XGUIHQ'HU.|QLJZLOOIDKUWHGLHVHP
:XQVFKHXQG:LOKHOPLOLHIHUWHVHLQH$UEHLWIUKHUDEDOVGHU
,QJHQLHXU)ULHGULFKZDUPLWGHUVHOEHQ]XIULHGHQHUNXQGLJWHVLFK
QlKHUQDFKGHPMXQJHQ0DQQXQGWUXJ+OVHQDXILKQ]XLKP]X
VFKLFNHQ+OVHQMHGRFKLQGHU0HLQXQJGDGHU.|QLJGHQ
EHWUHIIHQGHQ$XIWUDJVHKUZDKUVFKHLQOLFKZLHGHUYHUJHVVHQKDEH
QHEHQKHUDEHUDXFKZRKOIUFKWHQGGDGLH=XVDPPHQNXQIW]XU
(QWGHFNXQJ:LOKHOPLVIKUHQXQGVHLQ +OVHQV JHJHEHQHV
(KUHQZRUWLQ*HIDKUEULQJHQN|QQHYHUVFKZLHJ:LOKHOPLGHV
.|QLJV%HJHKUHQ
)ULHGULFKKDWWHVHLQHQ$XIWUDJDEHUQLFKWYHUJHVVHQXQGDOVHU
:LOKHOPLDXIGHU3DUDGHHUEOLFNWHIXKUHULKQPLWGHQ:RUWHQDQ
:DUXPLVW(UQLFKWZLHLFKEHIRKOHQJHVWHUQ]XPLU
JHNRPPHQ"
(XHU0DMHVWlWLFKZHLYRQNHLQHP%HIHKO
)ROJ(UPLUVDJWHGHU.|QLJ
,QVHLQHP&DELQHWDQJHNRPPHQOHJWHLKP)ULHGULFKHWOLFKH3OlQH
YRUVSUDFKOlQJHUH=HLWPLWLKPXQGIUDJWHLKQGDHUEHVWLPPWH
XQGNODUH$QWZRUWHQHUKLHOWREHUVLFKZRKOJHWUDXHHLQLJHGLHVHU
=HLFKQXQJHQ]XNRSLHUHQ:LOKHOPLEHMDKWHXQGHUKLHOWGHQ
$XIWUDJHLQHQGHU3OlQHDE]X]HLFKQHQ
0LYHUJQJWGDUEHUGDVHLQ*HQHUDOLKPGHV.|QLJV%HIHKO
YHUVFKZLHJHQKDEHYHUVFKZLHJHUQXQDXFKGLHVHPVHLQH
8QWHUUHGXQJPLWGHP.|QLJH
6RYHUJLQJHLQHNXU]H=HLW
,QDOOHU6WLOOHXQGPLW=XKLOIHQDKPHGHU1DFKWVWXQGHQYROOHQGHWH
:LOKHOPLGLH=HLFKQXQJXQGEHUUHLFKWHVLHGHP0RQDUFKHQGHU
VLHZRKOJHIlOOLJSUIWHXQGLKQ GDQQIUDJWH
:HULVW(UGHQQHLJHQWOLFK":RVWDPPW(UKHU"

(XHU0DMHVWlWLFKKHLH:LOKHOPLXQGKLQGHU6RKQGHV
YHUVWRUEHQHQ3ULQ]HQ*XVWDYYRQ'HVVDX
:LH":DVVDJW(UGD"ULHIGHU.|QLJEHUUDVFKWXQGZDUIGLH
=HLFKQXQJDXIGHQ7LVFK(UZLOOHLQ6RKQGHV3ULQ]HQ*XVWDY
VHLQ",KQVROOGHU7HXIHOKROHQZHQQGDVQLFKWZDKULVW
$EHU:LOKHOPLHQWJHJQHWHJDQ]JHODVVHQ:LHZUGHLFKHV
ZDJHQ(XHU0DMHVWlWHLQHVROFKH8QZDKUKHLW]XVDJHQ
:HLHVGHU*HQHUDO"IRUVFKWH)ULHGULFKZHLWHUXQGVHW]WH
KLQ]XDOV:LOKHOPLGLH)UDJHEHMDKWKDWWH*XW6DJ(UVHLQHP
*HQHUDOGDHUKHXWHPLWWDJEHLPLUVSHLVHQVROO
%HL7DIHOEHPHUNWH)ULHGULFKZLHYRQXQJHIlKU:HL(UQLFKW
OLHEHU+OVHQZRVHLQ/LHXWHQDQW:LOKHOPLHLJHQWOLFKKHULVW"
1HLQ0DMHVWlW'HU3ULQ]0RULW]KDWLKQPLUHPSIRKOHQ
6R"VDJWH)ULHGULFKXQGVDK+OVHQVFKDUIDQ(UZHLDOVR
ZLUNOLFK QLFKWZRGHU:LOKHOPLKHULVW1XQZHQQ(U
VQLFKWZHL
VRZLOOLFK
V,KPVDJHQGHU/LHXWHQDQW:LOKHOPLLVWHLQ6RKQGHV
3ULQ]HQ*XVWDY
+OVHQGHUVHLQ*HKHLPQLVHQWGHFNWVDKJHVWDQGQXQGHP
.|QLJHZDVHUEHU:LOKHOPLV$ENXQIWZXWHXQGHUNOlUWHGD
HUGXUFK(KUHQZRUW]XP6FKZHLJHQYHUSIOLFKWHWZRUGHQVHL-HW]W
YHUODQJWH)ULHGULFKGDHULKPGHQMXQJHQ0DQQDEWUlWH+OVHQ
WDWGLHVXQJHUQZDJWHMHGRFKQLFKWHLQHQ(LQZDQG]XPDFKHQ
9RQGHU7DIHOKHLPJHNHKUWEHVFKLHGGHU*HQHUDOGHQSO|W]OLFK]X
6WHOOXQJXQG$QVHKHQJHODQJWHQ:LOKHOPL]XVLFKXQGPDFKWHLKP
KHIWLJH9RUZUIHGDUEHUGDHULKPVHLQH8QWHUUHGXQJPLW GHP
.|QLJHYHUKHLPOLFKWKDEH'HUMXQJH0DQQHQWJHJQHWHDEHU
GUHLVW+HUU*HQHUDO6LHKDEHQPLUGHQ%HIHKOGHV.|QLJVGHU
PLFK]XVLFKEHVFKLHGHEHQIDOOVYHUVFKZLHJHQXQGGDPLFK
0DMHVWlWQDFKPHLQHP+HUNRPPHQIUDJWHPXWLFKLKPGRFKGLH
:DKUKHLWVDJHQ=XGHPKLHOWLFKGHQJQVWLJHQ$XJHQEOLFNIU
JHNRPPHQPHLQ*OFN]XPDFKHQ:DUXPVROOWLFKLKQQLFKW
EHQXW]HQ"

:LOKHOPLZXUGHQXQLQV*HIROJHGHV.|QLJVDXIJHQRPPHQXQG
DXIGHP6FKODFKWIHOGHYRQ/LHJQLW]  ]XP+DXSWPDQQ
HUQDQQW*OHLFK]HLWLJEHDXIWUDJWHLKQ)ULHGULFKPLWGHQ*HVFKlIWHQ
HLQHV*HQHUDOTXDUWLHUPHLVWHUVLQZHOFKHU6WHOOXQJHUVLFKQW]OLFK
]XPDFKHQYHUVWDQG(UHQWZDUIXQWHUDQGHUHPGHP.|QLJHHLQHQ
3ODQ]XU+HUVWHOOXQJHLQHVOHLFKWHQ$UWLOOHULHNRUSV)ULHGULFK
NRQQWHLKQLQGHVVHQQLFKWKLQUHLFKHQGEHORKQHQZHLOK|KHUH
0LOLWlUFKDUJHQJUXQGVlW]OLFK%UJHUOLFKHQYHUVFKORVVHQZDUHQ'D
VDJWHGHU0RQDUFKHLQHV7DJHV]XLKP+|U(UPDOVRZLHHV
PLW,KPVWHKWNDQQQLFKWVDXV,KPZHUGHQ,FKZHUG,KQDGHOQ
:HOFKHQ1DPHQZLOO(UIKUHQ"
:LOKHOPLZlKOWHGHQ1DPHQGHVDQKDOWLVFKHQ2UWHV*U|W]LJLQ
GHPHUHU]RJHQZRUGHQZDU
*U|W]LJ"ZLHGHUKROWH)ULHGULFK1HLQGDVLVWHLQKlOLFKHU
1DPH:HL(UZDV"(UVROOYRQ$QKDOWKHLHQ'DPLWDEHUGLH
)UVWHQGLHVHV1DPHQVQLFKWVGDJHJHQKDEHQVREHZHUE(UVLFK
XPLKUH(LQZLOOLJXQJ
'LHVH(LQZLOOLJXQJ VHLWHQVGHUIUVWOLFKHQ)DPLOLHYRQ$QKDOW
ZXUGH:LOKHOPLRKQHZHLWHUHVHUWHLOWGHUYRQGLHVHP=HLWSXQNW
DQGLH*XQVWGHV.|QLJVLPPHUPHKUJHZDQQ8QWHUDQGHUHQ
.ULHJVWDWHQHUKLHOWVHLQNKQHU$QJULIIDXIHLQHQ|VWHUUHLFKLVFKHQ
3RVWHQLP*HELUJHEHL/HXWPDQQVGRUIGHV.|QLJVYROOVWH


$OV:LOKHOPLGHP.|QLJHGLHVH(LQZLOOLJXQJEHUEUDFKWHHQWVSDQQVLFK
IROJHQGHV*HVSUlFK
+DW(U *HVFKZLVWHU "
-D0DMHVWlWQRFKHLQHQ%UXG HU
:R LVWGHUXQG ZDV LVWHU"
(UOHEWLQ2IIHQEDFKXQGLVW%DUELHU
:LHNDQQHLQHUVRGXPPVHLQXQGHLQ%DUELHUZHUGHQ"6FKUHLE(ULKP
JOHLFKXQGOD(ULKQKHUNRPPHQ
'LHVHUMQJHUH%UXGHU 3KLOLSSWUDIGHQQDXFKZLUNOLFKDXV2IIHQEDFKHLQ
ZXUGHYRQGHPlOWHUHQ%UXGHULQGHQ0LOLWlUZLVVHQVFKDIWHQXQWHUULFKWHW
XQGPDFKWHJOHLFKIDOOV&DUULqUHZHQQDXFKQLFKWYROOVRJOlQ]HQGZLHGHU
lOWHUH :LOKHOP 3KLOLSSYRQ$QKDOWVWDUEDOV*HQHUDOPDMRU

$QHUNHQQXQJ)ULHGULFKHUQDQQWHLKQLQIROJHGLHVHU+HOGHQWDW]XP
2EHUVWOLHXWHQDQWXQGKlQGLJWHLKPDFKW9HUGLHQVWRUGHQIUVHLQH
2IIL]LHUHHLQ1DFKGHP)ULHGHQVVFKOXVVHVWLHJHULPPHUK|KHU
ZXUGHQDFKGHPHU3ODXHHUVWDQGHQGUHL-DKUHVSlWHU
*HQHUDODGMXWDQWXQG*HQHUDOOLHXWHQDQWXQG*RXYHUQHXULQ
.|QLJVEHUJ
$XIGHQ$XVJDQJVHLQHV/HEHQVXQGVHLQH*URWDWHQLQ3ODXH
NRPPHLFKZHLWHUKLQ]XUFN$EHUZDV0LUDEHDXNXU]H=HLW
QDFKGHP7RGHGHV.|QLJVEHUYRQ$QKDOWVFKULHEPDJDOV
(UJlQ]XQJ]XGHP9RUVWHKHQGHQVFKRQKLHUHLQH6WHOOHILQGHQ
'HUQHXH.|QLJVRVFKUHLEW0LUDEHDXGHQ 2NWREHU
KDWVRHEHQGHP+HUUQYRQ$QKDOWGHQ6FKZDU]HQ$GOHURUGHQ
YHUOLHKHQ+HUUYRQ$QKDOWLVWYRQHLQHU.|FKLQXQGVHKUYLHOHQ
9lWHUQJHERUHQ (UZDUHUVW3IHUGHNQHFKWXQGZXWHVLFK
GDGXUFKVHLQHQ/HEHQVXQWHUKDOW]XYHUVFKDIIHQGDHUGHQ
2IIL]LHUHQHLQJHVFKPXJJHOWHQ.DIIHHYHUNDXIWH'DQQZXUGHHU
6SLRQXQGKDWWHGHQ3ULQ]HQYRQ3UHXHQGHQMHW]LJHQ.|QLJDXI
6FKULWWXQG7ULWW]XEHZDFKHQ(UJLQJGDEHLZHLWHUDOVQ|WLJXQG
ZXWHLQVHLQH JHKlVVLJHQ(U]lKOXQJHQDXFKJLIWLJH5DWVFKOlJH]X
PLVFKHQZDVHQGOLFKGLH9ROO]LHKXQJHLQHU*UDXVDPNHLW
YHUDQODWHGLHPDQQLFKW*HVFKLFNOLFKNHLWJHQXJKDWWH]X
EHPlQWHOQXQGQLFKW0XWJHQXJYROODXV]XIKUHQ 'LHVHJDQ]H
6WHOOHY|OOLJXQYHUVWlQGOLFK LVWVHKUZDKUVFKHLQOLFKPLW$EVLFKWLQ
'XQNHOJHKDOWHQ *HQHUDOYRQ$QKDOWVRIlKUW0LUDEHDXIRUW
KDWEULJHQVPHKU.ULHJVWDOHQWDOVPDQEHLVHLQHUVRQVWLJHQ
'XPPKHLWJODXEHQVROOWH1LHPDOVLVWHUNDOWEOWLJHUDOVDQGHU
6SLW]HVHLQHU6ROGDWHQ8QGVRVWLHJHUGHQQELV]XP
*HQHUDOOLHXWHQDQW'DHURKQH*HLVWLVW GDVZHQLJHZDVHU
GDYRQKDWWHYHUORUHUGXUFKHLQHQVFKUHFNOLFKHQ6WXU]LQIROJH
GHVVHQHUWUHSDQLHUWZHUGHQPXWH VREOHLEWHUPXWPDOLFK
DXFKIHUQHUKLQLQ*XQVW,Q.|QLJVEHUJZRHU ELVMHW]WGDV
.RPPDQGRKDWWHZDUHUDOOJHPHLQJHKDWZDVLKPIUHLOLFKLQ
3RWVGDPZRPDQGLH2VWSUHXHQVHLWVHFKVXQGYLHU]LJ-DKUHQ


0LUDEHDXZDUEHL3HUVRQDODQJDEHQZLHGLHVHUHJHOPlLJDXI+RINODWVFK
DQJHZLHVHQXQGNRQQWH:DKUHVYRQ)DOVFKHPQLFKW VLFKWHQ6ROlXIWGHQQ
DXFKKLHUYLHO)DOVFKHVPLWGUXQWHU$EHUDOOGLHV)DOVFKHEHWULIIWQXU
QHEHQVlFKOLFKH'LQJH'DV*HVDPWELOGGDVHUKLQVWHOOWLVWULFKWLJ

YHUDEVFKHXWHKHU]XP9RUWHLODOV1DFKWHLODQJHUHFKQHWZXUGH
:HQLJH7DJHYRUGHP7RGHGHV .|QLJVZXUGHYRQ$QKDOWQDFK
6DQVVRXFLEHUXIHQ
(UKDWHLQHYRQ6HLQHQ7|FKWHUQYHUKHLUDWHW"HPSILQJLKQGHU
.|QLJ
-D6LUH8QGLFKIKOHHV
:LHYLHOKDW(U6HLQHU7RFKWHUPLWJHJHEHQ"
=HKQWDXVHQG7DOHU
'DVLVWYLHOIU,KQGD(UQLFKWV KDW
'HQIROJHQGHQ7DJHPSILQJHUYRP.lPPHULHUHEHQGLHVH
6XPPH  7DOHUXQGNHKUWHQDFK.|QLJVEHUJ]XUFN.DXP
GRUWDQJHNRPPHQWUDIDXFKVFKRQGLH1DFKULFKWYRP7RGHGHV
.|QLJVHLQ6RIRUWVFKQLWW$QKDOWDXVGHPJURHQgOSRUWUDLWGHQ
.RSIVHLQHVYLHOMlKULJHQ:RKOWlWHUVKHUDXVXQGVHW]WHGHQ.RSI
VHLQHV1DFKIROJHUVKLQHLQ'LHVHU.|QLJ)ULHGULFK:LOKHOP ,,
NDPEDOGGDQDFK]XU+XOGLJXQJQDFK.|QLJVEHUJXQGVFKHQNWH
YRQ$QKDOWHLQHSUlFKWLJH'RVHVDKVLFKDEHUGRFKJH]ZXQJHQ
LKPGHP*HQHUDOPLW]XWHLOHQGDHUGDVRVWSUHXLVFKH
.RPPDQGRQLHGHUOHJHQPVVH6R]LHKWHUVLFKGHQQMHW]WPLW
HLQHU3HQVLRQYRQ 7DOHUQXQGGHP6FKZDU]HQ$GOHURUGHQ
]XUFNQDFKGHPLKPQRFKYHUVSURFKHQZRUGHQLVWLKQLP)DOO
HLQHV.ULHJHVZLHGHUDQ]XVWHOOHQ(LQLJHVLQGEHPKWGLHVH
MHGHQIDOOV]XZHLWJHKHQGHQ:RKOWDWHQXQG5FNVLFKWHQLQ6FKXW]
]XQHKPHQXQGGLH)OOHGHUVHOEHQDXVJHUHFKWIHUWLJWHU)XUFKW]X
HUNOlUHQ6ROOGRFKYRQ$QKDOWJHGURKWKDEHQHUZHUGHZHQQ
PDQLKPGLHVH*QDGH KRKH3HQVLRQXQG2UGHQ YHUVDJH
DQGHUVZR ]HLJHQGDHUVROFKH=XUFNVHW]XQJQLFKWYHUGLHQW
KDEH $QGHUVZRVROOQDWUOLFKKHLHQLP'LHQVWHYRQ
gVWHUUHLFK(UZUGHVLFKDEHUJHKWHWKDEHQGLHVH'URKXQJ
ZDKU]XPDFKHQGHQQGLHYRQLKP]ZLVFKHQ0DJGHEXUJXQG
%UDQGHQEXUJDQJHNDXIWHQ*WHUVLQGHLQHKLQOlQJOLFKH
*HZlKUOHLVWXQJIUVHLQH3HUVRQ6R0LUDEHDX

'LHVZDUGHU0DQQGHP DOVHULPYRUHUZlKQWHQ-DKUH
*XWV XQG6FKORKHUUYRQ3ODXHZXUGH GLH$XIJDEH]XILHOVLFK
QHEHQGHQ*|UQHVGHUHQ$QGHQNHQLQ(KUHQVWDQG]X
EHKDXSWHQ'D]XZDUHUQXQIUHLOLFKVRXQJHHLJQHWXQGZLHJOHLFK
KLQ]XJHVHW]WZHUGHQGDUIDXFKVRXQOXVWLJZLHQXUP|JOLFK(U
EHJDQQGDPLWGHQPLWGHU+DYHOLQ9HUELQGXQJVWHKHQGHQ
*UDEHQGHUGDV6FKORYRQGUHL6HLWHQXPJDE]XVFKWWHQ]X
ODVVHQ'HQDFKW)XKRKHQ0DXHUUHVWGHVDXVGHU4XLW]RZ]HLW
KHUVWDPPHQGHQ*HIlQJQLVWXUPHVOLHHUZLHVFKRQ
KHUYRUJHKREHQDEWUDJHQXQGQXUGDVXQWHULUGLVFKH9HUOLHV
IRUWEHVWHKHQGDULQGHU+HU]RJYRQ0HFNOHQEXUJJHIDQJHQ
JHVHVVHQKDWWH%DOGGDUDXI YHUVFKZDQGDXFKGLH:DVVHUPKOH
GLH)ULHGULFKYRQ*|UQHPLWJURHQ8QNRVWHQDQJHOHJWKDWWH
1DWUOLFK$OOHVZDV*|UQHVFKZDUZDUYHUS|QW,QGHU.LUFKH]X
3ODXHKLQJGLH5LWWHUUVWXQJHLQHV$KQKHUUQYRQ*|UQHYRQ
$QKDOWOLHVLHQDFKHLQHP1DFKEDUJXWHEULQJHQGDPLWHUVLHEHL
VHLQHP.LUFKHQEHVXFKHQLFKWEHVWlQGLJYRU$XJHQKDEH:DV
VLFKQRFKYRQ(U]HXJQLVVHQGHUYRQ*|UQHVFKHQ
3RU]HOODQPDQXIDNWXULP6FKORVVHEHIDQGZDUGLQGLH+DYHO
JHZRUIHQHEHQVRZDVDQ8UNXQGHQGDZDU(UNRQQWHVLFKLQ
OHLGHQVFKDIWOLFKHU9HUZVWXQJDOOHVGHVVHQZDVDQGHUQHWZDV
EHGHXWHWHJDUQLFKWJHQXJWXQ6HLQEHVRQGHUHU*UROODEHUGDULQ
VLFK]XPhEHUIOXDXFKQRFK9HUDFKWXQJPLVFKWHULFKWHWHVLFK
JHJHQGLH6WDGW3ODXHDOV6WDGWGHUHQYLHU7RUHHUHLQIDFK
ZHJEUHFKHQ GHVJOHLFKHQDXFKGLH6FKLOGHUPLWGHQ
6WUDHQQDPHQHQWIHUQHQOLH(EHQVRZROOWHHUGDV6WDGWVLHJHO
HLQHQGRSSHOWHQ$GOHUYHUQLFKWHQXQG]ZDUPLWGHP%HPHUNHQ
GDGLHV6LHJHOXQVFKLFNOLFKXQG]XP*HEUDXFKHVRJDU
EHGHQNOLFKVHL'DV.DPPHUJHULFKWWUDWDEHUIUGLH6WDGWHLQ
XQGVSUDFKLKUGDV6LHJHOZLHGHU]X7URW]GLHVHU1LHGHUODJHIXKU
HULQVHLQHU)HKGHIRUWXQGOLHHLQHV7DJHVHLQHYRQLKP
KHUUKUHQGH3ROL]HLYHUZDUQXQJDQGLH6WUDHQHFNHQDQVFKODJHQ
LQGHUGHU%UJHUPHLVWHUGLH5DWVPlQQHUXQG%UJHUDOV
6FKXO]H6FK|SSHQXQG.RVVlWHQDQJHUHGHWZXUGHQ(EHQVR
YHUIXKUHULQGHU.LUFKHZRGLH0DJLVWUDWVORJHGLH,QVFKULIW
HPSILQJ6LW]HIUGHQ6FKXO]HQXQGGLH6FK|SSHQ6HOEVWGHU
1DFKWZlFKWHUZXUGHKHUDQJH]RJHQXQGPXWHYRQ6WXQGDQ
UXIHQ%HZDKUWGDV)HXHUXQGGDV/LFKWGDGLHVHP'RUIH NHLQ
6FKDGHQJHVFKLFKW:LHGHUZXUGH3ODXHEHLP.DPPHUJHULFKW
YRUVWHOOLJXQGGDV.DPPHUJHULFKWHQWVFKLHGDEHUPDOVLQDOOHQ
|IIHQWOLFKHQ$QVFKOlJHQGHQ2UW3ODXH6WDGWRGHU6WlGWFKHQ

]XQHQQHQXQGVRDXFKGXUFKGHQGDVLJHQ1DFKWZlFKWHUDEUXIHQ
]XODVVHQEHUKDXSWGLH6WDGW 3ODXH EHL 'XNDWHQ6WUDIHIU
MHGHQ.RQWUDYHQWLRQVIDOO EHLLKUHQVWlGWLVFKHQ*HUHFKWVDPHQ
XQGGHP1DPHQHLQHU6WDGWRGHUHLQHV6WlGWFKHQV]XEHODVVHQ
DXFKGLHGDVLJH2EULJNHLWXQG%UJHUVFKDIWQLFKW6FKXO]H
6FK|SSHQXQG.RVVlWHQVRQGHUQ%UJHUPHLVWHU5DWPlQQHUXQG
%UJHU]XEHQHQQHQ
6RYRQ$QKDOWLQVHLQHUOlFKHUOLFKDXIJHVFKUDXEWHQ
*UDQGVHLJQHXUVFKDIWGLHEHVWlQGLJLQ%UXWDOLWlWXQG .DULNDWXU
DXVDUWHWH:DVDEHUGHUJXWHQ6WDGW3ODXHZRP|JOLFKQRFKPHKU
$QVWRXQGbUJHUQLVJDEDOVLKUHV6FKORKHUUQXQHUWUlJOLFKHU
+RFKPXWGDVZDUVHLQ:DQGHOGHUDOOHUJXWHQ6LWWH+RKQVSUDFK
%LVJLQJHV,QGLHVHP-DKUHDEHUVWDUE)UDXYRQ$QKDOW
.DUROLQHJHERUHQHYRQ:HGHOO7RFKWHUGHV.ULHJVPLQLVWHUVYRQ
:HGHOOXQGYRQGLHVHP=HLWSXQNWDQNDQQWHYRQ$QKDOWV
5FNVLFKWVORVLJNHLWNHLQH*UHQ]HQPHKU(UJHILHOVLFKLQ
VHOWVDPHQ5HXQLRQVGHQHQGLH6LW]XQJHQGHV7DEDNVNROOHJLXPV
ZHLODQG.|QLJ)ULHGULFK:LOKHOPV ,DOV0XVWHU YRUVFKZHEHQ
PRFKWHQYRQGHQHQVLHVLFKDEHUGXUFKLKUH6LWWHQORVLJNHLWQXU
]XVHKUXQWHUVFKLHGHQ%HUOLQHU)UHXQGHZXUGHQJHODGHQHLQ]HOQH
1DFKEDUQQDKPHQWHLOXQGZDVDQ:LW]XQG:LVVHQIHKOHQ
PRFKWH WURW]GHPHVDQNOXJHQ.|SIHQQLFKWJHUDGH]XJHEUDFK 
GDVZXUGHGXUFK5RKHLWHQHUVHW]W+HOGLQXQG2SIHUGLHVHU
%DFFKDQDOHZDUHLQH0DLWUHVVHYRQ$QKDOWVHLQH3ODQHU
)LVFKHUWRFKWHUGLHZHQQPDQVLFKYRQGHU7DIHOHUKRE]XU
%HOXVWLJXQJGHU*lVWHPLWKHUDQJH]RJHQZXUGH0DQVFKULWWGDQQ
]X%DFFKXVWlQ]HQQHEHQGHQHQDOOGDVZDVEHUVROFKH7lQ]H
EHULFKWHWZLUGYHUVFKZLQGHW$OOHVZDVJHVFKDKZDUEULJHQV
QRFKPHKUJHPHLQDOVODVWHUKDIWDEHUGDVZDVGLH0RUDOGDEHL
JHZLQQHQPRFKWHZXUGHPHKUDOVDXVJHO|VFKWGXUFKHLQ
*HEDUHQGDVGHQ%HJULIIGHU0HQVFKHQZUGHQLFKWNDQQWH'LHVH
6]HQHQVSLHOWHQJHQDX]XGHU=HLWZRGLH0HQVFKHQUHFKWH
SURNODPLHUWZXUGHQ,QGHVVHQZDVEHGHXWHWHQGLHVHP0DQQHGLH
0HQVFKHQUHFKWH"'HQ9lWHUQDXIGHQ]XU+HUUVFKDIWJHK|ULJHQ
'|UIHUQQDKPHUGLHNRQILUPLHUWHQ.QDEHQXQG ]ZDQJVLH]X
PHKUMlKULJHP'LHQVWDOV6FKZHLQHKLUWHQXQG+XQGHMXQJHQ'HU
'LHQVWHLQ]HOQHU.RQILUPDQGLQQHQHQWVSUDFKGHP/LHVWPDQ
VROFKH6FKLOGHUXQJHQVREHJUHLIWPDQMDIUHXWPDQVLFKLP
WLHIVWHQ+HU]HQ XQGNDQQGLHVGHUSDWULRWLVFKHQ3KUDVH
JHJHQEHUQLFKWRIWXQGQLFKWODXWJHQXJEHWRQWZHUGHQ GD
IQI]HKQ-DKUHVSlWHUGLH)UDQ]RVHQYRQHLQHPVWDUNHQ%UXFKWHLO

XQVHUHU%HY|ONHUXQJPHKUDOV%HIUHLHUZLHDOV8QWHUGUFNHU
HPSIDQJHQZXUGHQ(WZDVYRQ*HQLDOLWlWXQGVXSHULRUHP+XPRU
MDVHOEVWYRQ%HUHFKWLJXQJHLQHUKHUDXVIRUGHUQGHQ
6SLHEUJHUOLFKNHLWJHJHQEHUVROODOOGLHVHP7XQQLFKW
DEJHVSURFKHQZHUGHQDEHUZHUVLFKGDULQJHIlOOWGDV5HFKW
NOHLQHU/HXWH]XPLDFKWHQXQGGDEHLGHP*HVHW]HLQ
6FKQLSSFKHQVFKODJHQGOHGLJOLFKGLH6SLHEUJHUOLFKNHLW GHU
NOHLQHQ/HXWH]XEHWRQHQGHUKDWHVOHLFKWGHQ+XPRULVWHQ]X
VSLHOHQXQGHLQHNRPLVFKH:LUNXQJKHUYRU]XEULQJHQ(QGOLFK
NDPGLH4XlOHUHL]XP$EVFKOXYRQ$QKDOWYHUNDXIWH
VHLQHQ*HVDPWEHVLW]DQGHQ.ULHJV XQG'RPDLQHQUDW$GROI-XOLXV
YRQ/DXHU0QFKKRIHQ
3ODXHDWPHWHDXI
9RQ$QKDOWEHUOHEWHGLHVHQ9HUNDXIQRFKXPDFKW-DKUHXQG
VWDUEVLHEHQXQGVHFK]LJ-DKUHDOWLP6WlGWFKHQ=LHVDU

.DSLWHO

3ODXHYRQELV
9RQ/DXHU0QFKKRIHQVFKH=HLW
$GROI-XOLXV/DXHUXUVSUQJOLFK&DELQHWVVHNUHWlUGDQQ
+RINDPPHU XQG)RUVWUDWGHV0DUNJUDIHQ+HLQULFKYRQ
%UDQGHQEXUJ6FKZHGWZXUGHQDFKGHPHULQN|QLJOLFK
SUHXLVFKH'LHQVWHJHWUHWHQDOV.ULHJV XQG'RPDLQHQUDW]X
0DJGHEXUJLQGHQ)UHLKHUUQVWDQGHUKREHQ(UYHUPlKOWHVLFKPLW
&KDUORWWH)UHLIUDXYRQ6WROW]HQEHUJ
:LHGHU%HJLQQGHU*|UQH]HLWGHQ'UHLLJMlKULJHQ.ULHJJHVHKHQ
KDWWHVRVDKGLH/DXHU0QFKKRIHQVFKH=HLWGLH
%HIUHLXQJVNULHJH/HLGHUDXFKGDVZDVGHU%HIUHLXQJYRUDXIJLQJ
GLULJLHUWHVLFKHLQ7HLOXQVHUHV5FN]XJVEHU3ODXHGHVVHQ
%UFNH ZLH]XU=HLWGHU6FKZHGHQXQG.DLVHUOLFKHQ
QLHGHUJHEUDQQWZXUGHXPGLH)UDQ]RVHQLQLKUHP9RUPDUVFKDXI
%HUOLQDXI]XKDOWHQ'D3ODXHWURW]GLHVHUGHQ9HUNHKUEHLQDKH
DXIKHEHQGHQ=HUVW|UXQJGHU%UFNHGLH=HLWYRQ$QQR ELV
$QQR RKQHVRQGHUOLFKH%HVFKZHUGHEHUGDXHUWHZDULQ
KRKHP*UDGHGDV9HUGLHQVWGHUQHXHQ*XWV XQG
6FKORKHUUVFKDIW)UHLKHUUYRQ/DXHU0QFKKRIHQVWDUEHUKHEOLFK
IUKHUDOVGLH%DURQLQ1DFKVHLQHP+LQVFKHLGHQEHUQDKPGLHVH
GLH9HUZDOWXQJXQGOHLWHWHGLHVHOEHVHJHQVUHLFKDXFKGDULQDQGLH
*|UQH]HLWHULQQHUQG

.DSLWHO

3ODXHYRQELVMHW]W
*UDI.|QLJVPDUFNVFKH=HLW
VWDUEGLH%DURQLQYRQ/DXHU0QFKKRIHQXQGLPVHOEHQ
-DKUHQRFKHUVWDQG+DQV9DOHQWLQ)HUGLQDQG*UDIYRQ
.|QLJVPDUFN 6FKOR3ODXH=HKQ-DKUHVSlWHUIROJWHGHU
lOWHVWH6RKQ+DQV.DUO$OEHUWYRQ.|QLJVPDUFNLP%HVLW](U
ZDU:LUNOLFKHU*HKHLPUDW*HVDQGWHULQ.RQVWDQWLQRSHOXQGVWDUE
*HJHQZlUWLJHU%HVLW]HULVW*UDI.DUO+DQV.RQVWDQWLQ
JHERUHQ]X.RQVWDQWLQRSHOYHUPlKOWPLW/HRQWLQH*UlILQ
YRQ6D\Q:LWWJHQVWHLQ6D\Q
6FKOR3ODXHZLHVLFK
VJHJHQZlUWLJSUlVHQWLHUWLVWLQVHLQHU
lXHUHQ(UVFKHLQXQJQRFKLPPHUGHU%DXGHQ)ULHGULFKYRQ
*|UQH]ZLVFKHQXQGKLHUHQWVWHKHQOLHXQGYRQGHP
ZLUPLW+LOIHGHU3DVWRU/|VHFNHVFKHQ$XI]HLFKQXQJHQDXVGHU
0LWWHGHVYRULJHQ-DKUKXQGHUWVEHUHLWVHLQH%HVFKUHLEXQJJDEHQ
$EHUVRZHQLJLQGLHVHUlXHUHQ(UVFKHLQXQJJHlQGHUWZXUGHGDV
,QQHUHGHV6FKORVVHVKDWGRFKHUKHEOLFKH9HUlQGHUXQJHQ
HUIDKUHQDPPHLVWHQLQEH]XJDXI$XVVWDWWXQJHLQLJHUVFKRQ
GXUFKLKUHQ8PIDQJLQ%HWUDFKWNRPPHQGHQ5lXPOLFKNHLWHQ
(LQHQ+DXSWWHLOGHVDXIGLH+DYHOEOLFNHQGHQ&RUSVGHORJLV
QHKPHQLQ(UGJHVFKRXQGHUVWHP6WRFN]ZHLJURH6lOHHLQ
GHUHQXQPLWWHOEDUDQVFKOLHHQGH5lXPHUHFKWZLQNOLJHLQELHJHQG
VLFKLQHLQHUODQJHQ=LPPHUUHLKHEHLGHU6FKORIOJHOIRUWVHW]HQ
'HU6DDOLP(UGJHVFKRGLHQWDOV)DPLOLHQ XQG(PSIDQJV]LPPHU
XQGGHUVFK|QHQ/DJHGHVVHOEHQHQWVSULFKWGHQQDXFKVHLQH
+HUULFKWXQJXQG$XVVFKPFNXQJ (VILQGHQVLFKKLHU
)DPLOLHQSRUWUDLWVYRQ0HLVWHUKDQG*UDI+DQV.DUO$OEHUWYRQ
.|QLJVPDUFN*HVDQGWHULQ.RQVWDQWLQRSHOXQG*UlILQ-HQQ\YRQ
.|QLJVPDUFNJHERUHQHYRQ%ORZEHLGHYRP3URIHVVRU.DUO
6RKQIHUQHUHLQMXQJHU*UDIYRQ.|QLJVPDUFN6RKQGHV
*HVDQGWHQLQ.RQVWDQWLQRSHOLQGHU8QLIRUPGHU*DUGHKXVDUHQ
GLHVHUMXQJH*UDI .VWDUEIUKLQGHU.LUFKH]X3ODXHVWHKWHU
LQJDQ]HU)LJXULQHLQHPLQ(U]DXVJHIKUWHQJRWLVFKHQ

0RQXPHQW IHUQHU)DPLOLHQJUXSSHQELOG6|KQHXQG7|FKWHU
HQGOLFKHLQNOHLQHV'DPHQSRUWUDLWEHUP.DPLQZDKUVFKHLQOLFK
YRQ:DFKRGHU.UJHUKHUUKUHQGGXUFKEHVRQGHUH6FK|QKHLW
DXVJH]HLFKQHW
hEHUGLHVHP6DDOLP(UGJHVFKREHILQGHWVLFKHLQJOHLFKJURHU
5DXPLPHUVWHQ6WRFNGHUYRUHWZD]ZDQ]LJ-DKUHQLQHLQHQ
$KQHQ RGHU5LWWHUVDDOXPJHZDQGHOWZXUGH=XYLHULQGHQYLHU
(FNHQDXIJHVWHOOWHQ5LWWHUILJXUHQJHVHOOHQVLFKYLHU3RUWUDLWVGHQ
+DXSWLQKDOWDEHUELOGHQDFKWJURH7DEOHDXVGLHKHUYRUUDJHQGH
7DWHQDXVGHU*HVFKLFKWHGHU.|QLJVPDUFNVGDUVWHOOHQ'UHL
GHUVHOEHQYHUDQVFKDXOLFKHQZHQLJEHNDQQWH6]HQHQDXVGHP
XQG -DKUKXQGHUWZHVKDOEHVVFKZHULVWVLFKRKQH
.RPPHQWDURGHU)KUHULQLKQHQ]XUHFKW]XILQGHQ'HVWROHLFKWHU
JHOLQJWGLHVEHLGHQYHUEOHLEHQGHQIQI7DEOHDXVGLHVlPWOLFK
6]HQHQDXVHLQHUVFKDUIDEJHJUHQ]WHQ(SRFKHZLOOVDJHQDXV
GHP -DKUKXQGHUW]XU'DUVWHOOXQJEULQJHQLQZHOFKHP
-DKUKXQGHUWGHU5XKPGHU)DPLOLHJLSIHOW-DIDVWOLHHVLFK
VDJHQHUEHJLQQWXQGVFKOLHWPLWLKP'LH.|QLJVPDUFNV
QHKPHQGDGXUFKHLQH6RQGHUVWHOOXQJLQQHUKDOEXQVHUHV
PlUNLVFKHQ$GHOVHLQYRQGHPYLHOOHLFKWJHVDJWZHUGHQGDUIGD
HULQEH]XJDXI5XKPLQYLHUEHVWLPPWH.DWHJRULHQ]XEULQJHQ
VHL'DKDEHQZLU 'LH1LH%HUKPWHQ+LHUYHUELHWHWHVVLFK
VHOEVWYHUVWlQGOLFK1DPHQXQG%HLVSLHOH]XJHEHQWURW]GHPHV
PLUIHVWVWHKWGDMHQH6FKOLFKWHQXQG(LQIDFKHQGLHVLFKDXI
(UIOOXQJQlFKVWOLHJHQGHU3IOLFKWHQEHVFKUlQNWHQYLHOIDFKGLH
%HVWHQXQG6HJHQVUHLFKVWHQJHZHVHQVLQG 'LHQXUHLQPDO LQ
HLQHU(LQ]HOJHVWDOWRGHUDEHULQHLQHP%UXGHUSDDU
%HUKPWJHZRUGHQHQ+LHUKHUJHK|UHQ,OOR6SDUU*|UW]%UDQGW
.DWWH%XFK+DJHQ=LHWHQ6FKODEUHQGRUI0DUZLW])LQFNHQVWHLQ
.QHVHEHFN%LVPDUFNXQGDOV%UXGHUSDDUHGLH4XLW]RZVGLH
+XPEROGWVGLH%ORZVZHOFKHOHW]WHUHQVLFKIUHLOLFKPLWJOHLFKHP
RGHUQRFKJU|HUHP5HFKWHGHUQXQIROJHQGHQGULWWHQ*UXSSH
JHVHOOHQ 'LHYLHOIDFK XQGIDVWGXUFKDOOH -DKUKXQGHUWHKLQ
%HUKPWJHZHVHQHQZLHGLH6FKXOHQEXUJV$OYHQVOHEHQV$UQLPV
XQG6FKZHULQVXQGLQ]ZHLWHU5HLKHGLH3XWOLW]H%UHGRZVXQG
5RFKRZV 'LHQXUGXUFKHLQ -DKUKXQGHUWDEHULQGLHVHPHLQHQ
-DKUKXQGHUWDXFKGXUFKDOOHGUHL*HQHUDWLRQHQKLQ
%HUKPWJHZHVHQHQ+LHUKHUJHK|UHQHLQ]LJXQGDOOHLQGLH
.|QLJVPDUFNV'DZLUGLHVHN|QLJVPDUFNVFKH%HUKPWKHLWLP
JDQ]HQJHQRPPHQZHQLJJHJHQZlUWLJKDEHQVR ZHQLJGDZLU
XQVDXIGLHVHOEHVR]XVDJHQLPPHUHUVWEHVLQQHQPVVHQKDW

GDULQVHLQHQ*UXQGGDVLH ZLHZRKOGHU0DUNHQWVWDPPHQG
LKUHQHPLQHQWHQ5XKPGXUFKDXVLQIUHPGHQ/lQGHUQXQGXQWHU
IUHPGHQ)DKQHQHUUXQJHQKDEHQ:DVGDYRQDXI0DUN
%UDQGHQEXUJRGHU3UHXHQNRPPWLVWQLFKWDOO]XYLHO
8QGQDFKGLHVHQ9RUEHPHUNXQJHQZHQGHQZLUXQVQXQPHKUGHP
ZLHVFKRQKHUYRUJHKREHQDXVVFKOLHOLFKLP -DKUKXQGHUW
ZXU]HOQGHQXQGKLHULQIQIJURHQ7DEOHDXVYHUDQVFKDXOLFKWHQ
5XKPHGHU)DPLOLH]X
'HU,QKDOWGLHVHUIQIJURHQ7DEOHDXVLVWGHUIROJHQGH
(UVWHV7DEOHDX+DQV&KULVWRSK *UDIYRQ.|QLJVPDUFNJHERUHQ
DP )HEUXDUDXI6FKOR.|W]OLQLQGHU3ULJQLW]HUREHUW
DP 6HSWHPEHUGLH.OHLQVHLWHYRQ3UDJ6FKOXDNWGHV
'UHLLJMlKULJHQ.ULHJHV
+DQV &KULVWRSKVFKZHGLVFKHU*HQHUDOIHOGPDUVFKDOOXQG*UDI]X
:HVWHUZ\NXQG6WHJKROPZXUGHQDFKHUIROJWHP
)ULHGHQVVFKOXVVH]XP*RXYHUQHXUGHUVFKZHGLVFKJHZRUGHQHQ
+HU]RJWPHU%UHPHQXQG9HUGHQHUQDQQWXQGEDXWHVLFKHLQ
5HVLGHQ]VFKOR]X6WDGHGDVHUVHLQHU*HPDKOLQGHUVFK|QHQ
$JDWKHYRQ/HHVWHQ]X(KUHQGLH$JDWKHQEXUJQDQQWH6HLQ7RG
DEHUHUIROJWHQLFKW]X6WDGHVRQGHUQ]X6WRFNKROPDP
 )HEUXDU(UVWDUEGDVHOEVWDQGHQ)ROJHQHLQHU
+KQHUDXJHQRSHUDWLRQQDFKGHPHULQYLHU]LJ6FKODFKWHQXQG
%HODJHUXQJHQDOOHQ*HIDKUHQJOFNOLFKHQWJDQJHQZDU(UVROOHLQH
MlKUOLFKH5HQWHYRQ  7DOHUQJHKDEWKDEHQ)UMHQH=HLW
HLQHHQRUPH6XPPH
=ZHLWHV7DEOHDX.XUW&KULVWRSK *UDIYRQ.|QLJVPDUFN 6RKQYRQ
+DQV&KULVWRSK JHERUHQIlOOWDOV*HQHUDOOLHXWHQDQWGHU
KROOlQGLVFKHQ$UPHHEHLP6WXUPDXIGLH%RQQHU6FKDQ]H
'H]HPEHU
.XUW&KULVWRSK*UDI.ZDUYHUPlKOWPLW0DULH&KULVWLQHYRQ
:UDQJHOGHV)HOGPDUVFKDOOV+HUUPDQQYRQ:UDQJHO7RFKWHU(U
UHVLGLHUWHPLWLKUDXIGHU$JDWKHQEXUJ QDKPHUDXI
VFKZHGLVFKHU6HLWHUXKPUHLFKHQ$QWHLODQGHUGUHLWlJLJHQ
6FKODFKWYRU:DUVFKDX
'ULWWHV7DEOHDX2WWR:LOKHOP *UDIYRQ.|QLJVPDUFN HEHQIDOOV
HLQ6RKQ+DQV&KULVWRSKV JHERUHQ]X0LQGHQ

YHQH]LDQLVFKHU*HQHUDOLVVLPXVEHNODJWHVGDVYRQGHQ7UNHQ
YHUWHLGLJWH$WKHQVDPWVHLQHP3DUWKHQRQHLQHP%RPEDUGHPHQW
XQWHUZHUIHQ]XPVVHQ
2WWR:LOKHOP*UDI.ZDUVHLWPLW*UlILQ&DWKDULQD&KDUORWWH
GHOD*DUGLH7RFKWHUGHV5HLFKVREHUVWHQ*UDIHQ0DJQXV*DEULHO
GHOD*DUGLHYHUPlKOW ,PVHOEHQ-DKUH  KDWWHHUHLQH
6DPPOXQJJHLVWOLFKHU+DXVOLHGHUXQG$QGDFKWVEXQJHQLQ'UXFN
HUVFKHLQHQODVVHQJLQJHUQDFK:LHQXQG8QJDUQXQGWUDW
EDOGGDQDFKLQGHQ'LHQVW9HQHGLJVXQG]ZDUDOV
*HQHUDOLVVLPXVJHJHQGLH7UNHQ:lKUHQGGHU 6HHKHOG
0RURVLQLVLFKGHU,QVHO6DQWD0DXUDEHPlFKWLJWHODQGHWH*UDI
2WWR:LOKHOPLQGHU%XFKWYRQ1DYDULQR3DWUDV/HSDQWR.RULQWK
ZXUGHQJHQRPPHQHQGOLFKQDFKHUIROJWHP%RPEDUGHPHQW
DXFK$WKHQ+LHUYHUEUDFKWH*UDI.|QLJVPDUFNGHQ:LQWHUDXI
 XQWHUGHQ7UPPHUQJULHFKLVFKHU.XQVWXQGEHVFKOR
JOHLFK]HLWLJPLW0RURVLQLGHQ$QJULIIDXI1HJURSRQWH%LVGLHVHQ
7DJH[LVWLHUWHLQYHQH]LDQLVFKHV9RONVOLHGLQGHPHVKHLW
.|QLJVPDUFNXQG0RURVLQLYHUVSHLVWHQGLH7UNHL%ODWWXP%ODWW
ZLHHLQH $UWLVFKRFNH9RU1HJURSRQWHVWDUEHUGHU3HVW
HUOLHJHQG
9LHUWHV7DEOHDX+DQV.DUO *UDIYRQ.|QLJVPDUFN lOWHVWHU6RKQ
.XUW&KULVWRSKVXQGGHU0DULH&KULVWLQHYRQ:UDQJHO VWHKWYRU
/XGZLJ ;,9XQGOHKQWHVWURW]JOlQ]HQGHU$QHUELHWXQJHQDE
VHLQHQSURWHVWDQWLVFKHQ*ODXEHQ]XZHFKVHOQ
+DQV.DUO*UDIYRQ.ZXUGHGHQ0DL]X1\ERUJDXI
)KQHQJHERUHQ:LHVHLQ2KHLP2WWR:LOKHOPHQWVFKORHUVLFK
JHJHQGLH8QJOlXELJHQ]XIHFKWHQXQGHUKLHOWYRP
2UGHQVJURPHLVWHUDXI0DOWDGLH(UODXEQLVHLQH7UNHQH[SHGLWLRQ
PLW]XPDFKHQ(U]HLFKQHWHVLFKEHLGHQQXQVWDWWKDEHQGHQ
.lPSIHQGHUDUWLJDXVGDLKQGHU*URPHLVWHUIHLHUOLFKLQGHQ
2UGHQDXIQDKPLKQHLQHQ.HW]HUXQG(QNHOGHVEHUKPWHQ
3URWHVWDQWHQKHOGHQDXVGHU=HLWGHV'UHLLJMlKULJHQ.ULHJHV(LQ
IUDQ]|VLVFKHU6FKULIWVWHOOHUVDJW0DQNDQQDQGHU*U|HGLHVHU
%HORKQXQJHUPHVVHQZHOFKH'LHQVWHGHUMXJHQGOLFKH
.|QLJVPDUFNGHP2UGHQJHOHLVWHWKDEHQPXWH9RQ0DOWD
EHJDEVLFK+DQV.DUOYRQ .QDFK9HQHGLJ+LHUVROOVLFKHLQH
*UlILQYRQ 6RXWKDPSWRQVWHUEOLFKLQLKQYHUOLHEWXQGLKQDOV3DJH
YHUNOHLGHWDXIVHLQHU5HLVHQDFK0DGULGXQG3DULVEHJOHLWHW
KDEHQVHKHQZLULKQLQ/RQGRQZRHUXPHEHQMHQHU/DG\

6RXWKDPSWRQZLOOHQHLQH0HQJH=ZHLNlPSIH]XEHVWHKHQKDWWH
,Q)UDQNUHLFKLQGHVVHQ'LHQVWHUQXQPHKUWULWWZLUGHUYRU
&RXUWUDLYHUZXQGHWXQGEDOGGDQDFKHLQ*HJHQVWDQGGHU
$XV]HLFKQXQJHQVHLWHQV.|QLJ/XGZLJV ;,9DOVGLHVHULKQDEHU
DXIIRUGHUWHLQ.RPPDQGRJHJHQGLH+XJHQRWWHQ]XEHUQHKPHQ
XQGNDWKROLVFK]XZHUGHQHUZLGHUWHU:HOFK9HUWUDXHQ
YHUPRFKWHQ(XHU0DMHVWlWLQPLFK]XVHW]HQZHQQLFKJHJHQ
*RWWXQWUHXZUGH9RQ)UDQNUHLFKJLQJHUQDFK0RUHDXPKLHU
DQGHU6HLWHVHLQHV2KHLPV2WWR:LOKHOPHLQHJHJHQ$UJRV
JHSODQWH([SHGLWLRQPLW]XPDFKHQ'DEHLIDQGHUGHQ7RG(U
VWDUEDQHLQHPKLW]LJHQ)LHEHUHUVWVHFKVXQG]ZDQ]LJ-DKUHDOW
'HU2KHLPGHU]ZHL-DKUHVSlWHUGHU3HVWHUODJVDQGWHGLH
/HLFKHQDFK6WDGHZRVLHEHLJHVHW]WZXUGH
)QIWHV7DEOHDX3KLOLSS&KULVWRSK *UDI.|QLJVPDUFN MQJVWHU
6RKQ.XUW&KULVWRSKVXQG%UXGHU+DQV.DUOVYRQ . QLPPW
$EVFKLHGYRQGHU(UESULQ]HVVLQYRQ%UDXQVFKZHLJ/QHEXUJXQG
ZLUGNXU]GDUDXILQGHQ*lQJHQGHV6FKORVVHVYRQ+DQQRYHU
HUPRUGHW
3KLOLSS&KULVWRSKYRQ.JHERUHQZDUVHLWVHLQHQ
.LQGHUWDJHQPLW6RSKLH'RURWKHD(UESULQ]HVVLQYRQ
%UDXQVFKZHLJ/QHEXUJEHIUHXQGHW6HFK]HKQ-DKUDOW
YHUPlKOWHVLFKGLHVHPLWLKUHP9HWWHUGHP.XUSULQ]HQ*HRUJ
/XGZLJYRQ+DQQRYHUGHPVSlWHUHQ.|QLJH*HRUJ ,YRQ
(QJODQG'LH(KHZDUQLFKWJOFNOLFK3KLOLSS&KULVWRSKYRQ .
JLQJLQGLH:HOWXQGEHWHLOLJWHVLFKDQYHUVFKLHGHQHQ.ULHJV]JHQ
9RQDEDEHUHUNRUHUZHQLJVWHQV]HLWZHLOLJ+DQQRYHUDOV
$XIHQWKDOWVRUWXQGOHEWHGDVHOEVWPLWIUVWOLFKHP$XIZDQGHZDV
LKPVHLQ5HLFKWXPJHVWDWWHWH'HQQHUZDU(UEHYRQ2KHLPXQG
%UXGHUGLHZLHVFKRQHU]lKOWXQGYRU$UJRVXQG
1HJURSRQWHGHQ7RGIDQGHQ=XVHLQHP 3KLOLSS&KULVWRSKV 
+DXVVWDQGHJHK|UWHQ 'LHQHUXQG 3IHUGH6HLQHIUKHUHQ
%H]LHKXQJHQ]XU(UESULQ]HVVLQZXUGHQZLHGHUDXIJHQRPPHQXQG
ZHFNWHQQLFKWQXUGLH(LIHUVXFKWGHV.XUSULQ]HQVRQGHUQDXFK
GHQ1HLGGHU*UlILQ3ODWHQHLQHU0DLWUHVVHGHV.XUSULQ]HQ(LQ
+HUUYRQ3RGHZLOVNXUKDQQRYHUVFKHU)HOGPDUVFKDOOXQWHUOLHHV
QLFKWGHP*UDIHQ3KLOLSS&KULVWRSKGLH*HIDKUHQVHLQHV
9HUKlOWQLVVHV]XU3ULQ]HVVLQ6RSKLH'RURWKHDYRU]XVWHOOHQ
8PVRQVW(QGOLFKJDE3KLOLSS&KULVWRSKGHULPPHUZLHGHUODXW
ZHUGHQGHQ:DUQHUVWLPPHQDFKXQGWUDI9RUEHUHLWXQJHQXPLQ
NXUVlFKVLVFKH'LHQVWH]XWUHWHQ$P -XOLEHJDEHUVLFKLQ

GDV6FKOR]X+DQQRYHUXPKLHUYRQVHLQHU)UHXQGLQGHU
.XUSULQ]HVVLQ$EVFKLHG]XQHKPHQ(UYHUOLHGDV6FKORQLFKW
PHKU,QHLQHP.RUULGRUHWUDWHQLKPYLHU+HOOHEDUGLHUHHQWJHJHQ
GLHVLFKELVGDKLQKLQWHUHLQHP6FKRUQVWHLQYHUERUJHQJHKDOWHQ
KDWWHQXQGLP.DPSIJHJHQGLHVHJHGXQJHQHQ/HXWHILHOHU
6HLQH/HLFKHYHUVHQNWHPDQLQHLQHQVHQNUHFKWGXUFKGLHJDQ]H
+|KHGHV6FKORVVHVODXIHQGHQ.DQDOXQGPDXHUWHGLHVHQ]X=ZHL
GHU+HOOHEDUGLHUH%XVFKPDQQXQG/GHUVKDEHQGLH7DWDXI
LKUHP6WHUEHEHWWHJHEHLFKWHW'LH*UlILQ3ODWHQZDU$QVWLIWHULQ
GHV*DQ]HQ GHU.XUSULQ] ]XU=HLWGHV0RUGHVDXI%HVXFKLQ
%HUOLQ KDWWHQXUVFKZHLJHQG]XJHVWLPPW'DV$XIVHKHQGDVGLH
7DWKHUYRUULHIZDUJURXQGGLH*UlILQ3ODWHQZXUGH*HJHQVWDQG
DOOJHPHLQHQ+DVVHV(LQ9RONVOLHGGHPLFKHLQLJH6WURSKHQ
HQWQHKPHJDEGLHVHU6WLPPXQJ$XVGUXFN

:HUJHKWVRVSlW]X+RIH
'DDOOHVOlQJVWLP6FKODI"
,P9RUVDDOZDFKWGLH=RIH
6FKRQQDKWGHUVFK|QH*UDI
(UVSUDFK(KLFKQDFK)UDQNUHLFKJHK
0XLFKVLHQRFKXPDUPHQ
3ULQ]HVVLQ'RURWKHH
*UlIOHLQGXELVWYHUUDWHQ
9HUUDWHQLVWGHLQ*OFN
'LHE|VH*UlILQ3ODWHQ
(UVDQQHLQ%XEHQVWFN
'XVFKDOWVWVLHHLQH:HWWHUIDKQ
6LHWlWGLUJHUQYLHO/LHEHV
1XQLVW
VXPGLFKJHWDQ
(UJLQJ]XUHZ
JHQ5XKH
0LWYLHOHQ6FKPHU]HQHLQ
'RFKZDUGLQNHLQH7UXKH
*HEHWWHWVHLQ*HEHLQ
,FKZHLQLFKWZRHUPRGHUQPDJ
'RFKZLUGHUHLQVWHUVFKHLQHQ
$P$XIHUVWHKXQJVWDJ

6R PLW8PJHKXQJGHUGUHLPLQGHUZLFKWLJHQ GLHIQIJURHQ


7DEOHDXVLP$KQHQVDDOH]X6FKOR3ODXH
=ZLVFKHQLKQHQXQGGHP3ODIRQGEHILQGHQVLFKIULHVDUWLJZLH LQ
HLQHPGHUEHNDQQWHQ6WDDWVVlOH]X9HQHGLJDFKW.QLHVWFNH
PLQGHULQWHUHVVDQWHUDOWHU.|QLJVPDUFNVGLHMHGRFKZDVLKUH
KLVWRULVFKH%HJODXELJXQJDQJHKWZHQLJHUDQGLH
'RJHQPHGDLOORQSRUWUDLWVLQ9HQHGLJDOVDQGLHOHGLJOLFKDXVGHU
3KDQWDVLHJHVFK|SIWHQ.|QLJVELOGHULP6FKORVVH]X+RO\URRG
HULQQHUQ
:LUWUHWHQKLHUQDFKDXVGHP5LWWHU XQG5XKPHVVDDOHGHU
.|QLJVPDUFNVLQGHQ9RUIOXU]XUFNXQGIUDJHQ:LHZLUNWGLHVHU
5XKPHVVDDO"
'HU8QEHIDQJHQHZLUGYRQGLHVHQELOGOLFKHQ9HUKHUUOLFKXQJHQGHU
)DPLOLHNHLQHQEHVRQGHUVEHIULHGLJHQGHQ(LQGUXFNHPSIDQJHQ
QLFKWZHLOHVDQGHU%HUHFKWLJXQJ]XVROFKHU9HUKHUUOLFKXQJIHKOWH
GLHVHLVWYLHOPHKUDXHUDOOHP=ZHLIHO VRQGHUQOHGLJOLFKZHLOHV
GHPKLHU*HERWHQHQDQGHP.XQVWPDHJHEULFKWGDVPDQJODXE
LFKKHXW]XWDJHEHL1HXVFK|SIXQJHQGHU$UWIRUGHUQGDUI6LQG
VROFKH*DOHULHQDXVDOWHUXQNULWLVFKHU=HLWKHUPLW
KHUEHUJHQRPPHQVRKDWPDQVLHQLFKWQXUJHOWHQ]XODVVHQ
VRQGHUQZLHJHULQJDXFKLKU.XQVWZHUWVHLQP|JHVLFKLKUHU
DXIULFKWLJ]XIUHXHQMDVLHPLWJDQ]EHVRQGHUHU3LHWlW]XKHJHQ
XQG]XSIOHJHQ/lWPDQDEHULQXQVHUHU=HLWHLQ
5XKPHVPXVHXPQHXHUVWHKHQVRPXHVHLQH*HVWDOW
DQQHKPHQGLHGHQ.XQVWDQIRUGHUXQJHQXQVHUHU=HLWXQGGHP
5HLFKWXPXQG5XKPHGHU)DPLOLHJOHLFKPlLJHQWVSULFKW'LH
JURHQ7DEOHDXVDEHUEOHLEHQJOHLFKPlLJKLQWHUGHPDOOHP
]XUFN8QVHUHEHVWHQ.QVWOHUZlUHQ]XU9HUKHUUOLFKXQJGLHVHU
.|QLJVPDUFNVFKHQ+LVWRULHJHUDGHJXWJHQXJJHZHVHQXQGLQ
GHUVHOEHQ:HLVHZLHGDVOHW]WYHUVWRUEHQHJUlIOLFKH3DDUYRQGHU
+DQG.DUO6RKQV DOVRHLQHVGDPDOVQDKH]XEHVWHQ
3RUWUDLWPDOHUV JHPDOWZXUGHZLHGHU%UXGHUGHVJHJHQZlUWLJHQ
*UDIHQ .HLQHU]HQHV0RQXPHQWLQGHU.LUFKH]X3ODXHIDQG
PXWHQDXFKGLHEHUKPWHQ$KQHQVDPWGHPZDVVLHJUR
PDFKWHGXUFKZLUNOLFKH0HLVWHUGHU+LVWRULHQPDOHUHLGDUJHVWHOOW
ZHUGHQ1REOHVVHREOLJH'DQDFKLVWGHU$GHOXQVHUHV/DQGHV
DXFKPHLVWHQVYHUIDKUHQEHVRQGHUVZHQQZLU]XUFNEOLFNHQ:LH
VFK|QEHLVSLHOVZHLVHGLH6WDQGELOGHUGLHVLFKLQXQVHUHQ6WDGW
XQG'RUINLUFKHQUHLFKOLFKYRUILQGHQGHU6SDUUVLQGHU

0DULHQNLUFKH]X%HUOLQGHU$UQLPVLQ5KHLQVEHUJGHU
6FKODEUHQGRUIVLQ%UDQGHQEXUJGHU4XLW]RZVLQ5KVWlGWXQG
.OHW]NHGHU6FKXOHQEXUJVLQ6DO]ZHGHOGHU6FK|QLQJVLQ7DPVHO
$EHUDXFKGLH*HJHQZDUWHPSILQGHWLPZHVHQWOLFKHQHEHQVRXQG
GLH-DJRZVGLH,W]HQSOLW]HGLH=LHWHQV0DVVRZV+HUWHIHOGVXQG
5RPEHUJVHWFKDEHQLKUH6FKO|VVHU3DUNVXQG%HJUlEQLVVWlWWHQ
PLWGHP%HVWHQJH]LHUWZRPLWPDQVLH]LHUHQNRQQWH
:DV6FKOR3ODXHYRQ%LOGHUVFKlW]HQEHVLW]WEHVFKUlQNWVLFK
EULJHQVNHLQHVZHJVDXIGLHEHLGHQJURHQ6lOH GLH*|UQHVFKH
=HLWKDW6RUJHJHWUDJHQIU%LOGHUDXVVFKPFNXQJGHV6FKORVVHV
EHUKDXSW*DQ]H=LPPHUUHLKHQVLQGJHUDGH]XEHUIOOWXQG
UHFKQHWPDQDOOHVZDVHLQHQ5DKPHQWUlJWVRZHUGHQVLFKZRKO
WDXVHQG1XPPHUQ]XVDPPHQILQGHQ$EHUIUHLOLFKQXUZHQLJLVW
GDZDVQDFKLUJHQGHLQHU6HLWHKLQHLQEHVRQGHUHV,QWHUHVVHLQ
$QVSUXFKQHKPHQN|QQWH9RUDQVWHKWHLQJHWlIHOWHV=LPPHULQ
GHVVHQ)HOGHUDOOHUOHL$UEHLWHQDXVGHUNXU]HQ*ODQ]]HLWGHU
3ODXHU3RU]HOODQPDQXIDNWXUHLQJHODVVHQZXUGHQ$UEHLWHQGLHGHU
9DQGDOLVPXVYRQ$QKDOWVDXVQLFKWDXIJHNOlUWHQ*UQGHQ]X
VFKRQHQIUJXWIDQG(VVLQGGDVEXQWGXUFKHLQDQGHU
FKLQHVLVFKH.DULNDWXUHQP\WKRORJLVFKH)LJXUHQ$UDEHVNHQ
%OXPHQVWUlXHJURWHVNH7LHUIRUPHQXQG/LHEOLQJVJHVWDOWHQDXV
GHPLWDOLHQLVFKHQ/XVWVSLHO DOOHVEHUDXVZLUNXQJVYROO
]XVDPPHQJHVWHOOW(VKHLWGLH*HVDPWKHLWGLHVHU'LQJHUKUH
YRQ'DYLG%HQQHZLW]GHP'LUHNWRUGHU)DEULNKHUGHVVHQ
(UILQGXQJV=HLFKHQ XQG.RPSRVLWLRQVWDOHQWJOHLFKJURZDU
$XHUGHPVLQG%UXVWELOGHUGHU*HPDKOLQ)ULHGULFK:LOKHOPV ,
XQGGHUGUHLlOWHVWHQ3ULQ]HVVLQQHQ:LOKHOPLQH)ULHGHULNHXQG
8OULNHVDPWGHQ3RUWUDLWVLKUHU+RIGDPHQLQGLH7lIHOXQJ
HLQJHODVVHQZRUDXVPDQVFKOLHWGDGLHV GDV=LPPHUVHLGDV
EHLGHQVLFK|IWHUVZLHGHUKROHQGHQ%HVXFKHQ)ULHGULFK:LOKHOPV ,
LQ3ODXHYRQGLHVHPPLW9RUOLHEHEHZRKQW]XZHUGHQSIOHJWH
)HVWVWHKWQXUGD.URQSULQ])ULW]HEHQKLHUYRQVHLQHP9DWHU
]XP.DSLWlQHUQDQQWZXUGH'LHVJHVFKDKDXIGHU5FNNHKUYRQ
HLQHULQ0DJGHEXUJDEJHKDOWHQHQ5HYXH'RQQHUVWDJQDFK
.DQWDWHZRGHU.|QLJPLWGHP.URQSULQ]HQEHL0LQLVWHUYRQ
*|UQH]X0LWWDJVSHLVWH
9RQGHPZDVVRQVWQRFKDQ.XQVWZHUNHQLP6FKORVVHYRUKDQGHQ
LVWQHQQHLFKDQGLHVHU6WHOOHQXUQRFK]ZHL3RUWUDLWVLQgOXQGLQ
3DVWHOOGHVSUHXLVFKHQ0LQLVWHUVYRQ6WUXHQVHH %UXGHUVGHV
XQJOFNOLFKHQ*UDIHQ6WUXHQVHHLQ.RSHQKDJHQ'DV3DVWHOOELOG

JLOWIUZHUWYROO$XFKYRQGHU*UlILQ$XURUD YRQ.|QLJVPDUFN
GHUGHU$KQHQVDDOYHUVFKORVVHQEOLHEVLQGLQGHQ1HEHQ]LPPHUQ
]ZHL%LOGQLVVHYRUKDQGHQHLQHVDXVLKUHU6FK|QKHLWV]HLWPLW
HLQHP'LDPDQWKDOEPRQGDXIGHP+DXSWHGDVDQGHUHDXVLKUHQ
DOWHQ7DJHQDOVbEWLVVLQYRQ4XHGOLQEXUJ
=XGLHVHU%LOGHUDXVVFKPFNXQJJHVHOOHQVLFKEHUDOO
%DQQHUWUlJHU:DSSHQXQG,QVFKULIWHQXQWHUZHOFKOHW]WHUHQGLH
PHKUIDFKZLHGHUNHKUHQGH'HYLVH1REOHVVHREOLJHEHVRQGHUV
KHUYRUOHXFKWHW
$XFKHLQHV6|OOHUVRGHU%DONRQVVHLQRFKJHGDFKWYRQGHPHV
KHLWGDHUVHLWHQVGHVYHUVWRUEHQHQ*UDIHQ+DQV.DUO
$OEHUWYRQ.|QLJVPDUFNLQHLQHUGXUFKGHQ%OLFNEHUGLH+DYHO
XQGGHQ3ODXHQVFKHQ6HHZDFKJHUXIHQHQ(ULQQHUXQJDQ
.RQVWDQWLQRSHOHUEDXWZRUGHQVHL:HQQGHPZLUNOLFKVRVHLQ
VROOWHVRZLUGHVIUHLOLFKDXFKYRQGHPEHJHLVWHUWVWHQ$QKlQJHU
PlUNLVFKHU/DQGVFKDIWNDXPEHVWULWWHQZHUGHQN|QQHQGD
GDPLWHEHQVRGHP$XVVLFKWVEDONRQHZLHGHU+DYHOVHOEVWHLQH
]LHPOLFKVFKZLHULJH$XIJDEHJHVWHOOWZRUGHQZDU

.DSLWHO

6FKOR3ODXHJHJHQEHU
(LQHVFKZHUH$XIJDEH VRVFKORXQVHUYRULJHV.DSLWHO ZDU
GDPLWGHP.|QLJVPDUFNVFKHQ$XVVLFKWVEDONRQHJHVWHOOWGHQQ
YRQGHUDQGHUQ+DYHOVHLWHKHUEOLFNWHVWDWW.RQVWDQWLQRSHOXQG
GHV+DOEPRQGHVYRQGHU$JD6RSKLDQXUGDV6WRUFKQHVWHLQHU
=LHJHOVFKHXQHKHUEHU'HPRKQHUDFKWZDUGDV8IHUGUEHQHLQH
KEVFKH6WHOOHGHULFKHVZHQQLFKVLHVRQHQQHQRFKQLFKW
HLQPDODQUHFKQHGDMXVWDXILKUGLH6FKDQ]HVWDQGYRQGHUDXV
GLHJURH%FKVHGHV%XUJJUDIHQLKUH6WHLQNXJHOQJHJHQ
6FKOR3ODXHVFKOHXGHUWH

:LHZHQQHVJHVWHUQJHZHVHQZlUHVWHKWGHU7DJYRUPLU]X
GHPLFKLQJURHU.XPSDQHL]XPHUVWHQ0DOHDXIGLHVH6FKOR
3ODXHJHJHQEHUJHOHJHQH=LHJHOHLVWHOOH]XIXKU(LQHODQJH
:DJHQUHLKHGLH'DPHQLQHOHJDQWHU7RLOHWWHVRNDPHQZLUXP
3ILQJVWHQGLHVWDXELJH6RPPHUFKDXVVHHYRQ%UDQGHQEXUJGDKHU
XQGHKH0LWWDJKHUDQZDUKLHOWHQZLU XQPLWWHOEDUYRUGHU
3ODQHU%UFNHOLQNVHLQELHJHQG DXIHLQHP9RUSODW]]XGHVVHQ
HLQHU6HLWHVLFKGLHYRUJHQDQQWH6WRUFKHQVFKHXQH]XUDQGHUHQ
HLQSULPLWLYHV:RKQKDXVHUKRE,QGHU+DXVWUDEHUVWDQGHLQ
DOWHU+HUULQOHLFKWHUVRPPHUOLFKHU7UDFKWPLWKRKHU6WLUQXQG
KRKHQZHLHQ9DWHUP|UGHUQGD]XYRQEUHLWHP%DXXQGPLWQRFK
EUHLWHUHQ/LSSHQXQGEHJUWHVHLQH*lVWHZlKUHQG
KHU]XHLOHQGH'LHQVWOHXWHVLFKGHU5HLVHWDVFKHQXQG.|IIHUFKHQ
EHPlFKWLJWHQXQGPLWLKQHQLQHLQHPXQPLWWHOEDUDQJUHQ]HQGHQ
ZHLQXPUDQNWHQ/RJLHUKDXVHYHUVFKZDQGHQ%DOGGDQDFK
VFKOHQGHUWHQZLULQGHPGLH9LOODVDPWLKUHQ$QQH[HQ
XPJHEHQGHQ3DUNJDUWHQXPKHUXQGOXJWHQYRQGLHVHP
6SD]LHUJDQJHKHLPNHKUHQGLQGLH)HQVWHUHLQHVJURHQHUVW
QHXHUGLQJVDQJHEDXWHQ*DUWHQVDDOVZRVLFKVFKRQGLH
9RUEHUHLWXQJHQ]XIHVWOLFKHU%HZLUWXQJ]HLJWHQ8QGDEHUPDOV
HLQH6WXQGHVSlWHUXQGZLUVDHQLQHEHQGLHVHP6DDOH]XP
'pMHXQHUQLHGHUDQODQJJHGHFNWHU7DIHODQGHUGHUDOWH+HUU
MHW]WSUlVLGLHUWH'LH*lQJHZHFKVHOWHQGLH5KHLQZHLQHO|VWHQ
VLFKXQWHUHLQDQGHUDEXQGGHUVLOEHUQHQ:HLQNKOHUDXIGHP
7LVFKZXUGHQLPPHUPHKU7ULQNVSUXFKUHLKWHVLFKDQ

7ULQNVSUXFK'HU6LHJGHU:DKUKHLWGHU6LHJGHUJXWHQ6DFKH
ZXUGHSURNODPLHUWDOOHVXQWHUGHU)DKQH6LPLOLDVLPLOLEXVXQG
QDFKGHPVFKOLHOLFKGHU .DIIHHYRQDOOHQ6HLWHQKHUDOVGDV
+DXSWJLIWGHU0HQVFKKHLWIHVWJHVWHOOWZRUGHQZDUVFKULWWPDQ
GD]XLKQHLQ]XQHKPHQ'LH6WXQGHQHQWHLOWHQXQGPLWLKQHQ
]XOHW]WDXFKZLHGHUGLH*lVWH1XULFKXQGHLQ)UHXQGGHUPLFK
HLQJHIKUWKDWWHZDUHQDOV/RJLHUEHVXFK]XUFNJHEOLHEHQ
:HUDEHUZDUGHU:LUW":HUGHU(LQVLHGOHULQGLHVHP6DQVVRXFL"
&DUO)HUGLQDQG:LHVLNH
JHERUHQ'H]HPEHUJHVWRUEHQ 2NWREHU
1XQGHQQGHUDOWH+HUUGHUXQVPLWVRYLHO/LHEHQVZUGLJNHLW]X
EHJUHQXQGPLWVR YLHO*DVWOLFKNHLW]XEHZLUWHQZXWHZDU&DUO
)HUGLQDQG:LHVLNH JHERUHQGHQ 'H]HPEHU]X
%UDQGHQEXUJ D +(UZDU6FKXO XQG$OWHUVJHQRVVHYRQGHPDOV
5HLFKVWDJVDEJHRUGQHWHQYLHOJHQDQQWHQXQGYLHOJHIHLHUWHQ
2EHUEUJHUPHLVWHU=LHJOHUGHPHUELVDQGDV(QGHVHLQHU7DJH
PHKUHLQ,QWHUHVVHDOVHLQHEHVRQGHUH%HZXQGHUXQJ
HQWJHJHQEUDFKWH6FKXONDPHUDGHQNHQQHQVLFK]XJXWXP
JHJHQVHLWLJDQHLQHQ*ORULHQVFKHLQUHFKWJODXEHQ]XZROOHQ1RFK
%HUKPWHUHKDEHQGDVHUIDKUHQPVVHQ
&):LHVLNHV.QDEHQ XQG-QJOLQJVMDKUHYHUOLHIHQ
GXUFKVFKQLWWVPlLJHUZDUHLQJXWHU6FKOHURKQHVLFKJHUDGH
KHUYRU]XWXQOHUQWHGLH+DQGOXQJLP+DXVHVHLQHV9DWHUVXQG
JLQJGDQQQDFK%HUOLQXPGDVHOEVWLQGDVEHNDQQWH+H\OVFKH
*HVFKlIWDQGHU(FNHGHU/HLS]LJHUXQG&KDUORWWHQVWUDH
HLQ]XWUHWHQ+LHUODVHUYLHOVWXGLHUWHXQGPXVL]LHUWH VHLQH*DEH
IU0XVLNZDUKHUYRUUDJHQG XQGNHKUWH$QIDQJGHU]ZDQ]LJHU
-DKUHQDFKVHLQHU9DWHUVWDGW]XUFNZRVHOEVWHUEDOGGDQDFK
ZHQQLFKQLFKWLUUHGDVGHP6FKOR3ODXHJHJHQEHU
JHOHJHQHWURW]GHUZHLWHQ(QWIHUQXQJDEHU]X6WDGW%UDQGHQEXUJ
JHK|ULJH:LHVHQWHUUDLQSDFKWHWH)UKHUH3lFKWHUZDUHQKLHU
JHVFKHLWHUWZHLOGLHVHEHVWlQGLJGHU+DYHOEHUVFKZHPPXQJ
DXVJHVHW]WH:LVFKHQXU]X]ZHL3UR]HQWUHQWLHUWKDWWH
& ) :LHVLNHOLHVLFKDEHUGLHVH'LQJHGLHPDQLKP
ZDUQXQJVKDOEHUHU]lKOWHZHQLJDQIHFKWHQEHJDQQYLHOPHKU
VRIRUWPLW'UDLQLHUXQJHQXQG(LQGHLFKXQJHQXQGVFKULWWQDFKGHP
HUVHLQHQ%HVLW]DXIGLHVH:HLVHVLFKHUJHVWHOOWKDWWHGHVZHLWHUHQ

GD]XLKQIUGLH=XNXQIWDXFKIUXFKWEDU]XPDFKHQ=XGLHVHP
%HKXIHVFKORHUPLWGHQ.DVHUQHQYHUZDOWXQJHQGHU3RWVGDPHU
.DYDOOHULHUHJLPHQWHU.RQWUDNWHDEXQGOLHGHQ'QJHULQJURHQ
+DYHONlKQHQKHUDQIDKUHQ'DGLHVDOOHVYRQGHQ8P XQG
$QZRKQHUQ3ODXHVDOVZHJJHZRUIHQHV*HOGDOVhEHUPXWXQG
8QVLQQEH]HLFKQHWXQGEHODFKWZXUGHEHGDUIVHOEVWYHUVWlQGOLFK
NHLQHU9HUVLFKHUXQJ:DQQZDUHVDQGHUVJHZHVHQ"'DV/DFKHQ
DEHUZDUEDOGDXI:LHVLNHV6HLWH+DQGLQ+DQGPLWGHQ
0HOLRUDWLRQHQJLQJHLQ=LHJHOHLEHWULHEXQG7RUIVWLFKZR]XGDV
]LHPOLFKDXVJHGHKQWH7HUUDLQHEHQIDOOVGDV0DWHULDOKHUJDEXQG
HKHGLHYLHU]LJHU-DKUHKHUDQZDUHQHUZLHVHQVLFKKDOE
XQZLUWEDUH6WUHFNHQGLHVHLW0HQVFKHQJHGHQNHQIUVRJXWZLH
ZHUWORVJHJROWHQKDWWHQDOVHLQZHUWYROOHU%HVLW]O|VWH:
GHQDXIGHP*UXQGXQG%RGHQODVWHQGHQ.DQRQDEXQGKDWWHYLHU
-DKUHVSlWHU  LQIROJHYHUlQGHUWHU*HVHW]JHEXQJGDV*OFN
GDVELVGDKLQEORLQ(UESDFKWJHKDEWH6WFN/DQGVLFKDOVIUHLHV
(LJHQWXP]XIDOOHQ]XVHKHQ& ) :LHVLNHVHOEVWDEHUOLHDOV
VHLQH%HPKXQJHQELV]XGLHVHP3XQNWHJHGLHKHQZDUHQQDFK
9RUELOGGHV.|QLJVYRQ7KXOHDOOHVVHLQHQ(UEHQXQGVSDQQ
VLFKYRQHWZDDQLPPHUIHVWHULQGDVVFKRQHUZlKQWH
SULPLWLYH:RKQKlXVFKHQHLQYRQGHPDXVHUGXUFKDOOH
]XUFNOLHJHQGHQGUHLLJ-DKUHKLQVHLQH0HOLRUDWLRQHQ
XQWHUQRPPHQKDWWH'DVDHUQXQZHOWDEJHVFKLHGHQXQG
EHJDQQDOVHLQ)QIXQGIQI]LJMlKULJHU GHUVLFKEULJHQVOlQJVW
YRUKHUPLWGHU]X%HUOLQ %UHLWH6WUDH JHERUHQHQ-XOLH
7DQQKlXVHUYHUKHLUDWHWKDWWH VHLQHLJHQWOLFKHV /HEHQHLQ
/HEHQGDVYRQGLHVHP=HLWSXQNWDQQXUQRFKGUHL'LQJHQ
JHZLGPHWZDUGHU6FK|SIXQJHLQHV3DUNVGHU+RP|RSDWKLH
+DKQHPDQQVXQGGHU3KLORVRSKLH6FKRSHQKDXHUV
=XQlFKVWGHU3DUN
:LHVLNHILQJXPGDVJHQDQQWH-DKU  DQVLFKLQGLH
6FK|QKHLWGHU1DWXUOLHEHYROO]XYHUVHQNHQZDVGRFKZLHGHU
HWZDVDQGHUHVZDUDOVGDV8UEDUPDFKHQYRQ6DQGXQG6XPSI]X
UHLQSUDNWLVFKHQ=ZHFNHQ(LQGHQ%RGHQEHVWHOOHQGHU/DQGPDQQ
LVWLQYLHOHQ6WFNHQPHKUDOVHLQ*lUWQHUDEHUGDV9HUKlOWQLVLQ
GDVGHU OHW]WHUH]XU1DWXUWULWWLVWGRFKHLQLQWLPHUHVHUQLPPW
MHGHQ=ROOEUHLW(UGHLQ3IOHJHXQGZlKUHQGLQGHU/DQGZLUWVFKDIW
GDV(LQ]HOQHXQG.OHLQHZHQLJEHGHXWHWEHGHXWHWHVLQGHU
*DUWHQEHVFKlIWLJXQJDOOHV'DV7HUUDLQDXIGHPMHW]W6FKOR
3ODXHJHJHQEHUHLQ3DUNHQWVWHKHQVROOWHZDUGDVGHQNEDU

VFKOHFKWHVWHGHUILQGLJH.RSIDEHUGHUDQHEHQGLHVHU6WHOOH
IUXFKWEDUH/lQGHUHLHQXQGVFKOLHOLFKHLQ)UHLJXWKHU]XVWHOOHQ
JHZXWKDWWHNRQQWHEHLGHPYHUJOHLFKVZHLVH/HLFKWHUHQGDV
MHW]WYRUODJQLFKW ZRKOVFKHLWHUQ(UGHZXUGHKHUDQJHIDKUHQHLQ
:DVVHUWXUPHUULFKWHW+HFNHQXQG*UlEHQJH]RJHQXQGVLHKHGD
HKHHLQ-DKU]HKQWXPZDUJDEHVKLHU$QODJHQPLW5RQGHHOHQ
XQG6FKOlQJHOZHJHQPLW5RVHQ XQG9HUEHQHQEHHWHQXQGDXI
GHPVHOEHQ8IHUYRUVSUXQJHZRQHEHQGHUJURHQ
%FKVHGLH]XVFKOHXGHUQGHQ6WHLQNXJHOQJHOHJHQKDWWHQODJHQ
MHW]W0HORQHQRGHUUHLIWHQ5HLQHWWHQXQGSIXQGVFKZHUH%LUQHQDQ
GHPDP%RGHQVLFKKLQ]LHKHQGHQ6SDOLHU'D]ZLVFKHQVWDQGHQ
3ILUVLFK XQG$SULNRVHQElXPHXQGLQGHQ)OLHGHU XQG
*ROGUHJHQERVTXHWVVFKOXJHQGLH1DFKWLJDOOHQ$OVEDOGODJHQVLFK
6FKOR3ODXHXQGGLH]XU9LOOD:LHVLNHXPJHZDQGHOWH
HKHPDOLJH/HKPNDWHJHJHQEHUXQGZHQQGDVHLQHODQJH)URQW
ELOGHQGH6FKORGXUFKGHQ%OLFNDXIGDV,G\OOXQGVHLQH
*DUWHQDQODJHQJHZDQQVRJHZDQQGDV,G\OOGXUFKGHQ%OLFNDXI
GDV6FKORPLWVHLQHQLQGHU6RQQHEOLQNHQGHQ)HQVWHUUHLKHQXQG
VHLQHQKLVWRULVFKHQ(ULQQHUXQJHQ
6RYLHOEHUGLH6FK|SIXQJHLQHV3DUNHV1HEHQKHUDEHUOLHIZLH
VFKRQDQJHGHXWHWGHVDOWHQ:LHVLNH%HVFKlIWLJXQJPLWGHU
+RP|RSDWKLH]XGHUHQEHJHLVWHUWVWHQ$QKlQJHUQHUIUHLOLFK
VFKRQXPYLHOH-DKUHIUKHUJHK|UWKDWWHMHGHQIDOOVIUKJHQXJ
XPEHL6FKLOGHUXQJGHVVHQZDVHUDXIGLHVHP*HELHWHWDWIDVW
ELVDXIGLH7DJHVHLQHVHUVWHQ(UVFKHLQHQVLQ3ODXH]XUFNJUHLIHQ
]XPVVHQ6FKRQLQGHQ]ZDQ]LJHU-DKUHQHQWVFKORHUVLFK
JOHLFKYLHOREXP+HLOXQJVRGHU8QWHUZHLVXQJVZLOOHQHLQH5HLVH
QDFK.|WKHQGHPGDPDOLJHQ:RKQVLW]H+DKQHPDQQV]X
PDFKHQXQGNHKUWHYRQGLHVHP$XVIOXJHQLFKWQXUDOVHLQ
HQWKXVLDVWLVFKHU$QKlQJHUVRQGHUQDXFKDOVHLQDXVEHQGHU
$GHSWGHUQHXHQ/HKUH]XUFN'LH.XQGHGDYRQGUDQJLQDOOH
.UHLVHQDPHQWOLFK]XGHQ$UPHQ GHQQDOOHVZDUXQHQWJHOWOLFK 
XQG+DXV:LHVLNHZXUGHQXQPHKUHLQ:DOOIDKUWVRUWIUGLH
.UDQNHQXQG*HEUHFKOLFKHQGHV+DYHOODQGHVGLH]XYLHOHQ
+XQGHUWHQNDPHQXQGDXI)OXUXQG7UHSSHQVWXIHQXQGDOVLKUHU
LPPHUPHKUZXUGHQDXFKZRKOLP)UHLHQODJHUQGGLH+LOIHGHV
:XQGHUGRNWRUVDQULHIHQ'LHVHUVHOEVWVDKVLFKEDOGDXHUVWDQGH
GHP$QGUDQJH]XJHQJHQXQGLQIROJHGDYRQJH]ZXQJHQVLFK
QDFK%HLVWDQGXP]XVFKDXHQGHQHUDXFKIDQGDP
KLQJHEHQGVWHQXQGHUIROJUHLFKVWHQLQVHLQHU)UDXGLHJDQ]DQGHU
%HJHLVWHUXQJLKUHV0DQQHVWHLOQDKP'DVJLQJVRGXUFK-DKUHKLQ

(QGOLFKZXUGHGHU.UDQNHQVWURPVRJURGDHLQH9HUVFKZ|UXQJ
GHUPLW8QWHUJDQJEHGURKWHQ'RNWRUHQXQG$SRWKHNHUQLFKW
DXVEOHLEHQNRQQWHZHOFKHU9HUVFKZ|UXQJ GHUEULJHQVGHU
:RUWODXWGHV*HVHW]HV]XU6HLWHVWDQG HVQDFKDOOHUOHL
=ZLVFKHQIlOOHQJHODQJDOV6LHJHUDXVGHPKDUWQlFNLJJHIKUWHQ
.DPSIHKHUYRU]XJHKHQ(LQH6WUDIDQGURKXQJIROJWHGHUDQGHUHQ
XQGHUUHLFKWHGDGDVDOV0HGL]LQDOSIXVFKHUHLJHEUDQGPDUNWH
+RP|RSDWKLVLHUHQHLQHV/DLHQVHLQ(QGHQDKP:DVDEHUQLFKW
VHLQ(QGHQDKPGDVZDU:LHVLNHV%HJHLVWHUXQJGLHVR]XVDJHQ
QXU:HJXQG.OHLGZHFKVHOQGVLFKVRIRUWDXIQHXH:HLVH]X
EHWlWLJHQEHJDQQ$QVWDWWKRP|RSDWKLVFK]XKHLOHQJLQJGHU$OWH
MHW]W]XKRP|RSDWKLVFKHQ6WXGLHQXQGYRQGLHVHQ6WXGLHQ
ZLHGHUXP]X3OlQHQEHUGLHNOHLQHUHU'LQJH]XJHVFKZHLJHQLQ
QLFKWV*HULQJHUHPDOVLQ+HUVWHOOXQJGHU(EHQEUWLJNHLW]ZLVFKHQ
+RP|RSDWKLHXQG$OORSDWKLHXQGLQ*UQGXQJHLQHV
KRP|RSDWKLVFKHQ/HKUVWXKOVDQGHU8QLYHUVLWlW%HUOLQJLSIHOWHQ
(UGHSRQLHUWH]XGLHVHP%HKXIHLQ.DSLWDOYRQ  0DUNXQG
VWHOOWHZHQQLFKUHFKWEHULFKWHWELQGLHVHLQHP=ZHFNXQG=LHO
HQWVSUHFKHQGHQ$QWUlJH6DKVLFKDEHUIUHLOLFKGDPLW
]XUFNJHZLHVHQ
'LH3IOHJHGHV3DUNVZDUYLHODEHUVLHZDU6RPPHUDUEHLWXQG
DXFKGDVQHEHQKHUODXIHQGH6WXGLXPGHU+RP|RSDWKLHUHLFKWH
QLFKWDXVXPZHQQGHU6RPPHUYRUEHUGLHODQJHQODQJHQ
:LQWHUWDJH]XIOOHQ6RNDPHVGD:LHVLNHGHUGHUJHLVWLJHQ
$QUHJXQJZLHGHVWlJOLFKHQ%URWHVEHGXUIWHQHEHQ3DUNXQG
+RP|RSDWKLHQDFKHWZDV1HXHP8PVFKDXKLHOW8QGGLHV1HXH
IDQGVLFKHQGOLFK(VZDUGLH=HLWGHVHUVWHQLQWLPHUHQ
%HNDQQWZHUGHQV6FKRSHQKDXHUV LQ%HUOLQDOVRHWZDGLH=HLWGHU
5HJHQWVFKDIWDOVHLQ8QJHIlKUXQVHUHQ:LHVLNHPLWGHP
GDPDOLJHQ&KHIUHGDNWHXUGHU9RVVLVFKHQ=HLWXQJ'U /LQGQHU
HLQHPOHLGHQVFKDIWOLFKHQ6FKRSHQKDXHULDQHU]XVDPPHQIKUWH
'LHVH%HJHJQXQJZDUHQWVFKHLGHQGIU:LHVLNH1LFKWVYRQGHP
$OWHQZXUGHEHLVHLWHJHVFKREHQZDVDEHUYRQ6WXQGDQVHLQ
HLJHQWOLFKVWHV'HQNHQXQG)KOHQDXVPDFKWHVHLQHU7lWLJNHLW
XQGVHLQHP*HVSUlFKHGHQ6WHPSHOJDEGDVZDUGRFK
6FKRSHQKDXHUXQGGLH6FKRSHQKDXHUVFKH:HOWDQVFKDXXQJ'D
HUDOOH:HUNHGHV3KLORVRSKHQNHQQHQOHUQWHYHUVWDQGVLFKYRQ
VHOEVWDEHUHUODVDXFKMHGH=HLOHGLHVLFKLQ/RERGHU7DGHOPLW
GHP0DQQHEHVFKlIWLJWHGHULKPMHW]W/HXFKWHXQG*HJHQVWDQG
GHV.XOWXVZDU-HGHV6FKRSHQKDXHUVFKH:RUWZDULKP :HLVKHLW
HUVRJZLUNOLFKH/HEHQVNUDIW GDUDXVXQGZHQQ2EHUSUlVLGHQW

6FK|QDXIGLH)UDJHZDVLKQWURW]VHLQHUKRKHQ-DKUHEHLVR
JXWHU*HVXQGKHLWHUKDOWHQKDEHVHLQHU]HLWJHDQWZRUWHWKDWWH
.DQWXQG.DSXVWH 6DXHUNUDXW VRKlWWH:LHVLNHPLWJOHLFKHP
5HFKWHDQWZRUWHQN|QQHQ6FKRSHQKDXHUXQG+RP|RSDWKLH
'DQNHUIOOWWUDWHUPLWGHP)UDQNIXUWHU3KLORVRSKHQLQ
.RUUHVSRQGHQ]EDOGDXFKLQSHUV|QOLFKH%H]LHKXQJHQXQG
EHWHLOLJWHVLFKYRQGDDEEHLMHGHP+XOGLJXQJVDNWHGHQGLH
6FKRSHQKDXHU(QWKXVLDVWHQLQV]HQLHUWHQ:NRQQWHVLFKQLFKW
JHQXJWXQLQ$QHUELHWXQJHQXQG'DUEULQJXQJHQXQGDOV
6FKRSHQKDXHUVVLHE]LJVWHU*HEXUWVWDJJHIHLHUWZXUGHZDUHUPLW
HLQHPJURHQ*ROGSRNDOLQGHUYRUGHUVWHQ5HLKHGHU*UDWXODQWHQ
(LQ]HOQH6FKZlFKHQGHVVROHLGHQVFKDIWOLFKYRQLKP*HIHLHUWHQ
VHLQH5XKPVXFKWXQG(LWHONHLWVHLQHVHOEVWLVFKH%HJHKUOLFKNHLW
XQGHLQJHZLVVHU0DQJHODQ*HQWLOH]]DHQWJLQJHQLKPQLFKWDEHU
VHLQH%HZXQGHUXQJGHUJHLVWLJHQ6XSHULRULWlWGHV0DQQHVZDUVR
JURGDHULKPGLHVH0DQNRVJHUQYHU]LHK:RYLHO/LFKWLVWLVW
YLHO6FKDWWHQ(UKLHOWHVIUVHLQH3IOLFKWEHUGLHVH6FKDWWHQ
KLQZHJ]XVHKHQXQGZHQLJH3KLORVRSKHQ DXFKGLHJU|WHQPLW
HLQJHUHFKQHW ZLUGHVJHJHEHQKDEHQGLHVLFKUKPHQGUIHQLQ
JOHLFKHU:HLVHJHNDQQWVWXGLHUWXQGDXVZHQGLJJHOHUQWZRUGHQ
]XVHLQ%LV]XVHLQHUOHW]WHQ6WXQGHKLHOW:LHVLNHEHLVHLQHP
/LHEOLQJDXVDXFKVHLQHUVHLWVYLYDQWHWPRXUDQWFRPPH
SKLORVRSKH

$OVLFK:LHVLNH]XPHUVWHQ0DOHVDKZDUHUVHFKVXQGVLHE]LJ-DKU
DOWXQGHLQPHKUWlJLJHU$XIHQWKDOWERWPLU*HOHJHQKHLWQLFKW
EORGHQDOWHQ+HUUQLQ3HUVRQVRQGHUQDXFKVHLQHQ%HVLW]XQG
VHLQH/HEHQVJHZRKQKHLWHQNHQQHQ]XOHUQHQ
'LH:LHVLNHVFKH9LOODZDUEHLVHLQHP(LQWUHIIHQDQGLHVHU6WHOOH
QLFKWYLHOEHVVHUDOVHLQH/HKPNDWHJHZHVHQGLHQXUJHUDGHGHQ
$QVSUFKHQHLQHV0HLHUVRGHU:LUWVFKDIWVLQVSHNWRUVJHQJHQ
NRQQWH:KDWWHGHPRKQJHDFKWHWQLFKWYLHOGDUDQJHlQGHUWXQG
VWDWW8PEDXWHQYRU]XQHKPHQVLFKGDUDXIEHVFKUlQNW
DQ]XEDXHQZLH
VGDV%HGUIQLVHUKHLVFKWH6RZDUHWZDVZHQLJ
.QVWOHULVFKHVDEHUGDIUHWZDV3LWWRUHVNHVXQG]XJOHLFKVHKU
3UDNWLVFKHVHQWVWDQGHQhEHUDOOEHIDQGHQVLFK7UHSSHQXQG
%DONRQHZlKUHQGXQWHUGHQYHUVFKLHGHQHQ$QEDXWHQGHUJURH
VFKRQHUZlKQWH6SHLVHVDDOXQGQHEHQGHPVHOEHQ:LHVLNHV
$UEHLWV]LPPHUGHQHUVWHQ5DQJHLQQDKPHQ'HU6SHLVHVDDOZDU

NDKOQDFKGHP6DW]HGDGHU6FKPXFNHLQHV(VDDOVDXIGLH
7DIHODEHUQLFKWDQGLH:lQGHJHK|UHGHVWREXQWHUGDJHJHQ
VDKHVLQGHQDQJUHQ]HQGHQ=LPPHUQDXVGLHZHQQDXFKQLFKWV
NQVWOHULVFK+HUYRUUDJHQGHVVRGRFKYLHO,QWHUHVVDQWHV
EHKHUEHUJWHQhEHUGLH)DPLOLHQELOGHUXQWHUPLVFKWPLWPHKURGHU
PLQGHUJOHLFKJLOWLJHQ6WLFKHQJHKLFKKLQZHJQLFKWVREHUGHQ
%LOGHUVFKPXFNLQVHLQHP$UEHLWV]LPPHU,QGLHVHPEHIDQGHQVLFK
YLHUNOHLQH0DULQHQDXVGHP1DFKODVVHGHVGXUFKGLH
7DQQKlXVHUVFKH)DPLOLHPLWLKPYHUZDQGWJHZRUGHQHQ'LUHNWRUV
YRQ.O|GHQIHUQHU6WDWXHWWHQYRQ/HVVLQJXQG.DQWHLQJURHV
gOELOGYRQ+DKQHPDQQ .QLHVWFN XQGHLQVHKUJXWHV3RUWUDLW
%UXVWVWFNYRQ6FKRSHQKDXHU/HW]WHUHVHUVWDQG:LQ
)UDQNIXUW D 0DOVQDFKGHP7RGH6FKRSHQKDXHUVGLH
+LQWHUODVVHQVFKDIWGHVVHOEHQDXIHLQHU$XNWLRQYHUVWHLJHUWZXUGH
9LHOOHLFKWDXFKGDHUPLWVHLQHP$QJHERWGLHVHP$XNWLRQVDNWH
]XYRUNDPXQGLKQEHUKDXSWXQQ|WLJPDFKWH=XJOHLFKHUZDUEHU
YLHOYRQGHPZDVVRQVWQRFKGHQ6FKRSHQKDXHUVFKHQ1DFKOD
DXVPDFKWHGDUXQWHU0DQXVNULSWH%FKHUXQGHLQJURHUVFKZHU
YHUJROGHWHU3RNDOGHUGHP)UDQNIXUWHU3KLORVRSKHQEHL
*HOHJHQKHLWVHLQHVVLHE]LJVWHQ*HEXUWVWDJHVYRQVHLQHQ
9HUHKUHUQEHUUHLFKWZRUGHQZDU8QWHUGLHVHQ9HUHKUHUQKDWWH
:LHVLNHPLWVHLQHU%HLVWHXHUGHUDUW YRUDQJHVWDQGHQGDZRKO
JHVDJWZHUGHQGDUIGLHVH9HUHKUHUZDUHQHUXQGVRNDPHV
GHQQGD:GHQ3RNDO]ZHLPDO]XEH]DKOHQKDWWHHUVWDOVHULKQ
VFKHQNWHXQG]ZHLWHQVDOVHULKQDXVGHP1DFKODVVH
]XUFNHUZDUE
hEHUGLH%FKHU HLQHJDQ]H%LEOLRWKHNYRQ:HUNHQGLHVLFK
VlPWOLFKPLW6FKRSHQKDXHUXQGVHLQHU3KLORVRSKLHEHVFKlIWLJWHQ
LVWDQGLHVHU6WHOOHZHQLJ]XVDJHQDEHUGHUGDPDOVQRFK
YRUKDQGHQHQ0DQXVNULSWHPXKLHUDXVIKUOLFKHU(UZlKQXQJ
JHVFKHKHQ'DVXPIDQJUHLFKVWHGDUXQWHUEHVWDQGDXV JURHQ
%OlWWHUQ]XP]ZHLWHQ%DQGHGHU]ZHLWHQ$XIODJHVHLQHV
EHUKPWHQ:HUNHV'LH:HOWDOV:LOOHXQG9RUVWHOOXQJ]XJOHLFK
PLW,QKDOWVYHU]HLFKQLVXQG9RUUHGHIUGDV*DQ]H
'HVZHLWHUHQJHK|UWH]XGLHVHQ0DQXVNULSWHQHLQODQJHU
HVVD\DUWLJHUDQ6LU&KDUOHV(DVWODNHGHQ'LUHNWRUGHU/RQGRQHU
.XQVWDNDGHPLHJHULFKWHWHU%ULHI'LHVHU%ULHIEHKDQGHOWGLH
*RHWKHVFKH)DUEHQOHKUHXQGEHJLQQW6LU$OORZPHWRKDLODQG
WRFKHHU<RXDVWKHSURSDJDWRURIWKHWUXHWKHRU\RIFRORXUVLQWR
(QJODQGDQGDVWKHWUDQVODWRURIDZRUNZKLFKRFFXSLHGLWV

DXWKRU
VWKRXJKWVGXULQJDOOKLVOLIHWLPHIDUPRUHWKDQDOOKLV
SRHWU\ DVKLVELRJUDSK\DQGPHPRLUVDPSO\WHVWLI\$VWR
P\VHOI,DP*
VSHUVRQDOVFKRODUDQGILUVWSXEOLFO\DYRZHG
SURVHO\WHLQWKHWKHRU\RIFRORXUV,QWKH\HDUDQGKH
LQVWUXFWHGPHSHUVRQDOO\OHQWPHWKHJUHDWHUSDUWRIELVRZQ
DSSDUDWXVDQGH[KLELWHGWKHPRUHFRPSRXQGDQGGLIILFXOW
H[SHULPHQWVKLPVHOIWRPH$FFRUGLQJO\<RXZLOOILQGPH
PHQWLRQHGLQKLV7DJ XQG-DKUHVKHIWHXQGHUWKH\HDU
DQG$OVRLQhEHUVHW]XQJHWZD*HVWDWWHQ6LHPLU
KRFKJHHKUWHU+HUU6LHDOV9HUEUHLWHUGHUULFKWLJHQ)DUEHQOHKUHLQ
(QJODQG]XEHJUHQ]XJOHLFKDXFKDOVGHQhEHUVHW]HUHLQHV
:HUNHVGDVGLH*HGDQNHQVHLQHV$XWRUVPHKUDOVDOOHVHLQH
SRHWLVFKHQ$UEHLWHQ ZLHVHLQHELRJUDSKLVFKHQ$XI]HLFKQXQJHQ
EH]HXJHQ EHVFKlIWLJWH:DVPLFKVHOEVWDQJHKWVRELQLFK
*RHWKHVSHUV|QOLFKHU6FKOHUXQGGHUHUVWHGHUVLFKDOVHLQ
%HNHKUWHU|IIHQWOLFK ]XVHLQHU)DUEHQWKHRULHEHNDQQWH,QGHQ
-DKUHQXQGXQWHUZLHVHUPLFKSHUV|QOLFKGDULQOLHKPLU
HLQHQJURHQ7HLOVHLQHU$SSDUDWHXQGHUNOlUWHPLUGLH
NRPSOL]LHUWHUHQXQGVFKZLHULJHUHQ([SHULPHQWH6RZHUGHQ6LH
GHQQDXFKKRFKJHHKUWHU+HUUPHLQHU LQGHQ7DJ XQG
-DKUHVKHIWHQYRQXQGHUZlKQWILQGHQ
6RLQWHUHVVDQWGLHVHUHVVD\DUWLJH%ULHILQVHLQHPZHLWHUHQ
9HUODXIHLVWVRZLUGHUDQ,QWHUHVVHGRFKEHUWURIIHQYRQYLHU
DQGHUQDQ%URFNKDXV)LUPDXQG'UXFNHUHLJHULFKWHWHQ%ULHIHQ
EH]LHKXQJVZHLVH%ULHIHQWZUIHQ'HUHUVWHGHUVHOEHQLQGHPGHU
9HUIDVVHULPPHUQHXH$QOlXIHQLPPW ZDVGDQQ
VHOEVWYHUVWlQGOLFK]X:LHGHUKROXQJHQIKUW ODXWHWLP
ZHVHQWOLFKHQZLHIROJW
$Q)ULHGULFK%URFNKDXV(Z:RKOJHERUHQZHUGHQHVJDQ]LQGHU
2UGQXQJILQGHQGDLFKPLFK]XQlFKVWDQ6LH ZHQGHGDLFKGHQ
]ZHLWHQ%DQGGHU:HOWDOV:LOOHXQG9RUVWHOOXQJGHQLFKVRHEHQ
YROOHQGHWKDEHKHUDXV]XJHEHQEHDEVLFKWLJH+LQJHJHQPDJHV
6LHZXQGHUQGDLFKGLHVHQHUVWQDFKHLQHP=HLWUDXPYRQ
YLHUXQG]ZDQ]LJ-DKUHQDXIGHQHUVWHQ%DQGIROJHQODVVH'LH
8UVDFKHLVWMHGRFKJDQ]HLQIDFKGLHVHGDLFKQLFKWIUKHUIHUWLJ
JHZRUGHQELQREZRKOLFKDOOHMHQH-DKUHKLQGXUFKZLUNOLFK
XQDXVJHVHW]WGDUDQJHDUEHLWHWKDEHLQGHPLFKIRUWZlKUHQGGLH
*HGDQNHQQLHGHUVFKULHEXQGEHULFKWLJWHZHOFKHQXQLQHLQHUIU
GDV3XEOLNXPSDVVHQGHQ)RUPLQGLHVHP]ZHLWHQ%DQGHYRQPLU
K|FKVWVRUJIlOWLJXQGFRQDPRUHGDUJHVWHOOWZRUGHQVLQG/lQJHU

ZROOWHLFKHVQLFKWDQVWHKHQODVVHQDEJHVHKHQGDLFKVRHEHQ
PHLQIQIXQGIQI]LJVWHV-DKU]XUFNJHOHJWKDEH ZRQDFKGHU
%ULHIJHVFKULHEHQVHLQPX DOVRLQHLQHP$OWHUVWHKHZR
VFKRQGDV/HEHQDQIlQJWXQJHZLVVHU]XZHUGHQXQGVHOEVWZHQQ
LFKQRFKODQJHOHEHQVROOWHLFKDOVGDQQGDUDXIJHIDWVHLQPX
GDPHLQH*HLVWHVNUlIWHQLFKWGLHYROOH(QHUJLHEHKDOWHQZHUGHQ
LQGHUVLHMHW]WQRFKVWHKQ,FKKDEHZLUNOLFKXQWHUEHVWlQGLJHP
$UEHLWHQDQGLHVHP%DQGHGLH6FKZHOOHGHV$OWHUVHUUHLFKWZDV
LFKIUHLOLFKQLFKWYRUDXVVDK$EHUZDVODQJHEHVWHKHQVROOEUDXFKW
ODQJH=HLW]XP:HUGHQXQGPHLQHSHUV|QOLFKH:RKOIDKUWZDU
QLFKWGDEHLEHWHLOLJWQRFKEH]ZHFNW
+LHUIROJHQQXQHLQLJHXQGHXWOLFKH6WHOOHQ'DQQIlKUW
6FKRSHQKDXHUIRUW
6FKRQKDWWHQ6LHQXUZHQLJH([HPSODUHEULJHVNDQQ
DOVRXQP|JOLFKYLHOPHKUGDVHLQ,FKZQVFKHVHKQOLFKVWYRU
PHLQHP(QGHPHLQ:HUNLQHLQHUYROOVWlQGLJNRUUHNWHQXQG
ZUGLJHQ$XVJDEH]XVHKHQXQGHVVR]XUFN]XODVVHQ'HQQPDQ
ZLUGJHJHQPLFKQLFKWLPPHUVRXQJHUHFKWVHLQZLHMHW]W,FK
ZHLGDGXUFKGDVSODQPlLJGXUFKJHIKUWH6HNUHWLHUHQPHLQHU
6FKULIWHQGXUFK6FKZHLJHQGDUEHUYRQVHLWHQGHU3URIHVVRUHQ
GHUHQ6FKHLQSKLORVRSKLHQHEHQPHLQHUHUQVWOLFKJHPHLQWHQQLFKW
EHVWHKHQNDQQDXFK6LHKDEHQOHLGHQPVVHQ$EHUDXIGLH
/lQJHZLUGHVQLFKWJHKQ(VVROOWHPLFKZXQGHUQZHQQYRQGHQ
YLHOHQ*HOHKUWHQ,KUHU%HNDQQWVFKDIWQLFKWHLQHU6LHEHUGHQ
ZDKUHQXQGYHUNDQQWHQ:HUWPHLQHU6FKULIWHQDXIJHNOlUWKDEHQ
VROOWH(LQ]HOQHVWDUNHbXHUXQJHQGDUEHUVLQGDXFK|IIHQWOLFK
JHPDFKWZRUGHQVR]XP%HLVSLHOLQ5RVHQNUDQ]
*HVFKLFKWHGHU
.DQWVFKHQ3KLORVRSKLHGHVJOHLFKHQLQHLQHP$XIVDW]LP3LORW
0DL-QJVWHV*HULFKWEHUGLH+HJHOVFKH3KLORVRSKLH
VRJDULQGHQ+DOOHVFKHQ-DKUEFKHUQ GHQHQLFKGRFKDOVGHU
VWlUNVWH9HUGDPPHUGHU+HJHOHLWRGYHUKDWELQ XQG]ZDULQGHU
.ULWLNGHU.UDXVHVFKHQ6FKULIWHQFLUFDLP-XOL:HQLJVWHQV
N|QQWHQ6LHGDUDXVGLH:DKUKHLWPXWPDHQGDLFKQlPOLFK
HLQHUELQGHPJURHV8QUHFKWJHVFKLHKW ZRUXQWHU6LH
PLWJHOLWWHQKDEHQ XQGGDLFKHVHLQPDOEHUZLQGHQZHUGH
'DQQLPZHLWHUHQ9HUIROJH
:HQQ6LHVLFK]XHLQHU]ZHLWHQ$XIODJHHQWVFKOLHHQHUELHWHLFK
PLFKIDOOV6LHHVIUQ|WLJHUDFKWHQDOOHP+RQRUDUIUEHLGH

%lQGH]XHQWVDJHQ:DKUOLFKNHLQH.OHLQLJNHLW$EHUPLUOLHJW
GDUDQGLH:LUNVDPNHLWPHLQHU0KHQ]XHUOHEHQXQGJODXEHQ
6LHPLUGDVVLQGGLHHFKWHQ$XWRUHQGLHVRGHQNHQXQGQLFKW
VLQGHVGLHDXI*HZLQQJHULFKWHWHQ,P)DOOH6LHVLFKDOVRGD]X
HQWVFKOLHHQZHUGHLFKDQGHQYLHU%FKHUQGHVHUVWHQ%DQGHV
QXUZHQLJHXQGQLFKWEHGHXWHQGH9HUEHVVHUXQJHQDQEULQJHQ
KLQJHJHQGHQ$QKDQJZHOFKHUGLH .ULWLNGHU.DQWVFKHQ
3KLORVRSKLHHQWKlOWGXUFKJU|HUHbQGHUXQJHQXQGPDQFKH
=XVlW]HXPHWZDHLQHQ%RJHQYHUPHKUHQ,FKNDQQ,KQHQQXU
VDJHQGDPHLQ%XFKQLFKWZLHGLHPHLVWHQHLQEORHV
6FKHLQEXFKVRQGHUQHLQZLUNOLFKHV%XFKLVWGDVKHLWHLQ
VROFKHVZHOFKHVEOHLEHQGHQ:HUWKDWGDKHUODQJHEHVWHKHQXQG
YLHO$XIODJHQHUOHEHQZLUGREJOHLFKLFKZRKOZHLGD6LHPLU
GDVQLFKWJODXEHQZHUGHQ$P(QGHNDQQHV,KQHQDXFK
JOHLFKJLOWLJVHLQ'HQQ,KUH6DFKHLVWGHU'HELWGHUQlFKVWHQ
-DKUHXQGGDGHU UDVFKJHKHNDQQLFK,KQHQQLFKWJDUDQWLHUHQ
VRQGHUQQXUGDVHLQHGDZHQQHVGDUDQIHKOWGLHVQLFKWGLH
6FKXOGGHV%XFKHVVRQGHUQGHV3XEOLNXPVVHLQZLUG8QG]XP
6FKOX'LHVHU]ZHLWH7HLOLVWEHLZHLWHPZLFKWLJHUDOVGHUHUVWH
XQGEHUWULIIWLKQ DQ*UQGOLFKNHLWXQG5HLFKWXPGHU.HQQWQLVVH
XQHQGOLFKHEHQZHLOHUGLH)UXFKWIQIXQG]ZDQ]LJMlKULJHQ
6WXGLXPVXQG1DFKGHQNHQVXQGGHUUHLIHUHQ-DKUHLVW0HLQ
6\VWHPZHOFKHVGHUHUVWH%DQGLP8PULJLEWWULWWKLHULQGHU
9ROOHQGXQJDXIGLHLKPQXUGDV1DFKGHQNHQXQGGHU)OHLHLQHV
JDQ]HQGDPLW]XJHEUDFKWHQ/HEHQVJHEHQNRQQWH'HQQZHQQLQ
GHUHUVWHQQRFKXQYROOHQGHWHQ(UVFKHLQXQJGHVVHOEHQQXU
HLQ]HOQH GLH:LFKWLJNHLWXQGGHQ:HUWHUNDQQWKDEHQXQGHVEHL
GHP*HZLUUHGHUPDWHULHOOLQWHUHVVLHUWHQ3DUWHLHQQLFKW
GXUFKGULQJHQNRQQWHVRGUIHQZLUGRFKKRIIHQGDHVMHW]WLQ
VHLQHUYROOHQGHWHQ*HVWDOWXQGEHLGHUVFKRQHLQJHWUHWHQHQ
(QWODUYXQJGHUEORHQ6SLHJHOIHFKWHUHLHQHQGOLFKGXUFKGULQJHQ
ZLUG
6RGHU%ULHI
$OOGLHVXUVSUQJOLFKLQHLQHUOHVEDUHQ+DQGVFKULIWJHVFKULHEHQ
LVWQLFKWVGHVWRZHQLJHUXQG]ZDUXPGHUIQI XQGVHFKVIDFKHQ
DQDOOHQQXUHUGHQNEDUHQ6WHOOHQDQJHEUDFKWHQ.RUUHNWXUHQ
ZLOOHQEHUDXVVFKZHU]XHQW]LIIHUQ$OOHP|JOLFKHQ=HLFKHQ
VWHKHQLQVHLQHP'LHQVW%RMHQRGHU6LJQDOODWHUQHQGLHGHQ:HJ
]HLJHQVROOHQDEHUVR]DKOUHLFKVLQGGDVLHPHKUYHUZLUUHQDOV
RULHQWLHUHQ

9LHOOHLFKWGHULQWHUHVVDQWHVWHGLHVHUYLHUDQ%URFNKDXV
EH]LHKXQJVZHLVHDQGLH%URFNKDXVVFKH'UXFNHUHLJHULFKWHWHQ
%ULHIHLVWGHUGHUGLHhEHUVFKULIWWUlJW$QPHLQHQ6HW]HU
'HUVHOEH VSH]LILVFK6FKRSHQKDXHUVFK ODXWHW
0HLQOLHEHU6HW]HU:LUYHUKDOWHQXQV]XHLQDQGHUZLH/HLEXQG
6HHOHPVVHQGDKHUZLHGLHVHHLQDQGHUXQWHUVWW]HQDXIGD
HLQ:HUN]XVWDQGHNRPPHGDUDQGHU+HUU %URFNKDXV 
:RKOJHIDOOHQKDEH,FKKDEHKLHU]XGDV0HLQLJHJHWDQXQGVWHWV
EHLMHGHU=HLOHMHGHP:RUWMDMHGHP%XFKVWDEHQDQ6LH
JHGDFKWRE6LHQlPOLFKHVDXFKZUGHQOHVHQN|QQHQ-HW]WWXQ
6LHGDV,KUH0HLQ0DQXVNULSWLVWQLFKW]LHUOLFKDEHUVHKUGHXWOLFK
DXFKJUR JHVFKULHEHQ'LHYLHOHhEHUDUEHLWXQJXQGIOHLLJH)HLOH
KDWYLHOH.RUUHNWXUHQXQG(LQVFKLHEVHOKHUEHLJHIKUWMHGRFKDOOHV
GHXWOLFKXQGPLWJHQDXVWHU+LQZHLVXQJDXIMHGHV(LQVFKLHEVHO
GXUFK=HLFKHQVRGD6LHKLHULQQLHLUUHQN|QQHQZHQQ6LHQXU
UHFKWDXIPHUNVDPVLQGXQGPLWGHP9HUWUDXHQGD DOOHVULFKWLJ
VHLMHGHV=HLFKHQEHPHUNHQXQGVHLQHQWVSUHFKHQGHVDXIGHU
1HEHQVHLWHVXFKHQ %HREDFKWHQ6LHJHQDXPHLQH
5HFKWVFKUHLEXQJXQG,QWHUSXQNWLRQXQGGHQNHQ6LHQLH6LH
YHUVWlQGHQHVEHVVHULFKELQGLH6HHOH6LHGHU/HLE +DEHLFK
DP(QGHGHU=HLOHGLHLQGLH1HEHQVHLWHKLQHLQJHKHQGHQ
=XVDW]ZRUWHGXUFKHLQHQ+DNHQGHU=HLOHDQJHVFKORVVHQVR
KWHQ6LHVLFKVROFKHIUXQWHUVWULFKHQ]XKDOWHQ :DVPLW
ODWHLQLVFKHQ%XFKVWDEHQJHVFKULHEHQLQHFNLJHQ .ODPPHUQ
HLQJHVFKORVVHQVWHKWVLQG1RWL]HQIU6LHDOOHLQ EHVWLPPW :R
6LHHLQH=HLOHDXVJHVWULFKHQILQGHQVHKQ6LHZRKO]XREQLFKW
GRFKHLQ :RUWGHUVHOEHQVWHKHQJHEOLHEHQVHLXQGEHUDOOVHLGDV
OHW]WHZDV6LHGHQNHQRGHUDQQHKPHQGLHVHVGDLFKHLQH
1DFKOlVVLJNHLWEHJDQJHQKlWWH 0DQFKPDOKDEHLFKHLQ
IUHPGDUWLJHV:RUWGDV,KQHQQLFKWJHOlXILJZlUHDP5DQGH
DXFKZRKO]ZLVFKHQGHQ=HLOHQPLWODWHLQLVFKHQ%XFKVWDEHQ
ZLHGHUKROWXQGLQHLQLJH.ODPPHUQJHVFKORVVHQ%HGHQNHQ6LH
ZHQQGLHYLHOHQ .RUUHNWXUHQ,KQHQEHVFKZHUOLFKIDOOHQGDHEHQ
LQIROJHGHUVHOEHQLFKQLHQ|WLJKDEHQZHUGHDXIGHPJHGUXFNWHQ
.RUUHNWXUERJHQQRFKPHLQHQ6WLO]XYHUEHVVHUQXQG,KQHQ
GDGXUFKGRSSHOWH0KH]XPDFKHQ
,FKVHW]HJHUQGRSSHOWH9RNDOHXQGGDVGHQ7RQYHUOlQJHUQGH K
ZRHVIUKHUMHGHUVHW]WH,FKVHW]HQLH HLQ.RPPDYRUGHQQ
VRQGHUQ.RORQRGHU3XQNW ,FKVFKUHLEHEHUDOODKQGHQQLH

DKQHQ ,FKVFKUHLEHWUEVlOLJJOFNVlOLJXVZDXFKHWZDQ
QLHHWZD7HLOHQ6LHGLHVH(UPDKQXQJGHP.RUUHNWRUPLW
,FKZQVFKHGDREHQDXIGHQ6HLWHQGLHhEHUVFKULIWGHV
MHGHVPDOLJHQ%XFKHVXQG.DSLWHOVIRUWODXIHQGDQJHJHEHQVWHKH
]XP%HLVSLHODXIGHU6HLWH]XU/LQNHQ9LHUWHV%XFK.DS 
DXIGHU]XU5HFKWHQ(UEOLFKNHLWGHU(LJHQVFKDIWHQXVI
%ORGDVHUVWH%XFK QLFKWGLHDQGHUQ ]HUIlOOWLQ]ZHL+lOIWHQGLH
QLFKWJHUDGHGXUFKHLQ7LWHOEODWWJHVRQGHUW]XZHUGHQEUDXFKHQ
VRQGHUQGLHEORHhEHUVFKULIWNDQQKLQUHLFKHQ
'DV6FKLFNVDOGLHVHU0DQXVNULSWH VHLWGHPYLHOOHLFKWLQ
6FKRSHQKDXHUVFKHQ6DPPHOZHUNHQ YHU|IIHQWOLFKW LVWPLU
XQEHNDQQW

'HU$XVVFKPFNXQJVHLQHV]HLWOLFKHQ+DXVHVZLGPHWH:LHVLNH
GXUFKHLQKDOEHV-DKUKXQGHUWKLQQXUZHQLJ6RUJIDOWGHVWRPHKU
VHLQHUOHW]WHQ5XKHVWlWWHQDFKGHPLKPGLH)UDXJHVWRUEHQ
ZDU,PJHQDQQWHQ-DKUHEHVFKORHU YLHOOHLFKWQLFKWJDQ]
XQEHHLQIOXWGXUFKGHQHLJHQDUWLJHQ)ULHGKRIGHU+XPEROGWVLQ
7HJHO HLQHQ%HJUlEQLVSODW]LQVHLQHP3DUNKHU]XULFKWHQXQG
JLQJDXFKVRIRUWDQGLH$XVIKUXQJGLHVHV%HVFKOXVVHV$OVLFK
ZLHHU]lKOW ]XPHUVWHQ0DOHQDFK9LOOD:LHVLNHNDPZDU
GLHVHU%HJUlEQLVSODW]VFKRQYRUKDQGHQXQGIHVVHOWHPLFKZHQLJHU
GXUFKVHLQH6FK|QKHLW GDUEHUZlUH]XVWUHLWHQJHZHVHQ DOV
GXUFKHLQHJHZLVVH2ULJLQDOLWlWGHU$QODJH(LQHWZD 6FKULWW
ODQJHU)OLHGHUJDQJIKUWH]XHLQHPJURHQYRQHLQHU
)OLHGHUKHFNHNUHLVI|UPLJXPVWHOOWHQ5RQGHHOLQPLWWHQGLHVHV
5RQGHHOVHLQTXDGUDWLVFKHV(LVHQJLWWHUXQGZLHGHUXPLQPLWWHQ
GLHVHV*LWWHUVHLQ6RFNHOEDXPLWHLQHU*UDQLWS\UDPLGHVDPWGUHL
*UDEVWHOOHQXQGHLQHP%OXPHQEHHW'LHV%OXPHQEHHWLQ)URQW,Q
)URQWDXFKHLQ0DUPRUUHOLHI+\JLHDXQG3V\FKHGDUVWHOOHQG
PLWGHU/HJHQGH0HQVVDQDLQFRUSRUHVDQR DQEHLGHQ6HLWHQ
GHV2EHOLVNHQDEHUGLH0HGDLOORQSRUWUDLWVGHV:LHVLNHVFKHQ
(KHSDDUV&DUO)HUGLQDQG:LHVLNH XQG-XOLH:LHVLNHJHERUHQH
7DQQKlXVHU(QGOLFKDQGHU5FNIURQWQLFKW%LOGQLFKW3RUWUDLW
ZRKODEHUGLH,QVFKULIW:LOKHOPLQH5ROOHLKUHQODQJMlKULJHQ
WUHXHQ'LHQVWHQ]XP*HGlFKWQLV1XUHUVW-XOLH:LHVLNH
JHERUHQH7DQQKlXVHUKDWWHYRQGHQJHQDQQWHQGUHLHQLKUH

*UDEVWHOOHVFKRQ EH]RJHQZRYRQDXHUGHPHLQJUDYLHUWHQ
7RGHVGDWXPDXFKGHU(IHXKJHO=HXJQLVJDE'LHEHLGHQDQGHUQ
GHUDOWH+HUUXQGGLHWUHXH'LHQHULQVHLQHV+DXVHVIUHXWHQVLFK
QRFKGHVKLPPOLVFKHQ/LFKWVXQGWUDWHQWlJOLFKDQGLH6WHOOHZR
VLHIUKHURGHUVSlWHUHEHQIDOOVLKUH5XKHVWlWWHILQGHQVROOWHQ
8UVSUQJOLFKZDVQLFKWYHUJHVVHQZHUGHQGDUIZDUDXFKGLHVH
6WlWWHEHVWLPPWJHZHVHQQHEHQGHU%HVWDWWXQJGHU)DPLOLHGHP
.XOWXVGHV*HQLXV]XGLHQHQXQGVWDWW+\JLHDXQG3V\FKH
KDWWHQ+DKQHPDQQXQG6FKRSHQKDXHUXQGGHVZHLWHUHQGLH
%VWHQYRQbVFK\OXV%DFKXQG.DQWGHQGLHVH6WHOOH
%HVXFKHQGHQEHJUHQVROOHQ(VZDUDEHUVFKOLHOLFKGRFK
$EVWDQGYRQGLHVHU/LHEOLQJVLGHHJHQRPPHQZRUGHQHLQHUVHLWV
XP9HUZLUUXQJXQGDQGHUHUVHLWVXPGHQ6FKHLQGHU3UlWHQVLRQ]X
YHUPHLGHQ6HLWGHPLVWGHUDOWH:LHVLNHVHOEHUKHLPJHJDQJHQ
 2NWREHU XQGUXKWQXQHEHQIDOOV]X)HQGHV
2EHOLVNHQZHVKDOEHVVLFKJH]LHPHQPDJGLHVHQ
.DSLWHODEVFKQLWWPLWGHP9HUVXFKHLQHU:LHVLNHVFKHQ
&KDUDNWHULVWLN]XVFKOLHHQ

&DUO)HUGLQDQG:LHVLNH ZDUHLQHVSH]LILVFKPlUNLVFKH)LJXUXQWHU
DQGHUHPDXFKGDULQGDHUPHKUZDUDOVHUVFKLHQ6DKPDQLKQ
|IWHUVRZXUGHPDQIUHLOLFKJHZDKUHLQHZLHNOXJH6WLUQXQGZLH
NOXJH$XJHQHUKDWWHZHUGLHVHV9RU]XJHVKlXILJHUHU
%HJHJQXQJHQDEHUHQWEHKUWHGHUQDKPLKQPLWVHLQHUEUHLWHQ
8QWHUOLSSHQRWZHQGLJIUHLQH$OOWDJVHUVFKHLQXQJ8QWHUGHQHQ
GLHGHQ$OWHQPLWDPEHVWHQNDQQWHQZDUDXFKGLHEHWDJWH
GUEHQLP6FKORZRKQHQGH*UlILQ.|QLJVPDUFNJHERUHQHYRQ
%ORZ6LFKHUOLFKZDUHQ GLH*UlILQXQG:LHVLNH*HJHQVlW]H
+RFKDGHOXQG%UJHUWXP.RQVHUYDWLVPXVXQG)RUWVFKULWW
&KULVWHQWXPXQG$WKHLVPXVVWDQGHQVLFKLQLKQHQJHJHQEHU
DEHUGLH*UlILQKLHOWWURW]DOOHGHPJURH6WFNHDXILKUHQ
1DFKEDUYRQGHPVLHZXWHGDHUQLFKWEORNOXJVRQGHUQ
DXFKPXWLJXQGHKUOLFK ZDUXQGGDV+HU]DXIGHPUHFKWHQ)OHFNH
KDWWH
:LHVLNHZDUQLFKWEORHLQJHQLDOHU3UDNWLNHUGHUPLW+LOIH
VHOEVWlQGLJHQ'HQNHQVVLFKUHLQlXHUOLFKYRUZlUWV]XEULQJHQ
YHUVWDQGHUKDWWHZLHQLFKWJHQXJKHUYRUJHKREHQZHUGHQNDQQ
GLHVVHLQVHOEVWlQGLJHV'HQNHQDXIMHGHP *HELHWXQGYHUDFKWHWH
QLFKWVVRVHKUZLHGHQ*ODXEHQDQGDVDOOHLQ6HOLJPDFKHQGHGHU

hEHUOLHIHUXQJ(UOLHGLH7UDGLWLRQJHOWHQXQGZDUZHLWDEGDYRQ
HLQ5HIRUPHUj WRXW SUL[VHLQ]XZROOHQDEHUHEHQVRNULWLVFKHU
GLH1HXHUXQJHQDQVDKHEHQVRNULWLVFKYHUKLHOWHUVLFKJHJHQGDV
$OWHGHVVHQ$QVSUXFKDXI*LOWLJNHLWXQG]ZDUEOR ZHLOHVDOWHU
PLWMXJHQGOLFKHP(LIHUEHVWULWW6HLQ+DKQHPDQQ XQG
6FKRSHQKDXHU(QWKXVLDVPXVJLQJDXVGLHVHUVHLQHU
*HLVWHVULFKWXQJKHUYRUXQGHUQDKPVLFKGHVVHQDQZDVHU
VHLWHQVGHUGHQ7DJEHKHUUVFKHQGHQ0lFKWHPLW8QUHFKWLJQRULHUW
RGHUEHIHKGHWJODXEWH6RZDUGHUGHU)UHXQG+DKQHPDQQVXQG
6FKRSHQKDXHUVXQG]XJOHLFKHLQH6WW]HGHUHUGLHIUEHLGH
6FKXOH]XELOGHQ EHJDQQHQ
(LQLJHKDEHQLQDOOGLHVHP7XQQXU(LWHONHLWXQGLQ:LHVLNHVHOEVW
QLFKWVDOVHLQHQYRQHLQHU.RWHULHJHVFKLFNW(LQJHIDQJHQHQ
HUNHQQHQZROOHQ$EHUGHUDOWHNOXJH:LHVLNHZDUQLFKWGHU0DQQ
VLFKRKQHZHLWHUHVHLQIDQJHQ]XODVVHQXQGGXUIWHPLW
:LQGKRUVW0HSSHQVDJHQ:HUPLFKDXVQXW]HQRGHUKLQWHUV
/LFKWIKUHQZLOOGHU PXIUKHUDXIVWHKQ$OOHVZDVHUGHU
3HUVRQZLHGHU/HKUHVHLQHU]ZHL0HLVWHUDQ+XOGLJXQJHQ
GDUEUDFKWHVSURQLFKWDXVHLQHPVLFKJHVFKPHLFKHOWIKOHQGHQ
0RWWHQEXUJHUWXPVRQGHUQDXVMHQHULQQHUOLFKHQ.UDIWXQG
hEHU]HXJXQJGLHGDZRGHU*ODXEHYHUVDJWGDV:LVVHQ JLEW
GDV=XKDXVHVHLQLQGHQMHZHLOLJHQ'LV]LSOLQHQ(UKDWWHVHLQHQ
6FKRSHQKDXHULPPHUZLHGHUXQGZLHGHUJHOHVHQXQGERWHLQ
JHUDGH]XOHXFKWHQGHV%HLVSLHOGDIUGDGHU3HVVLPLVPXVQLFKW
EORUXLQLHUHVRQGHUQXQWHU8PVWlQGHQDXFKHLQHI|UGHUQGH
KXPDQLWlUH6HLWHKDEH:LHVLNHKDWWHGDV0LWOHLG XQGKDOILPPHU
ZR+LOIHYHUGLHQWZDU(LQHYLHOOHLFKW]XZHLWJHKHQGH9RUVWHOOXQJ
YRQGHUXQJHKHXUHQ%HGHXWXQJGHV%HVLW]HVMDPHKUHLQ6WFN
YRP%RXUJHRLVXQGDOWPRGLVFKHQ.OHLQNDXIPDQQZDULKPIUHLOLFK
JHEOLHEHQ$EHUDXFKGDVWUDWVHKUJHPLOGHUWXPQLFKW]XVDJHQ
JHOlXWHUWDXI
,FKSHUV|QOLFKNDQQVHLQHUQLFKWRKQH'DQNXQG5KUXQJ
JHGHQNHQXQG]lKOHGLHPLWLKPYHUSODXGHUWHQ6WXQGHQ]X
PHLQHQJOFNOLFKVWHQXQGEHVWDQJHOHJWHQ-HGHQIDOOVDEHUJHK|UW
HULQVHLQHUIUPlUNLVFKH9HUKlOWQLVVHPHUNZUGLJHQ0LVFKXQJ
YRQILQDQ]OLFKHUXQGSKLORVRSKLVFKHU6SHNXODWLRQYRQ3IDGILQGHU
XQG6RNUDWHVYRQ'LRJHQHVXQG/XNXOO]XGHQLQWHUHVVDQWHVWHQ
)LJXUHQGLHPLUDXIPHLQHP/HEHQVZHJHEHJHJQHWVLQG

.DSLWHO

5FNEOLFN
:LUQHKPHQ$EVFKLHGYRQ6FKOR3ODXHGDVGHU:DQGOXQJHQ
GXUFKHLQKDOEHV-DKUWDXVHQGKLQVRYLHOHVDK*HRUJYRQ
:DOGHQIHOVHUKREGHQNXUIUVWOLFKHQ%UFNHQ]ROOXQGGHUDOWH
=ROOZlFKWHU*HULPVN\MDJWH -DKUHVSlWHUGHQ
+DQGZHUNVEXUVFKHQDXIVHLQHP.OHSSHUQDFKXQGQDKPLKQHQDOV
3IDQGGLH0W]HYRP.RSI)ULHGULFKYRQ*|UQHVFKXIGDV3ODXHU
3RU]HOODQXQG:LOKHOPYRQ$QKDOWWDQ]WH&RQWUHXQG
.HJHOTXDGULOOHQXQGOLHGLH6WDGW3ODXHGXUFKGHQ1DFKWZlFKWHU
DOV'RUI DXVUXIHQ'DQQNDPHQGLH.|QLJVPDUFNVXQGJUQGHWHQ
LKUHP5XKPHLQ5XKPHVPXVHXPXQGEHLQDKJOHLFK]HLWLJ
HUVFKLHQ& ) :LHVLNHGHP6FKORVVHJHJHQEHUXQGVFKXIDQ
HEHQGHU6WHOOHZRGLHJURH%FKVHJHVWDQGHQKDWWHGDV
XQIUXFKWEDUH6DQG XQG6XPSIODQGLQHLQ*DUWHQ(GHQXPXQG
PDFKWHVHLQH6WXGLHUVWXEH]XU.XOWXVVWlWWHIU+DKQHPDQQXQG
6FKRSHQKDXHU$EHUDOOHVLVWYHUJHVVHQRGHUZLUGYHUJHVVHQVHLQ
ZHQQGLH*HVFKLFKWHQRFKLPPHUYRQGHPHUVWHQ DQGLHVHU6WHOOH
YRQ-RKDQQYRQ4XLW]RZ HU]lKOWGHUGHQ0HFNOHQEXUJHU+HU]RJ
LQGDV%XUJYHUOLHVZDUIXQGGHQGDV:LHKHUQVHLQHV5RVVHV
YHUULHWDOVHUVLFKDXIGHU)OXFKWLP+DYHOU|KULFKWYHUEHUJHQ
ZROOWH'DV.OHLQHYHUJHKWGDV*URHEOHLEW'HQQ HLQ*URHV
ZDUHVDOVXQWHUGHP+LQVFKZLQGHQHLQHU:LOONUEHQGHQ
$GHOVPDFKWGLH*HVHW]OLFKNHLW KLHUHLQ]RJXQGPLW GLHVHU
*HVHW]OLFKNHLWHLQHQHXH=HLWEHJUQGHWH

+RSSHQUDGH
.DSLWHO

(UVWHU%HVXFKLQ+RSSHQUDGH'LH/HJHQGH
YRQGHU.UDXWHQWRFKWHU
(VVLQGMHW]W]ZDQ]LJ-DKUHGDLFKJOHLFKEHL%HJLQQPHLQHU
$UEHLWHQEHU5XSSLQXQG5KHLQVEHUJ]XPHUVWHQ0DOHQDFK
+RSSHQUDGH NDP(LQ)UHXQGGHUHVVFKRQREHUIOlFKOLFKNDQQWH
KDWWHIUMHQHQ7DJGLH)KUXQJEHUQRPPHQXQGQLFKWRKQH
1HXJLHUXQG(UUHJXQJZDUHVGDLFKQDFKGHPYHUZXQVFKHQHQ
6FKORVVHKLQDXVVDKDOVZLULQXQVHUHUKLQ XQG
KHUVFKZDQNHQGHQXQGQRFKDOWPRGLVFKLQ&)HGHUQKlQJHQGHQ
+DOEFKDLVHGLHJURH5VWHUDOOHHKLQDXIIXKUHQ$EHUGHU
*HJHQVWDQGXQVHUHU1HXJLHUYHUEDUJVLFKELV]XOHW]WXQGZXUG
HUVWVLFKWEDUDOVZLUXQPLWWHOEDUYRULKPKLHOWHQ(UODJGDZLH
KHUUHQORVHV(LJHQWXP+HKROOD8QGGHU.XWVFKHUNQLSVWH
EHJOHLWHQGPLWGHU3HLWVFKH
1LHPDQGDEHUNDPXQV]XEHJUHQIUHLOLFKDXFKQLHPDQGXQV
GHQ=XWULWW]XZHKUHQXQGVRKDOIHQZLUXQVGHQQVFKOLHOLFK
VHOEVW|IIQHWHQGLHQXUDQJHOHJWH7UXQGVWLHJHQDQHLQHUPLW
6LOEHUXQG6FKLOGSDWWDXVJHOHJWHQDOWHQ)OXUXKUYRUEHLGLHEUHLWH
IODFKVWXILJH7UHSSHKLQDXIGHUHQVFK|QJHVFKQLW]WHVXQGQRFK
ZRKOHUKDOWHQHV*HOlQGHUXQVDXIGHQ5HLFKWXPKLQZLHVGHUGLHV
DOOHVHLQVWLQV/HEHQJHUXIHQ$XIGHQ5HLFKWXPXQGGHQJXWHQ
*HVFKPDFN
8QGQXQZDUHQZLUREHQXQGJLQJHQYRQ=LPPHU]X=LPPHU$OOH
VWDQGHQDXIXQGLQMHGHPHLQ]HOQHQHUNDQQWHQZLULPPHUZLHGHU
GDVVHOEH'XUFKHLQDQGHUYRQ*ODQ]XQG9HUIDOOGDVXQVVFKRQ
XQWHQLP(UGJHVFKRHQWJHJHQJHWUHWHQZDUhEHUDOO'HFNHQELOGHU
XQG+RO]JHWlIHO6XSUDSRUWHQXQG/HGHUWDSHWHQDEHUGD]ZLVFKHQ
6SLQQZHEXQGDEJHIDOOHQHU.DONRGHULPXQDXVJHVHW]WHQ
6RQQHQEUDQGWUEXQGEXQWJODVLJJHZRUGHQH)HQVWHUVFKHLEHQ
DXIJHULVVHQH'LHOHQXQGGXUFKJHUHJQHWH6WHOOHQDQ)ULHVXQG
'HFNH*DQ]]XOHW]WHUVWNDPHQZLULQHLQHQJURHQVDDODUWLJHQ
5DXPGXUFKGHQGLH'UlKWHYHUVFKLHGHQHU.OLQJHO]JHJH]RJHQ
ZDUHQDEHUGLH'UlKWHKDWWHQLKUH6SDQQXQJYHUORUHQXQGKLQJHQ

HQWZHGHUVFKODIIXQGVFKUlJDQGHU:DQGKLQRGHUODJHQHLQIDFK
DP)XERGHQHQWODQJ(LQLJH1HXJLHULJHGLHKLHUYRUXQVLKUHQ
%HVXFKJHPDFKWKDEHQPRFKWHQKDWWHQVLFKGULQYHUILW]WXQGDXI
GLH :HLVHGDV%LOGGHU8QRUGQXQJXQG:LUUQLVQXUQRFK
JHVWHLJHUW,QHEHQGLHVHP6DDOHODJDXFKHLQHWRWH6FKZDOEHGLH
PXWPDOLFKGXUFKGHQ5DXFKIDQJJHNRPPHQZDUXQGGHQ
$XVJDQJQLFKWKDWWHILQGHQN|QQHQ
,FKIUDJWHZHUGDVDOOHVJHEDXWXQGEHZRKQWKDEH"'HU)UHXQG
DEHU]XFNWHQXUPLWGHQ$FKVHOQXQGVHW]WH]XYRUOlXILJHP7URVWH
KLQ]X9LHOOHLFKWGDZLU
VXQWHQYRQGHQ:lQGHQOHVHQ
8QGGDPLWVWLHJHQZLUZLHGHUWUHSSDEXQGJLQJHQHLQSDDUODQJH
.RUULGRUHKLQXQWHUDXIHLQHQHQWIHUQWHUHQ6FKORIOJHO]XGDULQ
VLFKGLH6FKORNDSHOOHEHILQGHQVROOWH+LHUDEHUZlKUHQGLP
REHUHQ6WRFNDOOHVDXIJHVWDQGHQKDWWHIDQGHQZLUGLH7UH
VRUJOLFKJHVFKORVVHQXQGPXWHQLP)DOOXQVZLUNOLFKDQHLQHP
(LQEOLFNHODJHLQHQ0HLHURGHU9HUZDOWHURGHUVRQVWLJHQ
0DMRUGRPXVYRQ6FKOR+RSSHQUDGH]XILQGHQVXFKHQ8QGZLU
IDQGHQLKQDXFKLQ*HVWDOWHLQHVDXIHLQHU3DUNZLHVHPLW
*UDVPlKHQEHVFKlIWLJWHQ7DJHO|KQHUVGHUVLFKVFKOLHOLFKQDFK
HLQLJHP3DUODPHQWLHUHQPLWMHQHUGHP0lUNHUHLJHQWPOLFKHQ
0LVFKXQJYRQ*HQHLJWKHLWXQG$EJHQHLJWKHLWEHVWLPPHQOLHXQV
LQV6FKOR]XIROJHQXQGGLH.DSHOOHQWUDXI]XVFKOLHHQ
'LH.DSHOOHVHOEVWKDWWHGHQ8PIDQJXQGIDVWDXFKGDV$QVHKHQ
HLQHV5RNRNRVDDOHV3IHLOHUXQG'HFNHZDUHQZHLXQGJROGHQ
XQGUHLFKH6WXFNRUQDPHQWHGD]ZLVFKHQ8QPLWWHOEDUEHUGHP
$OWDUEHIDQGVLFKGLH.DQ]HOZDVDXI&DOYLQLVPXVGHXWHWHVRQVW
DEHUHUVFKLHQDOOHVNDWKROLVFKXQG]ZDUNDWKROLVFKLP]RSILJVWHQ
-HVXLWHQVWLODPPHLVWHQHLQSDDUVFKUDQNDUWLJHVFKUlJLQV(FN
JHEDXWH&KRUVWKOHGLHPLWLKUHP*LWWHUZHUNXQGHLQHPGDKLQWHU
DQJHEUDFKWHQ6LW]SODW]HJHQDXZLH%HLFKWVWKOHZLUNWHQ(LQ
HOIHQEHLQHUQHVDQVFKHLQHQGLWDOLHQLVFKHV.UX]LIL[VWHLJHUWHQRFK
GLHVHQ(LQGUXFNXQGZHQQQLFKWGDV.UX]LIL[VHOEVWVRGRFKGHU
(EHQKRO]NDVWHQDXIGHPHVVWDQGLQGHPQDFK5HOLTXLHQDUWHLQ
6WFNFKHQ6HLGHQ]HXJODJPLWHLQHP3HUJDPHQWVWUHLIHQGDUDQ
XQGGHU,QVFKULIW'HYHVWLPHQWR0DULDH'LFKWKLQWHUGHP
.UX]LIL[HPQGHWHYRQREHQKHUGHUNRQVRODUWLJH.DQ]HOIXXQG
DQHEHQGLHVHU6WHOOHZDUDXFKHLQ'RSSHOZDSSHQDQJHEUDFKW
HLQHVGDYRQGDV%UHGRZVFKH6RQVWIDQGVLFKQLFKWVZDVHLQ
,QWHUHVVHKlWWHZHFNHQN|QQHQDXVJHQRPPHQHLQ'HFNHQELOGLQ

GHU6DNULVWHLGDV]XGHP&DOYLQLVWLVFKHQXQGMHVXLWLVFK
.DWKROLVFKHQDXFKQRFKHWZDV)UHLPDXUHULVFKHVKLQ]XIJHQ]X
ZROOHQVFKLHQHLQ:HOWJRWWWUXJ=HSWHUXQG.URQHGD]X6RQQ
XQG0RQGDXIGHU%UXVWXQG/|ZXQG6NRUSLRQDXIGHP*UWHO
HLQ(QJHODEHUNQLHWHYRULKPXQGRSIHUWHGHP*RWWHLQ
EUHQQHQGHV+HU]$OOHVUlWVHOKDIW$XFKGLHV%LOG
$OVZLUDXVGHU.DSHOOHKHUDXVXQGZLHGHUGUDXHQLP)UHLHQ
ZDUHQEHUIORJLFKQRFKHLQPDOZDVLFKGULQQHQJHVHKHQ-D
ZDVZDUHV",FKKDWWHQLFKWVHUNDQQWDOVGDV%UHGRZVFKH
:DSSHQXQGXQVHU&LFHURQHEHVWlWLJWHGHQQDXFKGD
+RSSHQUDGH%UHGRZVFKXQGVSlWHUHUVWHLQ)UDXYRQ
$UQVWHGWVFKHU%HVLW]JHZHVHQVHL'DVZDUHWZDVDEHUGRFKQLFKW
JHQXJHVYHUODQJWHPLFKPHKU]XZLVVHQXQGDOVLFK
XQHUELWWOLFKLQGHQXQWHU9HUK|U*HQRPPHQHQHLQGUDQJ
HQWVFKORHUVLFKHQGOLFKNXU]XQGUHVROYLHUWHVLFKGDKLQ-RD
GHQQKHOSWGDWQLFKGHQQP|WHQZLWRGH2OO6WlJHPDQQVFK
JRDKQGHZHHWDOOHQV8QZDWGHDQQHUQZHHWHQGDWZHHWHQVH
RRNPDQYXQQHKU
,FKVRJMHGHVGLHVHU:RUWHEHJLHULJHLQXQGHKH]ZHL0LQXWHQXP
ZDUHQVFKULWWHQZLUVFKRQEHUHLQ]ZLVFKHQ6FKORXQG'RUI
HLQJHVFKREHQHV6WFN:LHVHQODQGDXIHLQQLHGULJHVXQGGLFKWYRQ
.UELVXPZDFKVHQHV+DXV]XGDULQGDVDOWH0WWHUFKHQXQGPLW
LKUGLH'RUIWUDGLWLRQZRKQHQVROOWH:LUIDQGHQVLHQLFKWJOHLFK
GDV+lXVFKHQZDUOHHULP*DUWHQDEHUNQLHWHVLHYRUHLQHP%HHW
XQGVDPPHOWHNOHLQHURWVFKDOLJH=ZLHEHOQLQHLQQHEHQLKU
VWHKHQGHV0HW]PD
$OVVLHYHUVWlQGLJWZRUGHQZDUXPZDVZLUJHNRPPHQHUKREVLH
VLFK]X*UXXQGIUHXQGOLFKHU$QUHGH6LHZDUEHUKDXSWVHKU
DUWLJVSUDFK+RFKGHXWVFKLQGDVVLFKQXUGDQQXQGZDQQHLQ
SDDUSODWWGHXWVFKH:|UWHUHLQPLVFKWHQXQGZROOWXQVGXUFKDXV LQ
LKUH6WXEHIKUHQ$EHUZLUEDWHQVLH]XEOHLEHQZDVVLH]XOHW]W
DXFKDQQDKPXQGQXUDXIHLQHQ%DFNWURJ]HLJWHGHUXPJHVWOSW
XQWHUHLQSDDU=ZHWVFKHQElXPHQODJ$XIGLHVHP7URJHQDKPHQ
ZLU3ODW]XQGNDXPGDLFKPLFK]XUHFKWJHUFNWKDWWHEHJDQQ
LFKDXFKVFKRQPLWDOOHUKDQG)UDJHQZHJHQGHU%UHGRZV$OVLFK
DEHUPHUNWHGDVLHYRQGHPDOOHPQLFKWYLHORGHUHLJHQWOLFKVR
JXWZLHQLFKWVZXWHZHLOHVYRULKUHU=HLWJHZHVHQZDUVROLH
LFKGLH%UHGRZVIDOOHQXQGOHLWHWHGDV*HVSUlFKDXIGLH)UDXYRQ
$UQVWHGWKLQEHUGLHPVVHVLHGRFKQRFKJHNDQQWKDEHQ

2ELFKGLHJHNDQQWKDEH6RODQJHLFKGHQNHQNDQQ,FKZDUMD
VFKRQGUEHQDOVGDVlOWHVWH)UlXOHLQJHERUHQZXUGHGDV
5RVDOFKHQGLHQDFKKHUGHQ:ONQLW]KHLUDWHWHGHQ
.DPPHUJHULFKWVUDWGHUELVYRULJHV-DKUXQVHUH+HUUVFKDIWZDU
$FKGDVZDUHLQHKLPPOLVFKJXWH)UDXGLHKDWWHGHQOLHEHQ*RWW
LP+HU]HQXQGXQVHUQ+HUUQ&KULVWXVDXFK8QGGDV)UlXOHLQ
&ODUDGLHMDQXZLHGHUGLH7RFKWHUYRQGHU)UDXYRQ:ONQLW]
ZDU
$EHUOLHEH)UDX6WlJHPDQQ6LHZROOWHQPLUMDYRQGHU)UDXYRQ
$UQVWHGWHU]lKOHQ
5LFKWLJYRQGHU)UDXYRQ$UQVWHGWYRQXQVUHUHUVWHQJQlGLJHQ
)UDX1XGLHZDUMDVFKRQHLQ(UENLQGDOVVLHQRFKNDXP
JHERUHQZDUXQGHUEWHGHQQDXFKGDVJURH.UDXWHQHUEHGDV
YRQ9DWHUXQG9DWHUVFKZHVWHUKHUNDP8QGZHLOHVMHGHUJHUQ
KDEHQZROOWHQlPOLFKGDV.UDXWHQHUEHVRQDQQWHQVLHVLHGLH
.UDXWHQWRFKWHU8QGVRKDWVLHJHKHLHQELVDQLKUVHOLJHV(QGH
'HQQGDVZLUGVLHGRFKZRKOJHKDEWKDEHQ$EHUDOOGDVLFK
PHLQHGDVPLWGHU(UEVFKDIWGDVZDUODQJHYRUPHLQHU=HLWXQG
DOVLFKDXIV6FKORNDPGDZDUVLHMDVFKRQGLH)UDXYRQ
$UQVWHGWXQGHLQHVHKUVFK|QH)UDXVR0LWWH'UHLLJXQGLPPHU
GUEHQLQ5KHLQVEHUJ8QGKDWWHGDPDOVGUHL.LQGHU'DVKHLW
GUHL.LQGHUYRQLKUHPGULWWHQ 0DQQ'HQQVLHZDUVFKRQ]ZHLPDO
YRUKHUYHUKHLUDWHWJHZHVHQHUVWPLW(OOLRWXQGGDQQPLW
.Q\SKDXVHQ
8QGGDQQ HUVWPLW$UQVWHGW"
:RKOGDQQHUVWPLW$UQVWHGW'DVZDUGHUGULWWHGHU
5LWWPHLVWHU8QGDOVVLHQRFKPLW(OOLRWYHUKHLUDWHWZDUGDZDUMD
GDV'XHOO
'DV'XHOO"
-DGDV'XHOOZHLOVLHGHQ(QJOLVFKHQQLFKWOHLGHQNRQQWH8QG
ZDUXPQLFKW":HLOHULKU]XHQJOLVFKXQGDXFK]XHLIHUVFKWLJ
ZDUZRULQHUDEHUZRKOUHFKWKDWWH'HQQVLHVFKULHEVLFKLPPHU
%ULHIHPLW.Q\SKDXVHQXQGGUEHQLP3DUNLVWQRFKGHU%DXPLQ
GHQVLHGLH/LHEHV]HWWHOLPPHUKLQHLQOHJWHQ$EHU(OOLRWHUIXKUHV
XQGDOVHUHLQHQ%ULHIODVLQGHPDOOHVGULQVWDQGGDVFKRVVHQVLH
VLFKXQG(OOLRWNULHJWHZDVZHJDEHUQLFKWYLHOEORHLQHQ
6WUHLIVFKX8QGGDQQJLQJHULQGLHZHLWH:HOW

8QGLVWDXFKQLHZLHGHUJHNRPPHQ"
2GRFK$EHUEORHLQHLQ]LJ0DODOVHUGLHNOHLQH0LDEKROHQ
XQGPLWQDFK(QJODQGQHKPHQZROOWH'DVKHLWKHLPOLFKXQG
OLVWLJXQGPLW*HZDOW2KZLHKDELFKGHPOLHEHQ*RWWLPPHU
JHGDQNWGDLFKGDPDOVQRFKQLFKW.LQGHUPXKPHZDULFKKlWWH
GHQ7RGJHKDEWZHQQLFKVRZDVHUOHEWKlWWH'HQQZLHNDPHU
GHQQ",QHLQHUIHLQHQ.XWVFKHNDPHUXQGEHLKHOOHPOLFKWHQ7DJ
DEHUHUIXKUQLFKWYRUXQGQLFKWDXIGLH5DPSHVRQGHUQEOR
LPPHUXPGHQ3DUN KHUXP8QGDOVHUDQGLH6WHOOHNDPZRGDV
.LQGVSLHOWHGHQQHUPXWHZRKOVHLQH.XQGVFKDIWHUJHKDEW
KDEHQGDVSUDQJHUPLWHLQVKHUDXVXQGQDKPGDV.LQGXQGGDV
6SLHO]HXJXQGGLHJURH3XSSHGLHJUDGDXIGHU:LHVHODJXQG
ZLHGHU%OLW]ZLHGHULQVHLQH.XWVFKHKLQHLQXQGKHLGLYRUZlUWV
EHUGHQ6WXU]DFNHUXQGGLH6WRSSHOIHOGHULPPHUJUDGDXVELV
(QJODQG
,FKWDWQRFKDOOHUOHL)UDJHQDOOHVLQGHVVHQZDVVLHPLU
DQWZRUWHWHZDUHLJHQWOLFKQXU:LHGHUKROXQJ(V]HLJWHVLFK
GHXWOLFKGDGLH*HVFKLFKWHYRQGHP%ULHIZHFKVHOXQGGHP'XHOO
XQGPHKUQRFKGLH*HVFKLFKWHYRQGHU(QWIKUXQJGHUNOHLQHQ0L
(OOLRWHLQHQ(LQGUXFNDXIVLHJHPDFKWKDWWHGHU5HVWDEHUZDU
YHUJHVVHQRGHUEOLHELP'XQNHO
(LQH6WXQGHVSlWHUVFKLHGLFKYRQ+RSSHQUDGHIHVWHQWVFKORVVHQ
GDV'XQNHOQDFK0|JOLFKNHLW]XOLFKWHQ$EHUHVZROOWHQLFKW
JOFNHQ'LH0HPRLUHQDXVMHQHU=HLWVRZHLWVLHPLUGDPDOV
EHNDQQWRGHU]XJlQJOLFKZDUHQOLHHQPLFKLP6WLFKXQGGLH
5KHLQVEHUJHU*HJHQGLQGHULPDOOJHPHLQHQGLH3ULQ]+HLQULFK
7UDGLWLRQHQLPPHUQRFKIULVFKXQGOHEHQGLJVLQGJHZlKUWHPLU
IDVWQRFKZHQLJHUDOVGLH3ULQ]+HLQULFK/LWHUDWXU
,FKJDEHVVFKOLHOLFKDXIXQGKDWWHPHLQHQHUVWHQ%HVXFKLQ
+RSSHQUDGHIDVWVFKRQYHUJHVVHQDOVHLQJOFNOLFKHU=XIDOOPLFK
HUIDKUHQOLHGDDXIHLQHPDOWHQ.Q\SKDXVHQVFKORXQG]ZDU
DXI6FKOR/W]EXUJLQ2VWIULHVODQGHLQH)DPLOLHQFKURQLN
H[LVWLHUHGDULQVLFKLQEH]XJDXI(OOLRWXQG.Q\SKDXVHQDOOHV
ILQGHZDVLFKQXULUJHQGZLHZQVFKHQN|QQH'LH5HLVHGDKLQ
VFKREVLFKMHGRFKDEHUPDOVKLQDXVELVLFKVFKOLHOLFKIUDOOHV
:DUWHQXQGDOOH0KHUHLFKOLFKEHORKQWZXUGH

:DVLFKLQIROJHQGHPJHEHEHVRQGHUVLQGHQPLWWOHUHQ.DSLWHOQ
LVW]XZHVHQWOLFKHP7HLOHGHUHUZlKQWHQ/W]EXUJHU&KURQLN
HQWQRPPHQ$QGUHVVWDPPWDXV%ULHIHQXQG3UR]HDNWHQQRFK
DQGUHVDXVGHQPLUHUVWQHXHUGLQJV]X+lQGHQJHNRPPHQHQ
7KLpEDXOWVFKHQ6RXYHQLUV$XFKLQ+RSSHQUDGHVHOEVWKDELFK
QRFKDOOHUOHLNOHLQH=JHIUGLHVHQ$XIVDW]XQGVHLQH+HOGLQ
HLQ]XVDPPHOQYHUPRFKW
6RYLHO]XU(LQOHLWXQJ
,FKEHJLQQHQXQPHKUGDPLWEHUGDVELVKHUQXUDQGHXWXQJVZHLV
*HVDJWHKLQDXVLQQDFKVWHKHQGHPIHVW]XVWHOOHQZHU GLH
.UDXWHQWRFKWHUXQGZDVGDV.UDXWHQHUEHZDU

 .DSLWHO

:HUZDUGLH.UDXWHQWRFKWHU"
8QGZDVZDUGDV.UDXWHQHUEH"
(VLVWDOVRYRQGHU.UDXWHQWRFKWHUXQGGHP.UDXWHQHUEHGDVLFK
LQQDFKVWHKHQGHPHU]lKOHQZLOO$EHUGDV.UDXWHQHUEH GHUZDKUH
1LEHOXQJHQKRUWLQGLHVHU*HVFKLFKWH ZDUHKHUGDZHVKDOELFK
PLWLKPEHJLQQH

:DVZDUGDV.UDXWHQHUEH"
'DV.UDXWHQHUEHGDVHLJHQWOLFKHLQ%UHGRZHUEHZDUXPIDWH
GDVLQGHU6GRVWHFNHGHVMHW]LJHQ.UHLVHV5XSSLQJHOHJHQHPLW
HLQ]HOQHQ%HJWHUXQJHQDXFKLQGHQXFNHUPlUNLVFKHQ.UHLV
7HPSOLQEHUJUHLIHQGH/DQG/|ZHQEHUJ
'LHVDXVGUHL+DXSWWHLOHQDXVGHPHLJHQWOLFKHQ /|ZHQEHUJDXV
/LHEHQEHUJXQGGULWWHQVXQGOHW]WHQVDXV+RSSHQUDGHEHVWHKHQGH
/DQG/|ZHQEHUJJHK|UWHVHLQHU]HLWGHQ%LVFK|IHQYRQ
%UDQGHQEXUJXQGZXUGHYRQHLQHPGHUVHOEHQXQWHUJOHLFK]HLWLJHU
$XVVWHOOXQJHLQHU%HOHKQXQJVXUNXQGHGHP+DQVYRQ%UHGRZDXV
GHU)ULHVDFNHU/LQLHYHUNDXIW
'DVZDU
9RQGLHVHU=HLWDQ  ZDUGDV/DQG/|ZHQEHUJHWZD
KXQGHUWXQGIXQI]LJ-DKUHODQJLQXQDXVJHVHW]WHP%HVLW]HGHU
%UHGRZV6LHJLQJHQEHLGHQ%LVFK|IHQYRQ%UDQGHQEXUJXQG
VSlWHUQDFKGHU6lNXODULVDWLRQEHLGHP/DQGHVKHUUQ]X/HKQ
(UVWLP-DKUKXQGHUWlQGHUWHQVLFKGLHVH9HUKlOWQLVVH.XU]
YRUGHP'UHLLJMlKULJHQ.ULHJHNDPGDVHLJHQWOLFKH /|ZHQEHUJ
XQGNXU]QDFK GHPVHOEHQDXFK/LHEHQEHUJLQIUHPGH+lQGHVR
GDYRQHWZDDEGLH%UHGRZVDQHEHQGLHVHU6WHOOHQLFKWV
DQGHUHVPHKUEHVDHQDOVGHQYHUKlOWQLVPlLJNOHLQHQ$QWHLO
+RSSHQUDGH
6RYHUEOLHEHQGLH'LQJHJHUDXPH=HLWELVGHU$EVFKOXHLQHU
UHLFKHQ+HLUDWHLQHQSO|W]OLFKHQ:DQGHO]XP*XWHQXQGIDVWELV
]XU:LHGHUKHUVWHOOXQJHKHPDOLJHQ*ODQ]HVVFKDIIWH'LHVZDU
,QGLHVHP-DKUHYHUPlKOWHVLFK-RDFKLP+HLQULFKYRQ
%UHGRZ'RPSURSVW]X+DYHOEHUJ(UE XQG/HKQVKHUUDXI
+RSSHQUDGHPLW&RQVWDQ]H$PDOLH6RSKLHYRQ.UDXW7RFKWHUGHV
*HKHLPHQ)LQDQ]UDWVXQG1LFKWHGHV0LQLVWHUVYRQ.UDXWXQG
JHODQJWHGDGXUFKLQGHQ%HVLW]HLQHVVREHGHXWHQGHQ9HUP|JHQV
GDGHU5FNNDXIGHVHLJHQWOLFKHQ/|ZHQEHUJGDVVWHWVGHQ
+DXSWWHLOGHVVRJHQDQQWHQ/DQGHV/|ZHQEHUJDXVJHPDFKW
KDWWHVWDWWILQGHQNRQQWH
9RQGLHVHP=HLWSXQNW  DQZDU/DQG/|ZHQEHUJ PLW
DOOHLQLJHU$XVQDKPHGHUHLQIUDOOHPDODEJHWUHQQWHQ

/LHEHQEHUJHU$QWHLOH ZLHGHULQ%UHGRZVFKHQ+lQGHQXQGQXULQ
HLQHPZLFKWLJHQ3XQNWHKDWWHQVLFKGLH9HUKlOWQLVVHJHlQGHUW
DXVGHPJURHQ /|ZHQEHUJHU$QWHLOL H/RHZHQEHUJSURSULXP
ZDULQIROJHGHU9HUNDXIV XQG5FNNDXIVSUR]HGXUHQHLQVHLQHU
HKHPDOLJHQ/HKQVJXWV(LJHQVFKDIWHQHQWNOHLGHWHU%HVLW]
JHZRUGHQDXVZHOFKHULPPHUKLQZLFKWLJHQ8PZDQGOXQJGDV
UHVXOWLHUWHGDGDVJHVDPWH/DQG/|ZHQEHUJQXQPHKUHLQHQ
JHPLVFKWHQMXULVWLVFKXQGHUEUHFKWOLFKXQJOHLFKHQ *WHUNRPSOH[
GDUVWHOOWHGHVVHQNOHLQHUHU7HLO+RSSHQUDGH/HKQVJXWJHEOLHEHQ
GHVVHQJU|HUHU7HLODEHUGDVHLJHQWOLFKH /|ZHQEHUJ$OORGRGHU
HLQIUHLYHUIJEDUHU%HVLW]JHZRUGHQZDU$XVGLHVHUDOOHP
$QVFKHLQHQDFKGDPDOVDOVJOHLFKJLOWLJRGHUZHQLJVWHQVXQZLFKWLJ
DQJHVHKHQHQHUEUHFKWOLFKHQ9HUVFKLHGHQKHLWHUJDEHQVLFKZLH
ZLULPZHLWUHQHUVHKHQZHUGHQDUJH9HUZLFNOXQJHQLQEHWUHII
GHUHQIUHLOLFKDQHUNDQQWZHUGHQPXGDVLHYLHOOHLFKW
DXVJHEOLHEHQZlUHQZHQQGLH9HUKlOWQLVVHGHPJHVDPWHQ
/|ZHQEHUJHU/DQGRGHUZDVGDVVHOEHVDJHQZLOOGHPJURHQ
%UHGRZHUEHJHVWDWWHWKlWWHQHLQ%UHGRZHUEH]XEOHLEHQ'LH
9HUKlOWQLVVHIKUWHQDEHUXPJHNHKUW]XGHP9HUVXFKH GHUGHQQ
DXFKJOFNWH GDV%UHGRZHUEHGXUFK7HVWDPHQWVEHVFKOXLQHLQ
.UDXWHQHUEH]XYHUZDQGHOQ
8QVDEHUHUEULJWHVQXQPHKULQQDFKVWHKHQGHP]X]HLJHQ
ZRULQGLHGLUHNWH9HUDQODVVXQJ]XVROFKHU8PZDQGOXQJODJ
'LH9HUDQODVVXQJGD]XODJLQHLQHPKlXVOLFKHQ8QJOFNYRQGHP
VLFKGDVGRPSU|SVWOLFK%UHGRZVFKH3DDUQDFKGHPGHPVHOEHQ
]ZHL6|KQHJHERUHQZRUGHQZDUHQEHWURIIHQVDK%HLGH6|KQH
ZXUGHQJHLVWHVNUDQNXQGDOVVLFKQDFKOlQJHUHU=HLWLKUH
*HLVWHVNUDQNKHLWDOVXQKHLOEDUKHUDXVVWHOOWHZDUIUGLH
'RPSU|SVWLQYRQ %JHERUHQHYRQ.UDXWGLH1RWZHQGLJNHLW
JHJHEHQEHUGDV(UEHGDVYRQLKUHQ]ZHL6|KQHQQLFKW
DQJHWUHWHQZHUGHQNRQQWH]XJXQVWHQDQGHUHU3HUVRQHQ]X
YHUIJHQ'LHVJHVFKDKGHQQDXFKLQHLQHP7HVWDPHQWHYRP
-DKUH,QHEHQGLHVHP6FKULIWVWFNHVHW]WHVLHIHVWGDQDFK
LKUHPEULJHQVXQPLWWHOEDUGDQDFKWDWVlFKOLFKHUIROJHQGHQ
$EOHEHQ

 GLH9HUZDOWXQJGHU*HVDPWJWHUDQHLQH9RUPXQGVFKDIW
EHU]XJHKHQXQG
 HEHQGLHVH9RUPXQGVFKDIWIUGDVOHLEOLFKH:RKOHUJHKHQLKUHU
XQJOFNOLFKHQ6|KQH6RUJH]XWUDJHQKDEH1DFKGHP
+LQVFKHLGHQGHUVHOEHQDEHUVROOH
 GDV*HVDPWHUEHZHLOHVYRQ.UDXWHQJHOGHUVWDQGHQVHLQLFKW
DQGLH%UHGRZIDPLOLHVRQGHUQDQGLH.UDXWHQIDPLOLHIDOOHQ
8QGKLHUQDFKZXUGHGHQQDXFKLQDOOHQ6WFNHQYHUIDKUHQXQG
QDFKHUIROJWHP7RGHGHU7HVWLHUHQGHQHLQH9RUPXQGVFKDIW
HLQJHVHW]WGLHVLFKQLFKWQXUGLH9HUZDOWXQJGHU*WHUVRQGHUQ
ZLHYRUJHVFKULHEHQDXFKGLHOHLEOLFKH3IOHJHGHUEHLGHQ
EHUOHEHQGHQ6|KQHGHU'RPSU|SVWLQDQJHOHJHQVHLQOLH$OVDP
 $XJXVWDXFKGHUOHW]WHGLHVHUEHLGHQ6|KQHGHULQVHLQHU
-XJHQGDOVHLQGXUFK/HLEHV XQG*HLVWHVJDEHQDXVJH]HLFKQHWHU
2IIL]LHULP5HJLPHQWGHU/HLEFDUDELQLHUVJHVWDQGHQDXVGLHVHU
=HLWOLFKNHLWJHVFKLHGHQZDUZDUQXQPHKUGHU0RPHQWGDZRGDV
*HVDPWHUEHGHP7HVWDPHQWHJHPlDQGLH.UDXWHQIDPLOLH
IDOOHQPXWH'HP7HVWDPHQWDEHUQLFKW GHP5HFKWHJHPl'LH
'RPSU|SVWLQXQDXVUHLFKHQGRGHUEHOEHUDWHQKDWWHGDV
/HKQJXW+RSSHQUDGHGDVVHLWXQDXVJHVHW]WHLQ
%UHGRZVFKHV(LJHQWXPJHZHVHQXQGGXUFK.UDXWHQJHOGQLFKW HUVW
UFNHUZRUEHQZDULUUWPOLFKHUZHLVHPLW ZHJWHVWLHUWXQGGDGXUFK
GDV/HKQVHUEUHFKWGHU%UHGRZVFKHQ)DPLOLHYHUOHW]WGLHGHQQ
DXFKPLWLKUHP3URWHVWGDJHJHQQLFKWVlXPWH
6RYLHO]XQlFKVWEHUGDV.UDXWHQHUEH6LHDEHUGHUGLHV(UEH
]XILHOZDUGLH.UDXWHQWRFKWHUXQGLP+LQEOLFNDXIGLHVHVWHOOHQ
ZLUQXQPHKUGLH]ZHLWH)UDJH

:HUZDUGLH.UDXWHQWRFKWHU"
:HUZDUGLH.UDXWHQWRFKWHU"6LHZDUGLH(UEQLFKWH GHULQ
YRUVWHKHQGHPRIWJHQDQQWHQ'RPSU|SVWLQYRQ%UHGRZJHERUHQH
YRQ.UDXW]XJOHLFK+HOGLQXQVHUHU*HVFKLFKWHGDVHLQ]LJH.LQG
GHV2EHUVWHQXQG%DURQYRQ.UDXW+RIPDUVFKDOOVDP+RIHGHV
3ULQ]HQ+HLQULFKYRQ3UHXHQ
hEHULKQGLHVHQ+RIPDUVFKDOOYRQ.UDXW]XQlFKVWHLQ:RUW
&DUO)ULHGULFKYRQ.UDXW ZXUGHDOVGHU6RKQGHV*HKHLPHQ
.ULHJVUDWVYRQ.UDXW %UXGHUGHV0LQLVWHUVYRQ.UDXW LQ%HUOLQ
JHERUHQ$OVHUQDFK$EOHEHQYRQ9DWHUXQG2KHLPHLQ
VHKUEHGHXWHQGHV9HUP|JHQHUHUEWKDWWH GLH]ZHLWH+lOIWH
GHVVHOEHQILHODQVHLQH6FKZHVWHUGLH'RPSU|SVWLQ JLQJHU
]ZDQ]LJ-DKUHDOWQDFK3DULVXPLQGHUIUDQ]|VLVFKHQ$UPHH
'LHQVWH]XQHKPHQLQGHUHUVLFKDOVEDOGDXFKKHUYRUWDWXQG]XP
2EHUVWHQDXIVWLHJ1lKHUHVEHUGLHVHQIUDQ]|VLVFKHQ
:DIIHQGLHQVWKDELFKQLFKWLQ(UIDKUXQJEULQJHQN|QQHQDXFK
QLFKWZLHODQJHGHUVHOEHGDXHUWH.HLQHQIDOOVLQGHVZLUGHUEHU
GDV7RGHVMDKUVHLQHU6FKZHVWHUKLQDXVDXVJHGHKQWZRUGHQVHLQ
LQZHOFKHP-DKUH  LKQHEHQGLHVH6FKZHVWHUQLFKWQXU]XP
9RUPXQGEHULKUHEHLGHQJHLVWHVNUDQNHQ6|KQHVRQGHUQDXFK
]XPHUVWHQ.XUDWRUEHUGDVJURH%UHGRZ EH]LHKXQJVZHLVH
.UDXWHQHUEHEHVWHOOWH'LHVHUVHLQHU$XIJDEHVLFKXQWHU]LHKHQG
EHJHJQHQZLUVHLQHP1DPHQYRQDQELVDQVHLQHQ7RGLQ
GHQ5HFKQXQJV XQG.LUFKHQEFKHUQGHV/DQGHV/|ZHQEHUJ(U
]HLJWHVLFKEULJHQVJOHLFK]HLWLJEHIOLVVHQEHLVHLQHU5FNNHKU
QDFK3UHXHQDXFKLQGHQ6WDDWVGLHQVWRGHUZHQLJVWHQVLQHLQH
+RIVWHOOXQJHLQ]XWUHWHQXQGZXUGH]XQLFKWJHQDX]X
EHVWLPPHQGHU=HLW+RIPDUVFKDOODP3ULQ]+HLQULFKVFKHQ+RIH
:DKUVFKHLQOLFKXPGDV-DKU ILQGHQZLULKQDOV7DXISDWHQ
LP/LHEHQEHUJHU.LUFKHQEXFKXQGXQJHIlKUXPGLHVHOEH=HLWZDU
HVGDHUDP+RIHGHU.|QLJLQPXWWHUGLH%HNDQQWVFKDIWGHV
VFK|QHQ)UlXOHLQV(OVH6RSKLHYRQ3ODWHQPDFKWHPLWGHUHUVLFK
EDOGGDQDFKYHUPlKOWH:lKUHQGGHV]ZHL-DKUHVSlWHU
DXVEUHFKHQGHQ.ULHJHVYHUEOLHEHUQLFKWEORLQVHLQHP
+RIPDUVFKDOODPWHVRQGHUQDXFKLQVWHWHU8PJHEXQJGHUHEHQVR
VFK|QHQZLHOLHEHQVZUGLJHQ3ULQ]HVVLQ+HLQULFKJHERUQHQ
3ULQ]HYRQ+HVVHQ.DVVHOGLHGDPDOVQRFKLQNHLQHP=HUZUIQLV
PLWGHP3ULQ]HQLKUHP*HPDKOOHEWHYLHOPHKUDOV/DEHOOH

IpH/D'LYLQH/
LQFRPSDUDEOHHWFGLHJHIHLHUWHVWH'DPH
GHV+RIHVZDU
$XFKEHIDQGVLFKYRQ.UDXWLQXQPLWWHOEDUHU8PJHEXQJGHU
3ULQ]HVVLQXQGEHJOHLWHWHGLHVHOEHQDFK0DJGHEXUJZRKLQVLFK
XPHEHQGLHVH=HLWDOOHVZDV]XP+RIHJHK|UWHIOFKWHWHZHLO
GDV9RUUFNHQGHU5XVVHQXQGgVWHUUHLFKHUHLQ9HUEOHLEHQLQGHU
+DXSWVWDGWDOVPLQGHVWHQVXQUlWOLFKHUVFKHLQHQOLH,QGHQ
7DJHEXFKEOlWWHUQGHU*UlILQYRQ9RJHERUHQHYRQ3DQQZLW]
EHJHJQHQZLUYLHOIDFK$XI]HLFKQXQJHQDXVMHQHU0DJGHEXUJHU
=HLWLQGHQHQQHEHQDQGHUHPDXFKXQVHUHV+RIPDUVFKDOOV
(UZlKQXQJJHVFKLHKW,FKJHEHGLHEHWUHIIHQGHQ6WHOOHQ
6HSWHPEHU ,FKVFKULHEKHXWHQDFK%HUOLQDEHL)UDX
YRQ.UDXWVSLHOWHQDFK7LVFK.RPHWPLWGHP3ULQ]HQYRQ
8VLQJHQ%DURQ0OOHUXQG.UDXWXQGIXKUXPIQIQDFK+DXVH
6HSWHPEHU$OVLFKIULVLHUWXQGDQJH]RJHQZDUJLQJLFK]XU
3ULQ]HVVLQ=X7LVFKHZDULFKEHLGHU.UDXWGHUHQ*HEXUWVWDJZLU
IHLHUWHQ$XFKGLH.QHVHEHFN3ULQ]8VLQJHQXQG2EHUVW/LOLHQEHUJ
ZDUHQ]XJHJHQ$OOHVZDULQKHLWHUHUXQGEHUPWLJHU/DXQHXQG
QDFKGHP.DIIHHZXUGHZLHLPPHU.DUWHJHVSLHOW
6HSWHPEHU$P$EHQG]XQlFKVWLQGLH$VVHPEOpEHLP*UDIHQ
/DPEHUJZRLFKPLW.UDXW XQGGHP3ULQ]HQYRQ1DVVDXHLQH
3DUWLHPDFKWH9RQ/DPEHUJDXV ZRHVVHKUYROOZDU IXKULFK
PLW.UDXW DQGHQ+RI'LH.|QLJLQZDUVHKUYHUVWLPPW6LHVFKDOW
EHUGLHJURHQ$XIPHUNVDPNHLWHQZHOFKHPDQKLHUGHQ
JHIDQJHQHQ$XVOlQGHUQHUZHLVH
2NWREHU$P$EHQGZDULFKEHLGHU%HOOH)pHGLHVHKUE|VH
DXI.UDXW ZDUXQGJDQ]PLW5HFKWGHQQHUKDWLQGHQ
9RU]LPPHUQGHU3ULQ]HVVLQDXV6SDUVDPNHLW7DOJOLFKWHUDQVWDWW
GHU:DFKVNHU]HQEUHQQHQZROOHQ
2NWREHU,FKJLQJDQGHQ+RIXQGVSLHOWH.RPHWPLWGHP
3ULQ]HQYRQ3UHXHQXQGGHU%HOOH)pH0DQHU]lKOWHGDGLH
3ULQ]HVVLQ$PDOLH]X0LWWDJEHLGHU3ULQ]HVVLQ+HLQULFK
DQJHNRPPHQVHLXQGVLFKXQGLKUGDV'LQHUPLWJHEUDFKWKDEH
XPGHP+RIPDUVFKDOO.UDXW HLQHQ6WUHLFK]XVSLHOHQGHU]ZHL
6SHLVHQYRQGHPELVKHULJHQ.FKHQ]HWWHOGHU3ULQ]HVVLQ
JHVWULFKHQKDWWH

)HEUXDU $P1DFKPLWWDJHKDWWHQZLUQRFKHLQHOHW]WH
3UREHGHV6FKlIHUVSLHOVXQGXPVHFKV8KUJLQJ.UDXW KLQXQWHU
XQGEDWGLH3ULQ]HVVLQGLH7UHSSHKHUDXI]XNRPPHQ,QGHP
0RPHQWDOVVLHHLQWUDWJLQJDXFKVFKRQGHU9RUKDQJDXIXQG
GHU&KRUILQJDQ]XVLQJHQ
$XVGLHVHQZHQLJHQ7DJHEXFKVWHOOHQHUJLEWVLFKQLFKWEORHLQ
=HLW XQG/HEHQVELOGVRQGHUQ]XJOHLFKDXFKHLQH&KDUDNWHULVWLN
XQVHUHV+RIPDUVFKDOOV8QGQLFKW]XVHLQHQ8QJXQVWHQ(UKDWWH
GDV(LQVHKHQYRQHLQHUJHUDGHGDPDOVYRQDOOHQ6HLWHQKHU
KHUHLQEUHFKHQGHQlXHUVWHQ*HIDKUXQGHPSIDQGVHKUULFKWLJ
GDLQ7DJHQLQGHQHQGHU.|QLJVFKULHE(VJLEWIUHLOLFK/HXWH
GLHVLFKDOOHQ6FKLFNXQJHQXQWHUZHUIHQLFK DEHUZHUGHVQLFKW
LFKKDEHIUDQGHUHJHOHEWIUPLFK ZLOOLFKVWHUEHQLFKVDJH
GHU+RIPDUVFKDOOHPSIDQGVHKUULFKWLJGDLQVROFKHQ7DJHQHLQH
NOHLQH3ULQ]HVVLQDOOHQIDOOVDXFK RKQH :DFKVOLFKWHULP9RU]LPPHU
XQGPLW]ZHL*HULFKWHQZHQLJHUDXVNRPPHQNRQQWH
'LHYRUJHVFKLOGHUWHQ0DJGHEXUJHU7DJHYHUOlQJHUWHQVLFKELVLQ
GHQ6SlWKHUEVW (UVWLP1RYHPEHURGHU'H]HPEHU
REHQJHQDQQWHQ-DKUHVNHKUWHGLH.|QLJLQPLWDOOHPZDV]XP
+RIHJHK|UWHQDFK%HUOLQ]XUFNDOOZRGHQQDXFKZHQLJH
:RFKHQVSlWHUXQG]ZDUDP -DQXDUGHP+RIPDUVFKDOO
YRQ .HLQH7RFKWHUJHERUHQZXUGH/XLVH&KDUORWWH+HQULHWWHYRQ
.UDXWXQVHUH.UDXWHQWRFKWHU



0DQLVWLQGHU7DWEHL/HNWUHGLHVHU 7DJHEXFKEOlWWHULPPHUZLHGHUXQG
ZLHGHUHUVWDXQWEHUGLHYRQYHUJQJOLFKVWHU/DXQHJHWUDJHQHQ)RUPHQ
XQWHUGHQHQGDVGDPDOLJH+RIOHEHQYHUOLHIDOVREGLH)UDJHQDFKGHU
)RUWH[LVWHQ]GHV6WDDWVJDUQLFKWH[LVWLHUWKDEH6RVWLPPLFKGHQQDXFK
IROJHQGHQ%HPHUNXQJHQGXUFKDXVEHL'LHVH7DJHEXFKEOlWWHUDXVGHP
-DKUH XQG]HLJHQXQVLQEHLQDKHUlWVHOKDIWHU:HLVHZLHPDQVLFKLQ
GHUVHOEHQ=HLWZRGHU.|QLJLQPLWWHQVFKZHUVWHU9HUOXVWHPLWXPVRJU|HUHP
+HOGHQPXWHJHJHQGLHhEHUPDFKWVHLQHU)HLQGHUD QJZLHPDQVLFKLQ
HEHQGLHVHU=HLWDP+RIHVHLQHU*HPDKOLQVHLQHU6FKZHVWHUXQG
6FKZlJHULQQHQGLH/DQJHZHLOHPLWNOHLQHQ/XVWEDUNHLWHQ]XYHUWUHLEHQVXFKWH
'LHVIUDSSLHUWXPVRPHKUZHQQPDQGHQGDPDOLJHQlXHUVWEHGURKOLFKHQ
*DQJGHU(UHLJQLVVH GLH= HLWYRUXQGQDFKGHU6FKODFKWEHL7RUJDX VFKDUILQV
$XJHIDW(VPDFKWDOOHVXPHV]XZLHGHUKROHQHLQHQEHIUHPGOLFKHQ
(LQGUXFN$EHUHVZUGHXQJHUHFKWVHLQGHQHLQ]HOQHQ3HUVRQHQDXV GHP
HLQHQ9RUZXUIPDFKHQ]XZROOHQZDVLQGHU$XIIDVVXQJXQG/HEHQ VZHLVHGHU
=HLWODJ

hEHUGLHIROJHQGHQIQI-DKUHVRZHLWGHU+RIPDUVFKDOOLQ
%HWUDFKWNRPPWVFKZHLJHQDOOH0HPRLUHQXQG%ULHIH'DV
QlFKVWHZDVZLUYRQLKPHUIDKUHQHUIDKUHQZLUDXVGHP
/|ZHQEHUJHU.LUFKHQEXFKHZRVHOEVWHVXQWHUP 'H]HPEHU
 KHLW$PKHXWLJHQ7DJHEHVFKORVHLQUXKPUHLFKHV/HEHQ
]X%HUOLQDEHQGVVLHEHQ8KUGHUZHLODQGKRFKZRKOJHERUHQH+HUU
+HUU&DUO)ULHGULFK)UHLKHUUYRQ.UDXW+RIPDUVFKDOOLP+RIVWDDWH
VHLQHU.|QLJOLFKHQ0DMHVWlWGHV3ULQ]HQ+HLQULFKXQG9RUPXQG
GHUEHLGHQJHLVWHVNUDQNHQ+HUUHQYRQ%UHGRZ]X/|ZHQEHUJ(U
ZDUGHU0XWWHU%UXGHU GLHVHUEHLGHQYRQ%UHGRZVHLQ+HUUGHU
HGHOVWHQ*HPWVDUWGHUYLHOHQ0HQVFKHQLQGHU:HOW]XP7HLO
GXUFKVFKZHUH.RVWHQ]X]HLWOLFKHQ(KUHQVWHOOHQYHUKROIHQXQG
LKULUGLVFK*OFNEHI|UGHUWKDW(U]HLJHWHVLFKJHJHQDOOH
0LWPHQVFKHQDOVHLQ0HQVFKHQIUHXQGXQGZDUDOOHQRKQHMHGH
1HEHQDEVLFKWGHV(LJHQQXW]HVZLOOIlKULJXQGJHIlOOLJ+LHUYRQ
]HXJHWHLQVRQGHUKHLWVHLQH)UVRUJHIUGLH.UDQNHQ(USIOHJWH
]XU6RPPHU]HLWZHQQHUVLFKDXIVHLQHQ*WHUQDXIKLHOWHLQH
0HQJHYRQ0HGLNDPHQWHQDXV%HUOLQPLW]XEULQJHQ8QGZHQQ
VLFK.UDQNHEHLLKPPHOGHWHQXQGHULKUHQ=XVWDQGHUNXQGHW
KDWWHJDEHULKQHQGLH0HGLNDPHQWHYRQZRKHUGLH.UDQNHQ
DXFKVHLQPRFKWHQ$PYLHUWHQ7DJHQDFKVHLQHP+LQVFKHLGHQ
DP 'H]HPEHUDEHQGVVLQGGLHHUEODWHQ*HEHLQHGHV
ZRKOVHOLJHQ+HUUQ+RIPDUVFKDOOVLQGHP)UHLKHUUOLFKYRQ
.UDXWVFKHQ(UEEHJUlEQLVLQGHU1LNRODLNLUFKH]X%HUOLQEHLJHVHW]W
ZRUGHQ8QGQDFKGHPGLHVHU7RGHVIDOODXIGLHEHZHJOLFKVWH$UW
GHU*HPHLQGH]X/|ZHQEHUJDP -DQXDU]XU.HQQWQLV
JHEUDFKWZRUGHQLVWLVWGDUEHU]ZHL:RFKHQODQJDXIDOOHQYRQ
%UHGRZVFKHQ*WHUQJHOlXWHWZRUGHQ(UKLQWHUOlWHLQHEHU
VHLQHQ7RGEHWUEWH)UDX:LWZHDXVGHPKRFKDGOLJHQYRQ
3ODWHQVFKHQ*HVFKOHFKWXQGHLQHWURW]LKUHUIUKHQ-DKUHVFKRQ
KRIIQXQJVYROOH7RFKWHU

.DSLWHO

:LHGLH0XWWHUGHU.UDXWHQWRFKWHULKUH
7RFKWHUHU]RJXQGZHUGLHVH0XWWHUZDU
'LH.UDXWHQWRFKWHUZDUHUVWIQI-DKUHDOWDOVGHU9DWHUVWDUE
'LH(U]LHKXQJODJDOVREHLGHU0XWWHU
:HU ZDUQXQGLHVH0XWWHU"8QGZLH ZDUVLH":LUDQWZRUWHQ
GDUDXIHKZLUXQVGHU)UDJHQDFKGHU(U]LHKXQJGHU7RFKWHU
]XZHQGHQ
(OVH6RSKLHYRQ3ODWHQNDPDQGHQ+RIGHU.|QLJLQPXWWHU
6LHPRFKWHGDPDOVDFKW]HKQ-DKUHDOWVHLQ,QGHP7DJHEXFKGHU
*UlILQYRQ9RJHVFKLHKWDXFKLKUHU(UZlKQXQJ$QGLH6WHOOH
GHV)UlXOHLQYRQ%UHGRZVRKHLWHVGDULQGLHVLFKPLWHLQHP
+HUUQYRQ6FKZHULQYHUKHLUDWHWHWUDW)UlXOHLQYRQ3ODWHQHLQ
ZXQGHUKEVFKHV0lGFKHQGDVDEHUZHQLJ*HLVWXQGHLQHVHKU
PHODQFKROLVFKH*HPWVDUWEHVD,QGLHVHQZHQLJHQ=HLOHQZLUG
GLHMXQJH'DPHGLHVSlWUH+RIPDUVFKDOOLQYRQ.UDXWVHKU
ZDKUVFKHLQOLFKDP]XWUHIIHQGVWHQJH]HLFKQHWVHLQ$OOHVDQGUH
ZDVDQ$XVVSUFKHQEHUVLHYRUOLHJWJHKWQDFKGHUHLQHQRGHU
DQGUHQ6HLWH KLQLQV([WUHPXQGZLGHUVSULFKWVLFKXQWHUHLQDQGHU
(VVFKHLQWGDVLHYRQHLQ]HOQHQREMHNWLYXUWHLOHQGHQ3HUVRQHQ
ZLHGLH*UlILQ9R DEJHVHKHQQXUOHLGHQVFKDIWOLFKH9HUHKUHU
XQGOHLGHQVFKDIWOLFKH)HLQGHKDWWH=XGHQHUVWHUHQJHK|UWH
7KLpEDXOWLQGHVVHQLPPHUKLQVFKlW]HQVZHUWHP:HUNH0HV
6RXYHQLUVGHYLQJWDQVGHVpMRXUj%HUOLQDXFKGHU
+RIPDUVFKDOOLQYRQ.UDXW GLHEDOGQDFKGHP$EOHEHQLKUHV
HUVWHQ*DWWHQGHQKROOlQGLVFKHQ*HVDQGWHQGH9HUHOVWKHLUDWHWH
EDOGLQGHVDEHUPDOV :LWZHZXUGH DQYHUVFKLHGHQHQ6WHOOHQ
(UZlKQXQJJHVFKLHKW8QWHUGHQ'DPHQVRKHLWHVLQGHP
HEHQJHQDQQWHQ%XFKHGLH3ULQ]+HLQULFKDXV]X]HLFKQHQ
SIOHJWHEHIDQGVLFKDXFKHLQH0DGDPHGH9HUHOVW]XOHW]W:LWZH
GHVKROOlQGLVFKHQ*HVDQGWHQ(VZXUGLKUYRQVHLWHQ
0RQVHLJQHXUVDXHUHLQHUDQ$XIPHUNVDPNHLWHQUHLFKHQ
)UHXQGVFKDIWDXFKHLQJDQ]EHVRQGHUHV9HUWUDXHQEHZLHVHQZDV
GDKLQIKUWHGDVLHGLH6RPPHUPRQDWHEHLQDKHUHJHOPlLJLQ
5KHLQVEHUJ]XEUDFKWH6LHZDUDXIULFKWLJHUQVWXQGEHUOHJHQG
XQGGDEHLYRQHLQHUVR GXUFKDXVKRQHWWHQ*HVLQQXQJGD

QLHPDQGEHJULIIZDVVLHYRUGHPKDWWHEHVWLPPHQN|QQHQHLQHP
VRODQJZHLOLJHQXQGEHOODXQLJHQ0HQVFKHQZLHGHP%DURQYRQ
.UDXWLKUHPHUVWHQ0DQQHGLH+DQG]XUHLFKHQ
,QYROOHP*HJHQVDW]HGD]XVWHKWDOOHVZDVLKUVSlWHUHU
6FKZLHJHUVRKQ%DURQ.Q\SKDXVHQEHUVLHVDJW,KP ]XIROJH
ZDUVLHQLFKWEORXQHIHPPHYDLQHERUQpHHWGpWHVWDEOH
VRQGHUQUXQGKHUDXVXQPRQVWUHXQGQXUGDULQHLQLJHQVLFK
EHLGHU8UWHLOHGDVLHJXW]XUHSUlVHQWLHUHQYHUVWDQG5HVWH
IUKHUHU 6FK|QKHLWDXIZLHVXQGEHUGHQIUHLHQXQGVLFKHUHQXQG
ZHQQLKUGDUDQODJDXFKEHUGHQKRKHQ 7RQGHU*HVHOOVFKDIW
HLQHYROONRPPHQH9HUIJXQJKDWWH
8QHIHPPHDGURLWHQDFK7KLpEDXOWXQHIHPPHGpWHVWDEOHQDFK
.Q\SKDXVHQGDV ZDUGLH)UDXGHUMHW]WGLH 6RUJHGHU(U]LHKXQJ
LKUHU7RFKWHUREODJHLQH)UDXGHUHVXQWHUDOOHQ8PVWlQGHQDQ
GHU)lKLJNHLWJHEUDFKLKUHP.LQGHPHKU ]XJHEHQDOVHLQHGHQ
5KHLQVEHUJHU9HUKlOWQLVVHQDQJHSDWH7RXUQUH:RUDXIHVLQ
LKUHQ$XJHQDQNDPGDVZDUYRU0RQVHLJQHXUHUVFKHLQHQXQG
LQGHUJURHQ:HOWHLQVRUWPDFKHQ]XN|QQHQ'D]XJHK|UWH
QLFKWPHKUDOVHLQH.DPPHUMXQJIHUDXVGHPJHOREWHQ/DQGH
)UDQNUHLFKXQGHLQ7DQ] XQG6SUDFKPHLVWHUYRQHEHQGDKHU
$XFKYHUODXWHWDQNHLQHU6WHOOHGDHWZDVGDUEHU
+LQDXVOLHJHQGHVMHPDOVHUQVWKDIWJHSIOHJWZRUGHQZlUH'DV
(UQVWKDIWHJDOWIUODQJZHLOLJXQGSHGDQWLVFKXQGZDU6DFKH
JHZ|KQOLFKHU/HXWH)UHLOLFKPDQPXWHGLH3KqGUHNHQQHQ
XQGGLH0pGpHXQGGLH0pURSHDEHUGRFKDXFKQXUXPHLQ
=LWDWGHV3ULQ]HQYHUVWHKHQXQGDOOHQIDOOVHUZLGHUQ]XN|QQHQ
$OOHVKDWWHQXUVRYLHO:HUWXQG%HGHXWXQJDOVGHU+RIJXWIDQG
LKP]X]XPHVVHQ,Q*XQVWVWHKHQUHLFKVHLQXQG(LQIOXKDEHQ
ZDUGDVHLQ]LJHGDV]XOHEHQORKQWH8QGZHQQHVEHUKDXSW
3IOLFKWHQJDEVRZDUGRFKHUVWH 3IOLFKWMHGHQIDOOVGLHYRQGHU
6RUJHNOHLQHU/HXWHQLFKWV]XZLVVHQXQGHLQHP3ULQ]HQ]X
JHIDOOHQ

.DSLWHO

'LH.UDXWHQWRFKWHUZLUG)UDXYRQ(OOLRW
,QGLHVHP*HLVWHJLQJGHQQDXFKGHU*DQJGHU(U]LHKXQJXQGHV
JOFNWHGDPLWVRYROONRPPHQGDVFKRQHLQLJH 0RQDWHYRUGHU
(LQVHJQXQJDQ&KDUORWWHQV GHU.UDXWHQWRFKWHU 9HUKHLUDWXQJ
JHGDFKWZHUGHQNRQQWH'LH-XJHQGGHUVHOEHQZDUNHLQ+LQGHUQLV
ZDUGRFKLKUHV9DWHUV6FKZHVWHUDOVVLHGHP'RPSURSVWHQGLH
+DQGUHLFKWHQXUXPHLQKDOEHV-DKUlOWHUJHZHVHQ8QG
EHUKDXSWZDUHVGHQQQ|WLJDOWXQGZHLVH]XVHLQXP]X
KHLUDWHQ"*HZLQLFKW
$OVR&KDUORWWHVROOWHKHLUDWHQ
$EHUZHQ"
'DV$XJHGHU0XWWHUULFKWHWHVLFKYRUDOOHPDXIHLQHQ*HVDQGWHQ
(LQVROFKHUHPSIDKOVLFKGRSSHOWHLQPDOZHLOHVXQWHUDOOHQ
8PVWlQGHQHLQHYRUQHKPH3DUWLHZDUXQG]ZHLWHQVXQG
KDXSWVlFKOLFKVWZHLOHLQ*HVDQGWHUHLQHJHZLVVH*DUDQWLHERW
EHUNXU]RGHUODQJDEEHUXIHQXQGDQHLQHPYLHOOHLFKWZHLW
HQWIHUQWHQ+RIHEHJODXELJW]XZHUGHQ7UDWGLHVHU)DOOHLQVRODJ
LKUGHU0XWWHURELQGHU+HLPDWQDFKGHP5HFKWHQ]XVHKHQ
VLH ZDUGDQQ+HUULQDOOHU*WHUYLHOYLHOPHKUDOVGLH7RFKWHUGLH
VLFKPLWEHOLHELJHQ(UNOlUXQJHQDEILQGHQODVVHQPXWH'LHVHP
.DONOHQWVSUDFKHVGDLKUXQWHUDOOHQ*HVDQGWHQGLHEULWLVFKHQ
DPEHJHKUHQVZHUWHVWHQHUVFKLHQHQ(LQEULWLVFKHU$PEDVVDGHXU
ZDUVRJDULQGHU0|JOLFKNHLWEHUGDVEOR*HVDQGWVFKDIWOLFKH
KLQDXVDOVRVW RGHUZHVWLQGLVFKHU*RXYHUQHXUXQG9L]HN|QLJ
VHLQH7DJHUXKPYROOEHVFKOLHHQ]XGUIHQ8QG2VW RGHU
:HVWLQGLHQZHOFKHV,GHDO YRQ(QWIHUQXQJ
,QGHU7DWHVZDUHLQ(QJOlQGHUXQG]ZDUGHUDOV1DFKIROJHUYRQ
6LU-RKQ0LWFKHOODP%HUOLQHU+RIHEHJODXELJWH0U -DPHV+DUULV
VSlWHU/RUG0DOPHVEXU\ DXIGHQVLFKGDV$XJHGHU0DGDPHGH
9HUHOVWULFKWHWHEHYRULKUH7RFKWHU&KDUORWWH QRFKGDVIQI]HKQWH
/HEHQVMDKUHUUHLFKWKDWWH'DV ZDUHLQ6FKZLHJHUVRKQQDFKLKUHP
6LQQH$EHU-DPHV+DUULVYHUKLHOWVLFKGXUFKDXVDEOHKQHQGJHJHQ
DOOHV3UHXLVFKH'LH3UHXHQVRVFKULHEHUJHUDGHGDPDOV
VLQGLPDOOJHPHLQHQDUPHLWHOXQZLVVHQGXQGRKQH*UXQGVlW]H

:lUHQVLHUHLFKVRZUGHGHU$GHOVLFKQLHGD]XYHUVWDQGHQ
KDEHQLQ6XEDOWHUQVWHOOHQPLW(LIHUXQG7DSIHUNHLW]XGLHQHQ
,KUH(LWHONHLW ]HLJWVLFKGDULQGDVLHLKUHHLJHQH*U|HLQGHU
LKUHV0RQDUFKHQHUEOLFNHQLKUH8QZLVVHQKHLW DEHUHUVWLFNWLQ
LKQHQMHGHQ%HJULIIYRQ)UHLKHLWXQG:LGHUVWDQG8QGZDVHQGOLFK
LKUHQ0DQJHO DQ*UXQGVlW]HQ DQJHKWVRPDFKWVLHGLHVHU0DQJHO
]XEHUHLWZLOOLJHQ:HUN]HXJHQDOOHULKQHQHUWHLOWHQ%HIHKOHVLH
EHUOHJHQJDUQLFKWREVLHVLFKDXI*HUHFKWLJNHLWJUQGHQRGHU
QLFKW
6R0U+DUULVGHU]XPhEHUIOXDXFKQRFKHLQHVSH]LHOO
XQJQVWLJH0HLQXQJLQEHWUHIIGHU0DGDPHGH9HUHOVWXQWHUKLHOW
(UULGLNOLVLHUWHVLHZDVQDWUOLFKDOOH3OlQHYRQVHLWHQGHU'DPH
UDVFKKLQVFKZLQGHQOLHXQGDQGLH6WHOOHGHV(QWJHJHQNRPPHQV
MHQHKDXWDLQH0LHQHVHW]WHDXIGLHVLHVLFKVRJXWYHUVWDQG
$EHULQLKUHQ*UXQGDQVFKDXXQJHQYRQGHPZDVZQVFKHQVZHUW
VHLZDUGXUFKGLHVHQ0LHUIROJQLFKWVJHlQGHUWZRUGHQXQGDOV
HLQLJH0RQDWHVSlWHU-DPHV+DUULVDEEHUXIHQXQG+XJK (OOLRWDQ
VHLQH6WHOOHJHNRPPHQZDUQDKPVLHGDVVHOEH6SLHOZLHGHUDXI
8QGGLHVPDOPLWEHVVHUHP(UIROJ=X%HJLQQGHV-DKUHV ZDU
GLHQXQPHKUVHFK]HKQMlKULJH&KDUORWWHEHUHLWV*HPDKOLQ+XJK
(OOLRWVEHUGHQ]XEHVVHUHP9HUVWlQGQLVGHVVHQZDVVLFK
VSlWHUHUHLJQHWHKLHUVFKRQGDV)ROJHQGHVWHKHQPDJ
+XJK(OOLRWDOVHUQDFK%HUOLQNDPZDUQRFKVHKUMXQJXQGYRQ
QRFKMXJHQGOLFKHUHP$QVHKHQ(UKDWWHQLFKWVYRQGHP5XKLJHQ
*HVHW]WHQ'LVWLQJXLHUWHQGDVHLQH*HVDQGWVFKDIWVVWHOOXQJ
HUKHLVFKWZLUNWHYLHOPHKULQVHLQHU%DUWORVLJNHLWXQGKDOE
NQDEHQKDIWHQ)LJXUDEVROXWXQIHUWLJXQGQLFKWYLHOEHVVHUDOVHLQ
YRQHLQHUVWHWHQ8QUXKHJHSODJWHU6SULQJLQVIHOG8QJHDFKWHW
GHVVHQZDUHULQGHQ+RI XQG*HVDQGWVFKDIWVNUHLVHQEHOLHEWJDOW
IUDPVDQW ZDUHVDXFK XQGHUIUHXWHVLFKJDQ]EHVRQGHUVHLQHU
JHZLVVHQ9RUOLHEHYRQVHLWHQGHV3ULQ]HQ+HLQULFK$P+RIH


1LFKWEHVVHUDOVDXIGDV/DQGZDU0U+DUULVDXIGHQ.|QLJVHOEVW]XVSUHFKHQ
(UVFKULHEEHUGLHVHQ8PEHLVHLQHP6\VWHPYHUKDUUHQ]XN|QQHQKDW HU
VLFKGHU0RUDOXQG5HOLJLRQHQWlXHUW$QGLH6WHOOHGHU0RUDOKDWHUHLQH
JHZLVVH6HQWLPHQWDOLWlWDQGLH6WHOOHGHU5HOLJLRQGHQ$EHUJODXEHQJHVHW]W
1XUVROlWVLFKMHQHEXQWVFKHFNLJH0LVFKXQJYRQ%DUEDUHLXQG+XPDQLWlW
HUNOlUHQGLHVHLQHU5HJLHUXQ JVDUWHLJHQWPOLFKLVW

GLHVHVZDUHVGHQQDXFKZR7KLpEDXOWLKQNHQQHQOHUQWH
*HLVWUHLFKXQGYRQGHOLNDWHU6WUXNWXU GHOLp VHKUOHEKDIWXQG
OLHEHQVZUGLJGDVVLQGGLH:RUWHGLHGLH6RXYHQLUVIULKQ
KDEHQ8QGGDEHLGXUFKXQGGXUFK2ULJLQDOGHQQPDQLVWQLFKW
(QJOlQGHURKQHGDVVHW]WLKU9HUIDVVHULQJXWHU/DXQHKLQ]X=X
JOHLFKHU=HLWHU]lKOWHUHLQSDDU$QHNGRWHQGLHPLUVHKUJHHLJQHW
VFKHLQHQLKQLQVHLQHQ9RU]JHQZLHVHLQHQ6FKZlFKHQ]X
FKDUDNWHULVLHUHQZHVKDOELFKGLHVHOEHQKLHUZLHGHUJHEH
(LQHV7DJHVEHLPUXVVLVFKHQ*HVDQGWHQHQWVWDQGHLQHUUHJWHU
6WUHLWRE(QJODQGRGHU)UDQNUHLFKGHQJU|HUHQGUDPDWLVFKHQ
'LFKWHUKHUYRUJHEUDFKWKDEH7KLpEDXOWVFKZlUPWHIU5DFLQH
(OOLRWIU6KDNHVSHDUH7KLpEDXOWRSHULHUWHGDEHLYLHOPLWSOXV
VXEOLPHZRUDXILKP(OOLRWHUZLGHUWHJHUDGHGDVSOXVVXEOLPH
VHLGDVZDVHUIU6KDNHVSHDUHEHDQVSUXFKH'HQQGHQ(LQGUXFN
GHV6XEOLPHQKDEHPDQLPPHUQXUGDZRVLFKGHU*HJHQVDW]
YRQKRFKXQGQLHGULJYRQ(UKDEHQKHLWXQG$OOWlJOLFKNHLWIKOEDU
PDFKHZlKUHQGEHUDOOGDZRVLFKHLQJOHLFKPlLJHV3ODWHDX
]HLJH ZHQQDXFK+RFKSODWHDX YRQHLQHP(LQGUXFNGHV
(UKDEHQHQQLHGLH5HGHVHLQN|QQH8QGVRNlPHVGHQQGDGLH
1LHGULJNHLWHQGLHVHLQHPHQJOLVFKHQ'LFKWHUPLW5HFKW
YRUJHZRUIHQZUGHQ HLJHQWOLFKQXUGD]XGLHQWHQGLH*U|H
GHVVHOEHQXPVRGHXWOLFKHUHUNHQQHQ]XODVVHQ
8PHEHQGLHVH=HLWZDUHVDXFKGD(OOLRWHLQHU6WHLQRSHUDWLRQ
KDOEHUQDFK3DULVPXWH0DQVDKGLHVH5HLVHZHLOVLFKGLH
IUDQ]|VLVFKH5HJLHUXQJNXU]YRUKHU]XJXQVWHQ GHU
DPHULNDQLVFKHQ.RORQLHQZLOODOVRVDJHQJHJHQ (QJODQG



,FKJHEHDXVGHP6WUHLWGHUVLFKZHLWKLQ]RJQXUGLHVZHQLJH'DV
,QWHUHVVDQWHVWHGDUDQLVWGDDXFK(OOLRWDOOHUVHLQHU6KDNHVSHDUH 
6FKZlUPHUHL]XP7URW]VRZHLW.LQGVHLQHU=HLWZDUG DHUGLH
1LHGULJNHLWHQ6KDNHVSHDUHVDXIGLH7KLpEDXOWEHVWlQGLJUHNXUULHUWHJHOWHQ
OLH,QGHQKXQGHUW-DKUHQGLHVHLWGHPYHUIORVVHQVLQGKDWVLFKGDV8UWHLO
VSH]LHOOEHUGLHVHQ3XQNWWRWDOJHlQGHUWXQGZLUILQGHQGLH6]HQH]ZLVFKHQ
3ULQ]+HLQ]XQG )UDQ] *OHLFKJOHLFK+HUU ]ZLVFKHQ)DOVWDIIXQG'RUFKHQ
/DNHQUHLHUMDVHOEVWGLH]ZLVFKHQGHQEHLGHQ.lUUQHUQ]X%HJLQQGHV6WFNV
JHUDGHVRVXEOLPZLH+DPOHWXQG0DFEHWK:LUKDEHQXQVYRQGHU
9RUVWHOOXQJEHIUHLWGDGDV.RPLVFKHMDVHOEVWGDVQ LHGULJ.RPLVFKHVREDOG
HVQXUHLQHUYROOHQGHWHQ&KDUDNWHULVWLNGLHQWQLHGULJHUVWHKHDOVGDV
7UDJLVFKH

HQWVFKLHGHQKDWWH]LHPOLFKDOOJHPHLQDOVHLQ:DJQLVDQXQG
DXFKGLH.|QLJLQlXHUWHVLFKLQGLHVHP6LQQH2K0DGDPH
UHSOL]LHUWH(OOLRW(QJODQGXQG)UDQNUHLFKVLQGVHLWODQJH
]LYLOLVLHUWH1DWLRQHQ
(VJLQJGLHVYRQ0XQG]X0XQGXQGGLHIUHPGOlQGLVFKHQ
*HVDQGWHQGLHZLHJHZ|KQOLFKZHQLJ=lUWOLFKNHLWIU3UHXHQ
EULJKDWWHQIUHXWHQVLFKGHUQRQFKDODQWHQHFKWHQJOLVFKHQ
'UHLVWLJNHLWLQGHU(OOLRWEHUKDXSWH[]HOOLHUWH)UHLOLFKEHGLQJWH
GLHVHOEH'UHLVWLJNHLWXQG1RQFKDODQFH]XOHW]WDXFKVHLQHQ6WXU]
XQG]ZDUZDUHVGLHVHOEH)UDJHGHUDPHULNDQLVFKHQ.RORQLHQ
ZDVEDOGGDQDFK]XVHLQHU$EEHUXIXQJYRPSUHXLVFKHQ+RIH
IKUWH
6HLWHQVGLHVHU.RORQLHQVREHULFKWHW7KLpEDXOWZDUHQ]ZHL
9HUWUDXHQVPlQQHULQ%HUOLQHLQJHWURIIHQGLHPLW)XJXQG5HFKW
DOVDPHULNDQLVFKH*HKHLPJHVDQGWHDQJHVHKHQZHUGHQNRQQWHQ
(VZXUGHVHOEVWYHUVWlQGOLFKDXV&RXUWRLVLHJHJHQ(QJODQG
YHUPLHGHQVLHDOV*HVDQGWH]XEHJUHQDEHULPVWLOOHQZXWH
MHGHUZDVVLHQDFK%HUOLQXQG6DQVVRXFLJHIKUWKDWWH
:HQLJVWHQV(OOLRWZXWHV(UZROOWHMHGRFKSRVLWLYH*HZLKHLW
KDEHQXQGOHLWHWHGHVKDOEHLQ]LHPOLFKJHIlKUOLFKHV6SLHOHLQGDV
HUVLFKQXULP+LQEOLFNDXIGLHKLQWHULKPVWHKHQGH0DFKW
(QJODQGVHUODXEHQGXUIWH9ROO%RQKRPLH]RJHUGLHEHLGHQ
$PHULNDQHUDOV/DQGVOHXWHYRQlOWHUHP'DWXPLQVHLQHQ
LQWLPHUHQ8PJDQJVNUHLVXQGEHUVFKWWHWHVLHPLWNOHLQHQ
JHVHOOVFKDIWOLFKHQ$XV]HLFKQXQJHQ(LQHV$EHQGVQDFKYRUKHU
HLQJHQRPPHQHPJHPHLQVFKDIWOLFKHQ'LQHUIXKUHUPLWLKQHQLQ
GLH2SHU$OVVLHMHGRFK]XVSlWHU6WXQGHLQLKUH:RKQXQJ
]XUFNNHKUWHQIDQGHQVLHGLH7UHUEURFKHQXQGHLQH.DVVHWWH
JHUDXEW(V]ZHLIHOWHQLHPDQGDXIZHVVHQ*HKHLGLHV
JHVFKHKHQDEHU(OOLRWJLQJZHLWHUXQGOLHLKQHQDPDQGHUHQ
7DJHZHQQDXFKRKQHGLUHNWH1DPHQVQHQQXQJGLH.DVVHWWH
ZLHGHU]XVWHOOHQDXVGHUQLFKWVKHUDXVJHQRPPHQZDUDOVGLHGLH
EHLGHQ$EJHVDQGWHQHLQLJHUPDHQNRPSURPLWWLHUHQGHQ3DSLHUH
-HGHUZDUQHXJLHULJZLHGHU$IIURQWJHDKQGHWZHUGHQZUGH
GRFKEOLHEDQVFKHLQHQGDOOHVUXKLJELVSO|W]OLFKDOVPDQHEHQGLH
6DFKH]XYHUJHVVHQDQILQJ(OOLRWV$EEHUXIXQJHUIROJWH'HU.|QLJ
KDWWHEHLGHUHQJOLVFKHQ5HJLHUXQJXQWHU'DUOHJXQJGHV
6DFKYHUKDOWVDXIVHLQH=XUFNEHUXIXQJJHGUXQJHQ

,QGLHVHQ=JHQVSULFKWVLFK(OOLRWV&KDUDNWHUDXVXQGRKQH
VHLQHP5LYDOHQ.Q\SKDXVHQGHULKQDEZHFKVHOQGDOV
UXKPUHGLJOHLFKWIHUWLJXQGXQNRQVHTXHQWXQG]XP6FKOX
HLQIDFKDOVIRXXQGIXULHX[EH]HLFKQHWLQDOOXQGMHGHP
]XVWLPPHQ]XZROOHQHUVFKHLQWGRFKVRYLHOULFKWLJGDHUPLW
MHQHUJHIlKUOLFKHQ/HEKDIWLJNHLWGHV*HLVWHVDXVJHVWDWWHWZDUGLH
EHVWlQGLJJHQHLJWLVWLQ:LOONUXQG5FNVLFKWVORVLJNHLW
EHU]XJHKHQ,QGHU7DWHUZDUQHUY|VODXQHQKDIWH[]HQWULVFK
XQGHQWEHKUWHJDQ]XQGJDUGHU0|JOLFKNHLWHLQHUMXQJHQLQ
2EHUIOlFKOLFKNHLWXQG(LWHONHLWHU]RJHQHQ)UDXGDV]XJHEHQZDV
LKUIHKOWH1XUHLQVZLUGLKP]X]XJHVWHKHQVHLQHUOLHEWHVLH
ZLUNOLFKVRZHLWHUHLQHUZLUNOLFKHQ/LHEHIlKLJZDUXQGKDWWH
VHLQH:DKODXV6LQQ XQG+HU]XQGQLFKWDXVDOOHUKDQG
5FNVLFKWHQJHWURIIHQDPDOOHUZHQLJVWHQDEHUDXV5FNVLFKWHQ
DXIHLQ(UEHGDVQDFKHQJOLVFKHQ9RUVWHOOXQJHQEHUKDXSWQLFKW
EHGHXWHQGXQGMHGHQIDOOVHUVWLQ=XNXQIW]XJHZlUWLJHQZDU
1DFKGLHVHQ%HPHUNXQJHQEHU(OOLRWV&KDUDNWHUGLHQ|WLJ
ZDUHQXPXQVHUH+HOGLQLQGHPZDVVSlWHUJHVFKDKQLFKW
XQJQVWLJHUXQG]ZHLIHOKDIWHUDOVQ|WLJHUVFKHLQHQ]XODVVHQ
QHKPHLFKGHQ)DGHQGHU(U]lKOXQJZLHGHUDXIXQGNHKUH]XGHU
(KHGHVMXQJHQ3DDUHV]XUFNGLHGDVPLQGHVWH]XVDJHQNHLQH
JOFNOLFKHZDU

.DSLWHO

'LH.UDXWHQWRFKWHU QXQPHKU)UDXYRQ
(OOLRW IKUWHLQHXQJOFNOLFKH(KH
1LFKWJOHLFKDQIDQJV]HLJWHVLFKGHU%UXFKHLQ-DKUQDFKGHU
9HUPlKOXQJZXUGHLQH7RFKWHUJHERUHQ(OOLRWZDUJOFNOLFKXQG
YLHOOHLFKWZDUHVDXFKGLHMXQJH)UDX
$EHUHVZlKUWHQLFKWODQJH6RVHKU(OOLRWVHLQH)UDXOLHEWHVRZDU
HVGRFKHLQHW\UDQQLVFKODXQHQKDIWH/LHEHGLH=XQHLJXQJHLQHV
.LQGHVGDVKHXWHPLWGHU3XSSHVSLHOWPRUJHQVLHVFKOlJWXQG
SLHNWXQGEHUPRUJHQVLHDXIVFKQHLGHWXP]XVHKHQZLH
VGULQ
DXVVLHKWXQGREVLHHLQ+HU]KDW(VVFKHLQWLQGHVVHQGDGLH
MXQJH)UDXGLHVH/DXQHQHUWUXJELVGDVULGLNOHLIHUVFKWLJHYRU
DOOHU:HOWVLHEORVWHOOHQGH%HQHKPHQLKUHV*DWWHQLKUHLQ
=XVDPPHQOHEHQPLWLKPXQHUWUlJOLFKPDFKWH
(VZDURGHUDOV(OOLRWGHUVLFKVFKRQYRUKHULQlKQOLFKHQ
3KDQWDVWHUHLHQHUJDQJHQKDWWHSO|W]OLFKDXIGHQ(LQIDOONDP
VHLQH)UDXXQWHUKDOWHHLQ/LHEHVYHUKlOWQLVPLWGHPKROOlQGLVFKHQ
*HVDQGWHQ'HU1DPHGHVVHOEHQZLUGQLFKWJHQDQQW*OHLFKYLHO
'LHVHU*HVDQGWHZDUQLFKWPHKUMXQJXQGGDFKWHQLFKWDQ
/LHEHVDEHQWHXHU(OOLRWLQGHVVHQKDWWHVLFK
VLQGHQ.RSIJHVHW]W
XQGZROOWHQXUQRFK*HZLKHLWKDEHQ8PGLHVHVLFK]X
YHUVFKDIIHQEHJDQQHUHLQHV7DJHVQDFKGHP6FKODIHQJHKHQ HU
OLHEWHPLWWHUQlFKWOLFKH.RQYHUVDWLRQHQ VHLQHU)UDX0DQJHODQ
=lUWOLFKNHLWYRU]XZHUIHQXQGLKUEHLGHU*HOHJHQKHLWGLH1DPHQ
HLQHUJDQ]HQ$Q]DKOYRQ3HUVRQHQ]XQHQQHQIUGLHVLHVLFK
XQHUNOlUOLFKHUZHLVHPHKULQWHUHVVLHUHDOVIULKQ8QG]XOHW]W
QDQQWHULKUDXFKGHQ1DPHQGHVDOWHQKROOlQGLVFKHQ*HVDQGWHQ
6LHQDKPDOOHV]XQlFKVWDOVHLQHQ6FKHU]DOVHUDEHUIRUWIXKUVLH
PLWGHQXQ]LHPOLFKVWHQXQGEHOHLGLJHQGVWHQ)UDJHQ]XTXlOHQUL
LKUHQGOLFKGHU)DGHQGHU*HGXOG2ELFKLKQOLHEH"-HGHQIDOOV
OLHELFKLKQPHKUDOVGLFKZHLOHUPLFKZHQLJHUJHTXlOWKDWDOV
GX.DXPGDGLHVH:RUWHJHVSURFKHQZDUHQVRVSUDQJ(OOLRW
DXVGHP%HWWXQGOLHILQQXUKDOEYROOHQGHWHU7RLOHWWHQDFKGHP
DQGHUQ(QGHGHU6WDGWXPGHQKROOlQGLVFKHQ*HVDQGWHQZHFNHQ
]XODVVHQ$OVGLHVHUEHVWU]WHUVFKLHQXQGGLH0LWWHLOXQJHLQHU
1DFKULFKWYRQK|FKVWHUSROLWLVFKHU'ULQJOLFKNHLWHUZDUWHWHIXKU

(OOLRWDXILKQORV(UXQWHUKDOWHHLQ9HUKlOWQLVPLWVHLQHU)UDX
ZDVLKPGLHVHYRUHLQHUKDOEHQ6WXQGHVHOEHUJHVWDQGHQKDEH
'LH6DFKHPVVHVRIRUWJHUHJHOWZHUGHQZHVKDOEHUKLHUPLW
DQIUDJHREHUVHLQH)UDX]XKHLUDWHQJHGHQNH"'HUJHlQJVWLJWH
*HVDQGWHYHUVLFKHUWHGDHU)UDXYRQ(OOLRWEHUKDXSWQXU
]ZHLPDOLQVHLQHP/HEHQJHVSURFKHQKDEHZDVDEHUGDV
+HLUDWHQDQJHKHVRVWHKHVEHLLKPIHVWEHUKDXSWQLFKW]X
KHLUDWHQ(OOLRWK|UWHGLHVPLW%HIULHGLJXQJZDUDEHUZHLW
HQWIHUQWGDGXUFKEHUXKLJW]XVHLQGUDQJYLHOPHKULQGHQ
*HVDQGWHQDXIGHU6WHOOHPLWLKP]XNRPPHQXQGLQ*HJHQZDUW
VHLQHU)UDXGLHVHOEH9HUVLFKHUXQJDE]XJHEHQ8PDOOHUOHL
5FNVLFKWHQZLOOHQGLHQDPHQWOLFKLQGHQQDKHQ%H]LHKXQJHQGHU
0DGDPHGH9HUHOVW]XU3ULQ]HVVLQYRQ2UDQLHQLKUHQ*UXQG
KDWWHQOLHVLFKGHU*HVDQGWHEHVWLPPHQGHPKDOEXQVLQQLJHQ
(OOLRWLQVHLQH:RKQXQJ]XIROJHQXQGKLHULQ*HJHQZDUWGHU
KHUEHLJHUXIHQHQ)UDXYRQ (]XZLHGHUKROHQGDLKPEHLGH
0DOHZRHUGLH(KUHJHKDEWPLWLKU]XVSUHFKHQHLQ
+HLUDWVJHGDQNHGXUFKDXVIHUQJHOHJHQKDEH'LHVFKRQGXUFK
VHLQ(UVFKHLQHQDEHUYLHOPHKUQRFKGXUFKGLHVH9HUVLFKHUXQJ
DXIVlXHUVWHEHVWU]WH)UDXYHUODQJWHVFKOLHOLFKQXUHLQ
GLVNUHWHV6FKZHLJHQEHUGDV9RUJHIDOOHQHZDVGHQQDXFK(OOLRW
QLFKWEOR]XVDJWHVRQGHUQVRIRUWDXFKLQHLQHPIHLHUOLFKHQ(LGH
EHVFKZRU$EHUQDWUOLFKQXUXPDPQlFKVWHQ0RUJHQDOOVHLQHQ
)UHXQGHQXQG)UHXQGLQQHQGDVQlFKWOLFKH9RUNRPPQLVXQWHUGHQ
XQJHKHXHUOLFKVWHQ=XVlW]HQDOV$QHNGRWH]XPEHVWHQ]XJHEHQ
(LQH)ROJHGDYRQZDUGDVLFKGLH+RIJHVHOOVFKDIW]XJU|HUHP
7HLOHYRQGHUXPLKUHU7ULXPSKHZLOOHQRKQHKLQYLHOEHQHLGHWHQ
)UDXYRQ(OOLRW]XUFN]RJ
%LV]XGLHVHP3XQNWHZDUHQGLH'LQJHJHGLHKHQDOV%DURQ
.Q\SKDXVHQGHULQHLQHPHQWIHUQWHQ9HUZDQGWVFKDIWVYHUKlOWQLV
]XGHUMXQJHQ)UDXVWDQGDXVVHLQHURVWIULHVLVFKHQ+HLPDWDQ
GHQ5KHLQVEHUJHU+RIDQGHPHUHLQH.DPPHUKHUUQVWHOOH
EHNOHLGHWH]XUFNNHKUWH+LHULQ5KHLQVEHUJIDQGHUQHEHQ
0DGDPHGH9HUHOVWDXFKGDV(OOLRWVFKH3DDUYRUXQGZXUGHGD
GLH0LKHOOLJNHLWHQGHVVHOEHQNHLQ*HKHLPQLVZDUHQDOVEDOGGHU
9HUWUDXWHGHUXQVDJEDUXQJOFNOLFKHQ)UDX6LHVDKHQVLFKRIW
EHULHWHQXQGSODQWHQXQGXQWHUKLHOWHQDOV)UDXYRQ(OOLRWGHQ
5KHLQVEHUJHU+RIZLHGHUYHUODVVHQKDWWHVRZRKOQDFK%HUOLQZLH
QDFK+RSSHQUDGHKLQHLQHOHEKDIWH.RUUHVSRQGHQ]

8PGLHVHOEH=HLWHWZDZRGLHVH.RUUHVSRQGHQ]JHIKUWZXUGH
IDQGGLHVFKRQYRUHUZlKQWH9HUVHW]XQJ(OOLRWVDQGHQ
.RSHQKDJHQHU+RIVWDWWZDVEULJHQVHLQEHVWlQGLJHVXQG
LQWLPHV(LQJHZHLKWEOHLEHQLQGDVZDVLQVHLQHP%HUOLQHU+DXVH
YRUJLQJQLFKWKLQGHUWH0DGDPHGH9HUHOVWXQWHUKLHOWLKQEHUGLH
IRUWJHVHW]WHQDEZHFKVHOQGSHUV|QOLFKHQXQGEULHIOLFKHQ
%H]LHKXQJHQLKUHU7RFKWHU]X%DURQ.Q\SKDXVHQXQGHQWZDUI
DOOHUOHL3OlQHPLWLKPGLHVHP7UHLEHQHLQ(QGH]XPDFKHQ,Q
$XVIKUXQJGLHVHU3OlQHZDUHVGHQQDXFKGDYRQVHLWHQ(OOLRWV
HLQH+HUDXVIRUGHUXQJDQ.Q\SKDXVHQHUJLQJ
8QGKLHUPLWZDUGHUHUVWH6FKULWW]XMHQHPFpOqEUHQ5HQFRQWUH
JHVFKHKHQGDVXQVDXIGHQQlFKVWHQ6HLWHQXQWHU
=XJUXQGHOHJXQJHLQHU$Q]DKO.Q\SKDXVHQVFKHU%ULHIH
EHVFKlIWLJHQVROO(LQLJHVZDVLQYRUVWHKHQGHPVFKRQDQJHGHXWHW
ZXUGHILQGHWGDULQ%HVWlWLJXQJXQGZHLWHUH$XVIKUXQJ
)UVWHQEHUJ LQ0HFNOHQEXUJ6WUHOLW] -XOL
0HLQKRFKJHHKUWHU+HUU9DWHU6LHZHUGHQEHUUDVFKWVHLQYRQ
GLHVHPXQEHNDQQWHQPHFNOHQEXUJLVFKHQ6WlGWFKHQDXVHLQHQ
%ULHIYRQPLU]XHUKDOWHQ$EHUGDV1DFKVWHKHQGHZLUG$XINOlUXQJ
GDUEHUJHEHQ$OVLFKOHW]WHQ6RPPHUYRQPHLQHP%HVXFKEHL
,KQHQQDFK5KHLQVEHUJ]XUFNNHKUWHIDQGLFKGDVHOEVWHLQH
]DKOUHLFKH*HVHOOVFKDIWYRUXQGGDUXQWHUDXFKGHQHQJOLVFKHQ
*HVDQGWHQ(OOLRWVDPWVHLQHU*HPDKOLQ)UDXYRQ(OOLRWHLQHU
JHERUHQHQ%DURQHVVHYRQ.UDXW)UDXYRQ(OOLRWGLHELVGDKLQ
LKUHUJURHQ6FK|QKHLWXQHUDFKWHWQLHPDOVHLQHQ(LQGUXFNDXI
PLFKJHPDFKWKDWWHUKUWHPLFKGXUFKLKUHKHOLFKHV8QJOFNGDV
YLHOYLHOJU|HUZDUDOVLKUH6FKXOGZHQQYRQHLQHUVROFKHQ
EHUKDXSWJHVSURFKHQZHUGHQNDQQ:DVVWDWWJHIXQGHQKDWWH
ZDUHQ8QYRUVLFKWLJNHLWHQGLHOHLGHUQLFKWEORVHLWHQV0U (OOLRWV
HLQHVHEHQVRJURVSUHFKHULVFKHQXQGHLWOHQZLHOHLFKWVLQQLJHQ
XQGFKDUDNWHUORVHQ0DQQHVVRQGHUQDXFKVHLWHQVGHUHLJHQHQ
0XWWHUDXVJHEHXWHWZRUGHQZDUHQXPGHUMXQJHQ)UDX]X
VFKDGHQ:LUNOLFK)UDXYRQ(OOLRWZDUGDV2SIHUHLQHV.RPSORWWV
HLQHU,QWULJHGLHVHUEHLGHQUFNVLFKWVORVHQ3HUVRQHQHLQH
7DWVDFKHGLHPLFKHPS|UWH9HUIROJXQJHQDXFKZHQQVLHQLFKW
PLFKVRQGHUQDQGHUHWUHIIHQEHUKUHQPLFKVWHWVDOV
8QHUWUlJOLFKHVXQGEHVWLPPWHQPLFKDXFKKLHU]X6FKULWWHQGLH
PLUGLH'DQNEDUNHLWGHUMXQJHQ)UDXDEHUIUHLOLFKDXFKGLH

)HLQGVFKDIWLKUHU0XWWHUXQGLKUHV0DQQHVHLQWUXJHQ'LHVHU
ZXUGH]XPhEHUIOXDXFKQRFKHLIHUVFKWLJXQGJDEPLU
VFKOLHOLFKGHQ5DWPLFKXPGLH$QJHOHJHQKHLWHQVHLQHU)UDX
QLFKWZHLWHU]XNPPHUQDXIZHOFKH'URKXQJKLQLFKQXU
DQWZRUWHWHGDLFKPHLQHQ(LIHUYRQMHW]WDEYHUGRSSHOQ
ZUGH'DVVHOEHVSUDFKLFKDXFKJHJHQGLH0XWWHUHLQHYRP
XQHUWUlJOLFKVWHQ+HUUVFKVXFKWVWHXIHOJHSODJWH1lUULQDXVDOVVLFK
GLHVHOEHYHUDQODWVDKHLQHQlKQOLFKKRKHQ7RQZLHGHU
6FKZLHJHUVRKQJHJHQPLFKDQ]XVWLPPHQ
,Q]ZLVFKHQZDUGHU:LQWHUKHUDQJHNRPPHQXQGGHU3ULQ]
+HLQULFKVFKH+RIEHUVLHGHOWHZLHJHZ|KQOLFKYRQ5KHLQVEHUJ
QDFK%HUOLQ$XFK0DGDPHGH9HUHOVWEH]RJZLHGHULKUH
6WDGWZRKQXQJHEHQVR)UDXYRQ(OOLRW'LHVHOHW]WHUHQXQPHKU
MHGHU6HOEVWlQGLJNHLWXQGMHGHU)UHLKHLW]XEHUDXEHQZDUHLQ
PLWWOHUZHLOHKHUDQJHUHLIWHU3ODQ,FKVDKNODUGDPDQJHZLOOW
ZDUGLHMXQJH)UDXVHL
VPLWVHL
VRKQH=XVWLPPXQJDXIHLQ
(OOLRWVFKHV6FKOR]XVFKDIIHQXPVLFKGHUZHLOHQLKUHV
9HUP|JHQVEHPlFKWLJHQ]XN|QQHQ8QGGDV]XKLQGHUQZXUGH
YRQQXQDQPHLQH$XIJDEH
%DOGQDFK1HXMDKUHUIROJWH(OOLRWV9HUVHW]XQJYRP%HUOLQHU
+RIDQGHQ.RSHQKDJHQHU(UDN]HSWLHUWHGLH9HUVHW]XQJXQGOLH
VHLQH)UDXVDPWHLQHPYLHUMlKULJHQ7|FKWHUFKHQPLWGHU:HLVXQJ
]XUFNLKPLQGHUVFK|QHQ-DKUHV]HLW]XIROJHQ$EHU)UDXYRQ
(OOLRWZDUQLFKWJHVRQQHQGLHVHU:HLVXQJ]XJHKRUFKHQ9ROO
$EQHLJXQJJHJHQLKUHQ*DWWHQHUEDWVLHVLFKPHLQHQ5DWLQ
GLHVHU$QJHOHJHQKHLWXQGIKUWHGDGXUFKHLQHQ%ULHIZHFKVHO
KHUEHLGHU]XQlFKVWGHQKHIWLJVWHQ=RUQGHU0XWWHUHUUHJWH6LH
VHW]WHVLFKGHQQDXFKPLW(OOLRWVHOEVWLQ9HUELQGXQJXQG
YHUHLQEDUWHIROJHQGHQ3ODQ(U(OOLRWVROOHSO|W]OLFKHUVFKHLQHQLQ
GLH=LPPHUVHLQHU)UDXGULQJHQLKUH%XUHDXVHUEUHFKHQGLH
VWUlIOLFKH.RUUHVSRQGHQ]DQVLFKQHKPHQXQGXQWHU$QGURKXQJ
HLQHVJHULFKWOLFKHQ9HUIDKUHQVGLH=XVWLPPXQJGHUMXQJHQ)UDX
]XMHGHPYRQ0XWWHUXQG(KHPDQQJHZROOWHQ6FKULWWHU]ZLQJHQ
$XFKKLQVLFKWOLFKGHUYLHUMlKULJHQ(QNHOLQZXUGHQ%HVWLPPXQJHQ
JHWURIIHQGDV.LQGVROOWHIULPPHUEHLGHU*URPXWWHUEOHLEHQ
XQGYRQGLHVHUHU]RJHQZHUGHQ$XIDOOGLHVJLQJ(OOLRWHLQ
HUVFKLHQZLUNOLFKLQDOOHU3O|W]OLFKNHLWLQ%HUOLQEHPlFKWLJWHVLFK
GHU3DSLHUH]XJOHLFKDXFKGHV.LQGHVXQGVFKLFNWHGDVOHW]WHUH
GLHVHOEH1DFKWQRFKLQ%HJOHLWXQJHLQHVYHUWUDXWHQ'LHQHUVQDFK
.RSHQKDJHQ(UIROJWHVHOEVW7DJHVGDUDXIRKQHVHLQH)UDX

JHVHKHQ]XKDEHQ1XUPLWVHLQHU6FKZLHJHUPXWWHUGLHJHJHQ
GLHGHP3URJUDPPZLGHUVSUHFKHQGH:HJIKUXQJLKUHU(QNHOLQ
SURWHVWLHUWKDWWHZDUHUVFKOLHOLFKLQHLQHKHIWLJH6WUHLWV]HQH
JHUDWHQ
6RGHUHUVWH$NW
(LQLJH=HLWGDQDFKHUKLHOWLFKHLQHQ%ULHI(OOLRWVLQGHPHVKLH
HVVWQGHMHW]WLQVHLQHU+DQGPLFKGHU6WUHQJHGHV*HVHW]HV
RGHUGHV.|QLJVLQ3HUVRQ]XEHUOLHIHUQHUYHU]LFKWHMHGRFK
GDUDXIZHQQLFKPHLQHUVHLWVQDFK'lQHPDUNNRPPHQXQGPLFK
LQGHU1lKHYRQ.RSHQKDJHQPLWLKPVFKODJHQZROOH'DVZDU
HLQHVRQGHUEDUH=XPXWXQJ,FKDQWZRUWHWHLKPGDHUHLQ1DUU
ZlUHGHPQDFK]XODXIHQLFKQLFKWGLHJHULQJVWH9HUDQODVVXQJ
KlWWHZlKUHQGVHLQHU$QZHVHQKHLWLQ%HUOLQKlWWHVLFKQRWZHQGLJ
GLH=HLW]XVROFKHU%HJHJQXQJILQGHQPVVHQGDVZlUHGDV
.RUUHNWHJHZHVHQMHGHQIDOOVNRUUHNWHUDOVSHU3RVWDEUHLVHQXQG
QDFKWUlJOLFKHLQHVROFKH%UDYDGHLQGLH:HOW]XVFKLFNHQ$XFKDQ
0DGDPHGH9HUHOVWVFKULHELFKXQWHUQXU]XJHERWHQHP+LQZHLVH
GDUDXIZLHZHQLJJHUDWHQHVVHLGHUOHL)DPLOLHQDQJHOHJHQKHLWHQ
DQGLHJURH*ORFNH]XKlQJHQ
(OOLRWV)UHXQGHYHU|IIHQWOLFKWHQLQ]ZLVFKHQ (OOLRWV%ULHIDQPLFK
XQGEHKDXSWHWHQLFKKDEH6DWLVIDNWLRQYHUZHLJHUW'DV]ZDQJ
PLFKQXQPHKUDXFKPHLQHQ %ULHI]XUDOOJHPHLQHQ.HQQWQLV]X
EULQJHQXQGXQWHUDQGHUPHLQH.RSLHGHVVHOEHQDQXQVHUHQ
SUHXLVFKHQ*HVDQGWHQLQ.RSHQKDJHQJHODQJHQ]XODVVHQ
$OOGLHVHUHLJQHWHVLFKLP$SULO
=ZHL0RQDWHZDUHQEHUHLWVYHUJDQJHQDOVLFKSO|W]OLFKHUIXKUXQG
DQGHUHPLWPLU(OOLRWNRPPHQDFK%HUOLQXPVLFKPLWPLU]X
VFKODJHQ'LH6DFKHPDFKWHEHJUHLIOLFKHUZHLVH6HQVDWLRQXQGLP
3XEOLNXPVSUDFKPDQHLQH=HLWODQJYRQQLFKWVDQGHUHP,FK
PHLQHUVHLWVOLHGLH/HXWHUHGHQXQGZDUWHWHGHUDQJHNQGLJWHQ
'LQJHELVLFKHLQHV7DJHVLQ(UIDKUXQJEUDFKWHGHU*HQHUDOILVNDO
KDEH%HIHKOHUKDOWHQHLQ5HQFRQWUH]ZLVFKHQ(OOLRWXQGPLUXQWHU
DOOHQ8PVWlQGHQMDQ|WLJHQIDOOVPLW*HZDOW]XKLQWHUWUHLEHQ$XI
GLHVH0LWWHLOXQJKLQYHUOLHLFK%HUOLQVRIRUWXPPLFKEHKXIV
XQJHKLQGHUWHU$XVIHFKWXQJXQVHUHU6DFKHKLHUKHULQV
0HFNOHQEXUJLVFKH]XEHJHEHQ(VZDUGDVXPVRQ|WLJHUDOVPDQ
VHLWHQVGHU(OOLRWVFKHQ3DUWHLGLHVLFK GXUFK5FNVLFKWVORVLJNHLW

XQG/JHDXV]HLFKQHWEHUHLWVYHUEUHLWHWKDWWHGLHDQJHGURKWH
(LQPLVFKXQJGHV*HQHUDOILVNDOVVHLGXUFKPLFKYHUDQODWZRUGHQ
6ROLHJWPRPHQWDQGHU6WUHLW(OOLRWLVWEULHIOLFKEHQDFKULFKWLJW
ZRUGHQGDLFKPLFKKLHULQ)UVWHQEHUJEHILQGH0HKUNRQQWH
PLUQLFKWREOLHJHQ6REDOGVLFK:HLWHUHVHUHLJQHWKDEHQZLUG
ZHUGLFKQLFKWVlXPHQ6LHWHXHUVWHU9DWHUGDYRQLQ.HQQWQLV]X
VHW]HQ
,KU*:.Q

.DSLWHO

'LH.UDXWHQWRFKWHUZLUG8UVDFKHLQHV
'XHOOHV]ZLVFKHQ0U (OOLRWXQG%DURQ
.Q\SKDXVHQ
6RZHLW.Q\SKDXVHQLQVHLQHPHUVWHQGLH'XHOOIUDJHEHUKUHQGHQ
6FKUHLEHQ
$OVHUYLHU]HKQ7DJHVSlWHUHLQHQ]ZHLWHQ%ULHIDQVHLQHQ9DWHU
ULFKWHWHKDWWHGDV'XHOO EHUHLWVVWDWWJHIXQGHQQDFKGHP
GHPVHOEHQHLQVHOWVDPHV9RUVSLHOHLQhEHUIDOOYRUDXVJHJDQJHQ
ZDU
,FKJHEHGLHVHQ%ULHIGHULPZHVHQWOLFKHQ DOOH%ULHIHVLQG
IUDQ]|VLVFKJHVFKULHEHQ GHVIROJHQGHQ,QKDOWVLVW
%DUXWK LQ6DFKVHQ-XOL
0HLQKRFKJHHKUWHU+HUU9DWHU'HUOHW]WH%ULHIGHQLFKDQ6LH
ULFKWHQGXUIWH ZDUYRQ)UVWHQEHUJLP0HFNOHQEXUJLVFKHQDXV
GDWLHUW,FKVFKULHE,KQHQGDPDOVGDLFK(OOLRWYRQPHLQHU
$QZHVHQKHLWLQGHPJHQDQQWHQ*UHQ]VWlGWFKHQ0LWWHLOXQJ
JHPDFKWXQGGLHVHU0LWWHLOXQJKLQ]XJHIJWKlWWHLFKEHIlQGH
PLFKGDVHOEVWXPDXILKQ]XZDUWHQhEULJHQVZLOOLFK,KQHQ
PHLQKRFKJHHKUWHU+HUU9DWHUJOHLFKDQGLHVHU6WHOOHEHPHUNHQ
GDPLU)UVWHQEHUJDOV]XQDKDQGHUSUHXLVFKHQ*UHQ]H
JHOHJHQ]XU$XVIHFKWXQJXQVHUHU6DFKHQLFKWVRQGHUOLFKJHHLJQHW
HUVFKLHQZHVKDOELFKVFKRQGDPDOVGHQ 3ODQKHJWHPHLQHP
*HJQHUEHLVHLQHP(LQWUHIIHQHLQHQ=ZHLNDPSIDXIVFKZHGLVFK
SRPPHUVFKHP*UXQGXQG%RGHQ]XSURSRQLHUHQ$XIVROFKHP
ZDUHQ6W|UXQJHQNDXP]XJHZlUWLJHQ
6RZDUHQYLHU]HKQ7DJHYHUJDQJHQDOVLFKHLQHV$EHQGVHUIXKU
GD(OOLRWLQ5RVWRFNJHODQGHWXQGYRQGRUWDXVQDFKHLQHP
6RXSHULQ6WUHOLW]DXI5KHLQVEHUJ]XJHIDKUHQVHL9RQ
5KHLQVEHUJDXVDEHUQDFKHUIROJWHU:HLJHUXQJGHV3ULQ]HQLKQ
]XVHKHQRGHU]XEHJUHQKDEHUVLFKQDFK+RSSHQUDGH
EHJHEHQXP]XQlFKVWVHLQHU6FKZLHJHUPXWWHUGHU0DGDPHGH
9HUHOVWHLQHQ%HVXFK]XPDFKHQ

,FKHUZDUWHWHKLHUQDFKHLQHEDOGLJH1DFKULFKWYRQ(OOLRWRGHU
HLQHPVHLQHU9HUWUDXWHQXQGVDDQGHUQ7DJHVEHL
6RQQHQXQWHUJDQJUXKLJLQPHLQHP=LPPHUXQGODVDOVLFKHLQHQ
.XWVFKZDJHQGLH6WUDHKHUDXINRPPHQXQGYRUIDKUHQVDK,FK
ULHIPHLQHP'LHQHU]XGLH7UH]XVFKOLHHQLFKZROOHQLHPDQG
HPSIDQJHQDEHULPVHOEHQ$XJHQEOLFNHVDKLFKDXFKVFKRQ
HLQHQ:WHQGHQHWZDLP=XVWDQGHLQHVWUNLVFKHQ
2SLXPUDXFKHUVLQPHLQ=LPPHUHLQGULQJHQ(VZDU(OOLRWGHU
PLWHLQHPVSDQLVFKHQ5RKULQGHU+DQGRKQHZHLWHUHVDXIPLFK
ORVVWU]WH'XUFKHLQH6HLWHQEHZHJXQJZLFKLFKDXVHUJULIILKQ
XQGZDUILKQRKQHVRQGHUOLFKH0KH]X%RGHQ8QGZUGLKQ
HUZUJWKDEHQZHQQLKQQLFKWHLQHUVHLQHU.DPPHUGLHQHUPLU
DXVGHQ+lQGHQJHULVVHQKlWWH-HW]WZLHGHUIUHL]RJHUHLQ
3LVWROGDVHUPLUDXI]ZHL6FKULWW(QWIHUQXQJHQWJHJHQKLHOW(V
ZDUHLQUHJHOUHFKWHUYRQGUHL.RPSOLFHQXQWHUVWW]WHU0RUGDQIDOO
(LQLKQEHJOHLWHQGHU,UOlQGHUGHQHUPLUVSlWHUDOVVHLQHQ
6HNXQGDQWHQYRUVWHOOWHZDUPLW]ZHL3LVWROHQXQGHLQHP'HJHQ
EHZDIIQHWHEHQVRIKUWHQVHLQH]ZHL/HXWH3LVWROHQXQG
+LUVFKIlQJHU,QGLHVHPEHGURKOLFKHQ0RPHQWHUVFKLHQHQGHU
:LUWXQGHLQLJH%UJHUDXIGHP+DXVIOXUXPPLFK]XVFKW]HQ
IUDJWHQPLFKZDVHVVHL XQGPDFKWHQ0LHQHEHUGLH
(LQGULQJOLQJHKHU]XIDOOHQ,FKKLQGHUWHGLHVXQGVDJWHGDLFK
DOOHVPLWGHP+HUUQDOOHLQDE]XPDFKHQKlWWH'DUDXIIRUGHUWH
PLFK(OOLRWDXILKPELVYRUGLH6WDGW]XIROJHQXQGPLFKGRUWPLW
LKP]XVFKODJHQ,FKHUZLGHUWHGLHVJHKHQLFKWZRKODQZHLOLFK
RKQH6HNXQGDQWHQVHLGHQGULWWHQ7DJDEHUZROOWHQZLUXQVDXI
QHXWUDOHP%RGHQLQ6FKZHGLVFK3RPPHUQWUHIIHQXQGGDVHOEVW
XQVHUQ6WUHLWXQWHU,QQHKDOWXQJKHUN|PPOLFKHU)RUPHQ
DXVIHFKWHQ(UZROOWHMHGRFKYRQHLQHUVROFKHQ 9HUWDJXQJQLFKWV
ZLVVHQXQGIUDJWHPLFKXQG]ZDUGHU8PVWHKHQGHQKDOEHUDXI
GHXWVFKRELFKNHLQH&RXUDJHKlWWH"
'LHV]HLJWHGDHUPLFKDXIVbXHUVWHWUHLEHQZROOWH6RQDKP
LFKGHQQGLH+HUDXVIRUGHUXQJDQ(UJLQJQXQDXIGDV6WDGWWRU]X
]XQlFKVWYRQVHLQHQGUHL%HJOHLWHUQXQGLPZHLWHUHQYRQHWZD
 3HUVRQHQMHGHQ$OWHUVXQG6WDQGHVJHIROJW$OVLFKHLQSDDU
0LQXWHQVSlWHUHEHQIDOOVDXIEUHFKHQZROOWHIDQGLFKGHQ
%XUJHPHLVWHUYRUPHLQHU7UZHOFKHUPLFKEHVFKZRUPLFKQLFKW
PLW0|UGHUQHLQ]XODVVHQHUZHUGH(OOLRWXQGVHLQH%DQGH
YHUKDIWHQODVVHQ,FKOHKQWHGLHVHQ%HLVWDQGLQGHVVHQDEHUPDOV
DEXQGHUVFKLHQDXIGHP5HQGH]YRXVPLW]ZHL3LVWROHQXQG
PHLQHP'LHQHUHLQHPJXWHQQXUOHLGHUZHQLJHQFRXUDJLHUWHQ

0HQVFKHQGHUYRU)XUFKWKDOEWRWZDU(VGlPPHUWHVFKRQDEHU
WURW]GHU'XQNHOKHLWGLHKHUUVFKWHVDKLFKGRFKGHXWOLFKGLHKDOE
NRPLVFKHQ9RUEHUHLWXQJHQGLH(OOLRWJHWURIIHQKDWWHYLHU'HJHQ
ZDUHQIHLHUOLFKLQGLH(UGHJHVWHFNWDFKW3DDU3LVWROHQODJHQ
GDYRUXQGGDQHEHQHLQLJH.OHLGXQJVVWFNHGHUHQVLFK(OOLRW
HQWlXHUWKDWWH,FKIUDJWHLKQZDVGDVDOOHVVROOHZRUDXIHU
PLUZXWVFKlXPHQGDQWZRUWHWH0LFKDXVGHU:HOWEODVHQ(U
KRIIHGDHVGLH3LVWROHQWXQZUGHQZHQQDEHUQLFKWVRZlUHQ
DXFKQRFKGLH'HJHQGD1LHPDOVLQPHLQHP/HEHQZDULFK
NlOWHUHQ%OXWHVXQGVRVDJWLFKLKPGHQQLQDOOHU5XKH'HU
8PVWDQGGDLFKQRFK]XUHFKQXQJVIlKLJVHLJlEHPLUHLQHQ
$QVSUXFKGLH6DFKH]XUHJHOQ(LQHQ6HNXQGDQWHQKlWWLFKQLFKW
XQGVRZROOWHQZLUGHQQHLQIDFK6WHOOXQJQHKPHQXQG]ZHLPDO
DXIIQI]HKQ6FKULWW'LVWDQFHVFKLHHQ(UDEHUZROOWHYRQHLQHU
VROFKHQ5HJOXQJQLFKWVZLVVHQXQGVFKULHQXULPPHU,QGHV
7HXIHOV1DPHQQHLQQHLQ:LUZROOHQIUHLHUHV6SLHOKDEHQ,FK
PHLQHUVHLWVZHUGHHUVWDXI]ZHL6FKULWW'LVWDQFHVFKLHHQ(V
ZDUDOOHV7RUKHLWLQGHVVHQPRFKWHU
VKDOWHQZLHHUZROOWHZDU
LFKGRFKVLFKHUGDHUQLFKWXQJHVWUDIWELVDXI]ZHL6FKULWW
KHUDQNRPPHQZUGH6RVWLPPWLFKGHQQ]XXQGQDKPPHLQH
3RVLWLRQ
(OOLRWKDWWHMHGRFKPLWWOHUZHLOHPLWVHLQHQ3LVWROHQLQGHU
XQJHHLJQHWVWHQ:HLVHKHUXPJHIXFKWHOWXQGVLFKGDGXUFKQHEHQ
GHP8QZLOOHQGHU8PVWHKHQGHQDXFKDOOHUOHL6FKLPSIUHGHQHLQHU
*UXSSHYRQ3HUVRQHQ]XJH]RJHQXQWHUGHQHQ]XIlOOLJHLQLJH
%HXUODXEWHGHUN|QLJOLFKHQ$UPHHZDUHQ(UEHPHUNWHGLHVXQG
UDVFKHUNHQQHQGGDLKQLP)DOOHLQHV.RQIOLNWVPLWGHUHUUHJWHQ
9RONVPHQJHPHLQH)UVSUDFKHQLFKWUHWWHQZHUGHVFKOXJHUPLU
HLQOHQNHQGQXQPHKUYRUGLH6DFKHGD
VRKQHKLQVFKRQGXQNHO
VHLIUKHXWHUXKHQ]XODVVHQXQGDQHLQHPGHUQlFKVWHQ7DJH
HUVWZLHGHUDXI]XQHKPHQ
(VKDQGHOWHVLFKQXQIUPLFKYRUDOOHPGDUXPHLQHQ
6HNXQGDQWHQ]XEHVFKDIIHQ(LQ+HUUYRQ0DOW]DKQKDWWHPLU
QDFKHLQHUIUKHUHQ9HUDEUHGXQJGLHVHQ'LHQVWOHLVWHQZROOHQ
ZDUDEHUEHKLQGHUWZRUGHQZHVKDOELFKPLFKGHQQJH]ZXQJHQ
VDKHLQH (VWDIHWWHQDFK%HUOLQ]XVFKLFNHQXPPLFKGHV
%HLVWDQGHVHLQHVGRUWOHEHQGHQ2IIL]LHUVGHV&DSLWDLQV.RSSL]X
YHUVLFKHUQGHUPLUVFKRQHLQLJH=HLWYRUKHUIUGHQ)DOOGD
0DOW]DKQQLFKWN|QQHRGHUZROOHVHLQH%HUHLWZLOOLJNHLW
DXVJHGUFNWKDWWH.RSSLNDPDXFKIRUGHUWHMHGRFKKXQGHUW

/RXLVIUVHLQHQ'LHQVWXQGOLHVLFKHLQHQ6FKXOGVFKHLQGDUEHU
DXVVWHOOHQQDFKGHPLFKLKPHUNOlUWKDWWHGDPLUGLH6XPPHIU
GHQ$XJHQEOLFNQLFKW]XU9HUIJXQJVWHKH
'HU*HQHUDOILVNDOKDWWHPLWWOHUZHLOHQLFKWDXIJHK|UWGLH6DFKH]X
YHUIROJHQMDPLUZXUGH0LWWHLOXQJGDHUGDPLWXPJHKHPLFKLQ
)UVWHQEHUJYHUKDIWHQ]XODVVHQ(LQHUVROFKHQ9HUKDIWXQJPLFK
]XHQW]LHKHQJLQJLFKZHLWHUODQGHLQZlUWVXQGOLH(OOLRWXQWHU
$QJDEHGHU*UQGHZHVKDOELFKGHQ2UWJHZHFKVHOWKlWWH
ZLVVHQGDLFKLKQ]XGHU]ZLVFKHQXQVIHVWJHVHW]WHQ=HLWLQGHP
6WlGWFKHQ3HQ]OLQHUZDUWHQZUGH:HUDEHUQLFKWNDPZDU
(OOLRW(UVWDPIQIWHQ7DJHOLHHUPLUVDJHQGDHU$QIDQJ
$XJXVWLQ/EHFNVHLQZHUGH=XJOHLFKHU=HLWHUIXKULFKGDHULQ
KDXSWVWlGWLVFKHQ.UHLVHQLQHFKW(OOLRWVFKHU:HLVHPLWGHU
9HUVLFKHUXQJYRQ+DXV]X+DXVJHJDQJHQVHLPLFKLQ
)UVWHQEHUJPDOWUlWLHUW]XKDEHQ,FKEHVFKORQXQDXIMHGH
*HIDKUKLQLQNRJQLWRQDFK%HUOLQ]XJHKQXQGLKQDPVHOEHQ7DJH
QRFK RGHUGRFKDPIROJHQGHQ]XP'XHOO]X]ZLQJHQ(VJHODQJ
PLUDXFKXQHQWGHFNWLQGLH6WDGW]XNRPPHQZRVHOEVWLKP
&DSLWDLQ.RSSLGLHVHOEH1DFKWQRFKPHLQH+HUDXVIRUGHUXQJ
]XWUXJLQGHULFKLKP]ZLVFKHQHLQHU%HUOLQHU9RUVWDGWXQGGHU
VlFKVLVFKHQ*UHQ]HGLH:DKOOLH(UZlKOWH%DUXWKXQG]ZDUIU
GHQQlFKVWHQ7DJ8QGKLHUNDPHVGHQQDXFKZLUNOLFK]XP'XHOO
:LUZHFKVHOWHQ]ZHL.XJHOQDXIIQI]HKQ6FKULWW$OVGLHVHU
GRSSHOWH.XJHOZHFKVHORKQH5HVXOWDWJHEOLHEHQZDUYHUODQJWH
(OOLRWPLFK]XVSUHFKHQXQGVDJWHPLUGDGHUhEHUIDOOLQ
)UVWHQEHUJLKPXQHQGOLFKHQ6FKDGHQWXHVRVHKUGDHUZHGHU
DXIVQHXHVHLQHQ3RVWHQDQWUHWHQQRFKDXFKQDFK(QJODQG
]XUFNNHKUHQN|QQHZHQQLFKGHP*HUFKWHGDHUPLFKjOD
PRGHG
XQDVVDVVLQDQJHJULIIHQKDEHQLFKWLQHLQHU(UNOlUXQJ
HQWJHJHQWUlWH1DFKPHLQHU:HLJHUXQJHLQHVROFKH(UNOlUXQJ
DE]XJHEHQVFKULWWHQZLU]XPGULWWHQ*DQJ,FKKDWWHZLHGHUGHQ
HUVWHQ6FKXXQGYHUZXQGHWHLKQDQGHU+IWH*HEHQ6LHPLU
GDV3DSLHUULHIHUPLU]XVRVFKLHLFKLQGLH/XIW,FK
DQWZRUWHWH1HLQPHLQ+HUUVFKLHHQ6LH]XQlFKVWQDFKKHU
ZHUGLFKPLFKHUNOlUHQ(UOHJWHDXIPLFKDQJDEDEHUVHLQHP
3LVWROSO|W]OLFKHLQHYHUlQGHUWH5LFKWXQJXQGVFKRLQGLH/XIW
'DGXUFKZDULFKHQWZDIIQHWXQGJDELKPQXQPHKUHLQHQRFK YLHO
ZHLWHUJHKHQGH(UNOlUXQJDOVGLHZDUGLHHUYRQPLUJHIRUGHUW
KDWWH

1RFKDQ2UWXQG6WHOOHOLHHUPLFKZLVVHQGDHUQDFK%HUOLQ
JHKHGDVHOEVWGDV6FKHLGXQJVHUNHQQWQLVLQ(PSIDQJ]XQHKPHQ
XQGNQSIWHGDUDQGLH)UDJHRELFKJHVRQQHQVHLVHLQH)UDX]X
KHLUDWHQ",FKDQWZRUWHWHGDGLHVQLFKWGHU3ODW]VHLGDUEHU
]XYHUKDQGHOQZRUDXIZLUXQVWUHQQWHQ(UNHKUWHGDQDFKDXFK
ZLUNOLFKQDFK%HUOLQ]XUFNZDVHULQVHLQHU(LJHQVFKDIWDOV
IUHPGHU*HVDQGWHUNRQQWHZRKLQJHJHQLFKHUVWDEZDUWHQPXWH
ZLHPDQGHQJDQ]HQ+HUJDQJDXIQHKPHQZHUGH6REHJDELFK
PLFKGHQQ]XQlFKVWLQGLH6WDGW%DUXWKKLQHLQXPYRQGRUWDXV
QDFK'HVVDXZHLWHU]XUHLVHQ$EHUHKHLFKQRFK3IHUGHYRP
3RVWPHLVWHUHUKDOWHQNRQQWHZXUGLFKVFKRQGXUFKHLQLJH
*HULFKWVGLHQHUDUUHWLHUWGLHJHPHLQVFKDIWOLFKPLWVHFK]HKQ
%UJHUJDUGLVWHQPHLQ+DXVXPVWHOOWHQ$P7DJHGDQDFKHUVFKLHQ
HLQ8QWHURIIL]LHUPLWVHFKV0DQQGHUDXVGHUQlFKVWHQ
VlFKVLVFKHQ*DUQLVRQVWDGW]XPHLQHUZHLWHUHQ%HZDFKXQJ
DENRPPDQGLHUWZRUGHQZDU,FKVFKLFNWHVRIRUWHLQHQUHLWHQGHQ
%RWHQDQXQVHUHQ'UHVGHQHU*HVDQGWHQDEHUDOOHVJHKWKLHU
ODQJVDPXQGVRYHUEUDXFKLFKGHQQYLHO*HOGXQG]ZDUXPVR
PHKUDOVLFKQLFKWEORIUPLFKVRQGHUQDXFKQRFKIUPHLQHQ
6HNXQGDQWHQDXI]XNRPPHQKDEH
0DQUlWPLU)OXFKWXQGLFKZHUGHVDOOHU0LOLFKNHLWXQHUDFKWHW
YHUVXFKHQ6REDOGHWZDVLQGLHVHP6LQQHJHVFKHKHQLVWVFKUHLE
LFKDXIVQHXH+HXWHELWWLFKQXUQRFKYRQGHPZDVVLFKLQ
YRUVWHKHQGHPDXIGDV'XHOOXQGPHLQH%DUXWKHU,QWHUQLHUXQJ
EH]LHKW$EVFKULIWQHKPHQXQGGLHVH.RSLHPHLQHV%ULHIHVDQ
+HUUQYRQ*DXGLJHODQJHQODVVHQ]XZROOHQ
8QWHUGHU9HUVLFKHUXQJWLHIVWHQ5HVSHNWVKRFKJHHKUWHU+HUU
9DWHU,KUHUJHEHQVWHUXQGJHKRUVDPVWHU6RKQ*HRUJH

.DSLWHO

:DVQDFKGHP'XHOOJHVFKDK
%DURQ.Q\SKDXVHQZLHVHLQOHW]WHU%ULHIHVDQGHXWHWHEHIUHLWH
VLFKZLUNOLFKDXVVHLQHP%DUXWKHU*HZDKUVDPXQGNDPJOFNOLFK
QDFK%HUOLQ$EHUIUHLOLFKRKQHVHLQHV$XIHQWKDOWHVGDVHOEVWIURK
]XZHUGHQ(UKDWWHGXUFKVHLQH+DQGHOVZHLVHQLHPDQGHQ
]XIULHGHQJHVWHOOW
'LH*HULFKWH]RJHQLKQYRULKU)RUXPXQGWUDIHQHUQVWOLFK$QVWDOW
LKQDOVHLQHQ'XHOODQWHQ)ULHGHQVEUHFKHUXQG5DXIEROG]X
EHVWUDIHQZlKUHQGLKPXPJHNHKUWGLH%HY|ONHUXQJLQVRQGHUKHLW
DEHUGLHYRUQHKPH:HOWHLQHQ9RUZXUIGDUDXVPDFKWHQLFKW
UDXIEROGLJJHQXJYLHOPHKUYLHO]XVFKZDFKXQGlQJVWOLFK
JHZHVHQ]XVHLQ(UOLWWXQWHUMHGHPGLHVHU9RUZUIH]XPDOXQWHU
GHP]ZHLWHQXQGGLHGLHVHU=HLWDQJHK|ULJHQDQVHLQHQ9DWHU
JHULFKWHWHQ%ULHIHJHEHQ=HXJQLVYRQHLQHUJHZLVVHQ
1LHGHUJHVFKODJHQKHLW,FKIDKUHIRUWLQ 0LWWHLOXQJGLHVHU%ULHIH
%HUOLQ-XOL
0HLQKRFKJHHKUWHU+HUU9DWHU,QPHLQHPOHW]WHQDXV%DUXWK
GDWLHUWHQ%ULHIHKDWWLFKEHUHLWVGLH(KUH,KQHQEHUPHLQ'XHOO
PLW0U (OOLRWXQGGDUDQDQVFKOLHHQGEHUPHLQH*HIDQJHQVFKDIW
LQGHPNOHLQHQVlFKVLVFKHQ6WlGWFKHQ]XEHULFKWHQ*HVWDWWHQ6LH
PLULQGLHVHP%HULFKWHIRUW]XIDKUHQ,FKYHUVXFKWHMHGHV0LWWHOLQ
'UHVGHQPHLQH)UHLODVVXQJ]XEHZLUNHQDEHUPDQDQWZRUWHWH
PLUGDPDQWURW]GHVEHVWHQ:LOOHQVQLFKWVlQGHUQRGHU
EHVFKOHXQLJHQN|QQHGDGHU.XUIUVWVHOEVWQLFKWGDV5HFKW
KDEHGHP*DQJHGHU-XVWL]YRU]XJUHLIHQ(LQHP6FKUHLEHQ
XQVHUHV*HVDQGWHQNRQQWLFKHQWQHKPHQGDHVGDVEHVWHVHLQ
ZUGH%HJQDGLJXQJQDFK]XVXFKHQZLOOVDJHQ3DUGRQLHUXQJXP
*HOG,FKEHUOHJWHPLUGDPDQPLFKLQMHQHP/DQGHQDFK
:LOONUWD[LHUHQXQGPHLQH%HJQDGLJXQJDXIHWZD 'XNDWHQ
IHVWVHW]HQZUGH'DVZDUPLU]XKRFKXQGGDPLFKDXFK+HUU
YRQ+HUW]EHUJXPHEHQGLHVH=HLWZLVVHQOLHHUUDWHPLUPLFK
DQGHUZHLWLJDXVGHU6DFKHKHUDXV]X]LHKQVREHVFKORLFK
)OXFKW

(LQ'RSSHOSRVWHQKDWWHPLFK]XEHZDFKHQLQGHVVHQZDUPLUXP
PHLQHU*HVXQGKHLWZLOOHQJHVWDWWHWZRUGHQLQHLQHU$XVGHKQXQJ
YRQHWZDKXQGHUW6FKULWWYRUGHP+DXVH]XSURPHQLHUHQ,FK
EHQXW]WHGLHVDOV0LWWHOPLFK]XEHIUHLHQLQVWUXLHUWHPHLQHQ
lQJVWOLFKHQDEHUGXUFKDXVYHUVWlQGLJHQXQG]XYHUOlVVLJHQ
'LHQHUXQGOLHLKQDOVHUJHQDXZXWHZDV]XWXQZDU
DEUHLVHQ$PDQGHUQ7DJIQI8KUIUKHUVFKLHQHQGHQQDXFK
]ZHLEHULWWHQH/HXWHYRUGHU6WDGWMHGHUQRFKPLWHLQHP
+DQGSIHUGHQHEHQ VLFKXQGJDEHQVLFKZlKUHQGVLHUXKLJ
HLQULWWHQGDV$QVHKHQDOVREVLHGLH+DXSWVWUDHGHU6WDGWXQG
EHLGHU*HOHJHQKHLWPHLQH:RKQXQJSDVVLHUHQZROOWHQLQ
GHPVHOEHQ$XJHQEOLFNDEHUZRVLHELVGLFKWKHUDQZDUHQ
VFKZDQJHQZLUXQV.RSSLXQGLFKKLQDXIXQGMDJWHQDXIGDV7RU
]X'LH6WUDHZDUVHKUODQJXQGHKHZLUGHQ$XVJDQJHUUHLFKHQ
NRQQWHQVDKHQZLUVFKRQGDPDQ0LHQHPDFKWHGDV*DWWHU
YRQREHQKHUKHUDE]XODVVHQ-HW]WJDOWHV(LO$XIGLH*HIDKUKLQ
PLUGHQ.RSIHLQ]XVFKODJHQSUHVFKWLFKGXUFK.RSSLPLUQDFK
XQGQXUXQVHUH]ZHL/HXWHGLHGHQUHFKWHQ$XJHQEOLFN
YHUVlXPWHQZXUGHQJHIDQJHQJHQRPPHQ6LQGEULJHQV
LQ]ZLVFKHQDXI5HNODPDWLRQXQVHUHU%HK|UGHQZLHGHULQ)UHLKHLW
JHVHW]WZRUGHQ8QVHUH)OXFKWZDUDOVRJHJOFNW
,FKZDQGWHPLFK QXQPHKUYRQ%DUXWKDXVGLUHNWQDFK%ULW]ZR
PLU+HUUYRQ+HUW]EHUJHLQYRUOlXILJHV$V\O]XJHVLFKHUWKDWWH
'DVHOEVWHUIXKULFKGHQQDXFKGDPHLQHP,QNRJQLWRDXIHQWKDOW
LQ%HUOLQDOOHU:DKUVFKHLQOLFKNHLWQDFKQLFKWVLP:HJHVWHKHQ
ZHUGHZRUDXIKLQLFKPLFKYRQ%ULW]DXVLQGLH6WDGWEHJDE
$EHUVHKU]XU8Q]HLWGDEHUHLWVDPDQGHUQ0RUJHQDXIHLQHYRQ
%DUXWKKHUDQGDV.DPPHUJHULFKWJHULFKWHWH5HTXLVLWLRQPHLQH
9HUKDIWXQJHUIROJWH%HLOlXILJHLQH'XPPKHLWLQVRZHLWGDV
.DPPHUJHULFKWGLHVHU5HTXLVLWLRQNHLQH)ROJH]XJHEHQEUDXFKWH
YLHOOHLFKWQLFKWHLQPDOGXUIWH6HFKV7DJHVSlWHUHUVWZXUGLFKDXI
)UVSUDFKHGHV+HUUQYRQ+HUW]EHUJXQGQDFKHLGOLFKHU
9HUVLFKHUXQJPHLQHUVHLWVPLFKZLHGHUVWHOOHQ]XZROOHQDXVGHU
+DIWHQWODVVHQQDFKGHPLFKDOOGLH=HLWEHULQGHU+DXVYRJWHL
JDQ]ZLH9HWWHU'RGRQDFKVHLQHP'XHOOPLW+HUUQYRQ%UHGRZ 
HLQJHVSHUUWJHZHVHQZDU=ZHL/DQGUHLWHUYRUPHLQHU7U
,FKKDWWHEHLPHLQHU+LHUKHUNXQIWZHQLJVWHQVJHKRIIWYRUHLQHP
DXVGHU'XHOOJHVFKLFKWHKHUJHOHLWHWHQ.ULPLQDOSUR]H VLFKHU]X
VHLQDEHUVHKUPLW8QUHFKWHLQVFKlQGOLFKHU.HUOGHU
*HQHUDOILVNDOKDWPLFKDXILFKZHLQLFKWZHOFKH9HUDQODVVXQJ

KLQGHQXQ]LHUWXQGVRZLUGGHQQGRFK HLQ3UR]HVWDWWILQGHQDQ
GHPLFKZLHGHUXPGDV DPPHLVWHQEHNODJHGDHUPXWPDOLFK
JURH.RVWHQYHUXUVDFKHQZLUG,QPHLQHPQlFKVWHQ%ULHIHZHUG
LFKZRKOYRQGLHVHP3UR]HVVH]XEHULFKWHQKDEHQ%LVGDKLQXQG
IULPPHULQWLHIVWHP5HVSHNW,KUHUJHEHQHUXQGJHKRUVDPHU
6RKQ*HRUJH
%HUOLQGHQ$XJXVW
0HLQKRFKYHUHKUWHU+HUU9DWHU0HLQH9HUK|UHVLQGEHHQGLJW%HL
GHU8Q]DKOYRQ=HXJHQGLHVRZRKOGLH)UVWHQEHUJHUZLHGLH
%DUXWKHU$IIDLUHJHKDEWKDWKDELFKLQEH]XJDXIGDV7DWVlFKOLFKH
QLFKWVYHUKHLPOLFKHQN|QQHQDEHULQEH]XJDXIDOOHVGDVZDV
YRUDXVJLQJKDEHLFKYLHOHVXQWHUGUFNWHQWVWHOOWXQGJHGUHKW
XPXQVUHQ6WUHLWDOVHLQ5HQFRQWUHXQGQLFKWDOVHLQ'XHOO
ZRUDXIKlUWUH6WUDIHQVWHKQ HUVFKHLQHQ]XODVVHQ,PEULJHQ
EUDXFKLFK,KQHQQLFKW]XYHUVLFKHUQPHLQKRFKJHHKUWHU+HUU
9DWHUZLHVHKUPDQEHPKWJHZHVHQLVWPLFKEHVRQGHUVEHL
%HKDQGOXQJGHVGHOLNDWHQ3XQNWVLQGLH(QJH]XWUHLEHQ
6LHKDEHQVRVFKUHLEHQ6LHPLUYRQGHQ*HUFKWHQJHK|UWGLH
EHWUHIIVPHLQHUXPJHKHQXQGYHUODQJHQ$XINOlUXQJGDUEHU
:DVPLU]XVDJHQREOLHJWLVWNXU]GDVDOOGLHVH*HUFKWHVLQG
EHJUHLIOLFKXQGHUVWDXQHQPLFKQLFKW,FKKDEHGLHVELWWLFK
UXQGKHUDXVYHUVLFKHUQ]XGUIHQ]XYLHO9HUWUDXHQXQG
(QWJHJHQNRPPHQ]XYLHOYHUV|KQOLFKHQ*HLVWXQG'HOLNDWHVVH
JH]HLJWXPDXIHLQYROOHV9HUVWlQGQLVPHLQHU+DQGHOVZHLVH
UHFKQHQ]XN|QQHQ$PZHQLJVWHQEHLGHPJURHQ+DXIHQ,FK
EHJHJQHKLHUWDJWlJOLFK3HUVRQHQDXFK*HELOGHWHQGLHPLULKUH
9HUZXQGHUXQJGDUEHUDXVGUFNHQGDLFKDXVPHLQHU
)UVWHQEHUJHU6LWXDWLRQQLFKWJU|HUHQ9RUWHLOJH]RJHQXQGGLH
PLUJQVWLJJHVLQQWH%HY|ONHUXQJQLFKWHLQIDFK]XP$QJULIIJHJHQ
(OOLRWDQJHUHJWKDEH:RKODQVRYLHOLVWJHZLGDLFKEHL
VROFKHP9HUIDKUHQLQPHLQHPYROOHQ5HFKWJHZHVHQZlUH'RFK
ODJHVPLUIHUQPHLQ5HFKWLQVROFKHU$XVGHKQXQJEHQ]X
ZROOHQ:LHGHUDQGHUHEHJUHLIHQQLFKWXQGWDGHOQPLFKELWWHU
HLQHPVROFKHQ*HJQHUGLHYRQLKPVRVHKUJHZQVFKWH
(UNOlUXQJXQGLQHEHQGLHVHU(UNOlUXQJGLH9HU]HLKXQJIUDOO
VHLQH7ROOKHLWHQJHJHEHQ]XKDEHQ8QGDOOHVROFKH9RUZUIHPX
LFKUXKLJKLQQHKPHQ(VJLEWHEHQZHQLJ3HUVRQHQGLHYRQ
*HQHURVLWlWHLQH9RUVWHOOXQJKDEHQXQGVLFKNODUPDFKHQGDHLQ

(KUHQKDQGHOHWZDVDQGHUHVLVWXQGHLQHUDQGHUQ%HXUWHLOXQJ
XQWHUOLHJWDOVHLQ=LYLO XQG.ULPLQDOSUR]H(LQHQRFKJHULQJHUH
=DKOYRQ0HQVFKHQHUZlJWGLH0DFKWGHV0RPHQWVXQGZLH VHKU
GHU0RPHQWDQJHWDQZDUPLFKZHQLJVWHQVYRUEHUJHKHQG
]XJXQVWHQ(OOLRWV]XVWLPPHQ(UVFKRLQGLH/XIWVWDWWDXIPLFK
XQGGDVDOOHVQDFKGHPHUPLUHLQH0LQXWH]XYRULQ*HJHQZDUW
PHLQHV6HNXQGDQWHQHUNOlUWKDWWHGDHUZHQQLFKLKQQLFKW
UHKDELOLWLHUWHVLFKVHOEHUHLQH.XJHOGXUFKGHQ.RSIMDJHQ
PVVH
'DQHEHQIUHLOLFKPHLQWHXUHU+HUU9DWHUVROOQLFKWEHVWULWWHQ
VHLQGDLP/DXIHGLHVHU$QJHOHJHQKHLWDXFKPHLQHUVHLWV
DOOHUKDQG8QNOXJKHLWHQXQG8QYRUVLFKWLJNHLWHQEHJDQJHQZXUGHQ
8QYRUVLFKWLJNHLWHQGLHJHZL]XWDGHOQVLQGDEHUXQWHU
JHZ|KQOLFKHQ9HUKlOWQLVVHQMHGHQIDOOVPLQGHUWDGHOQVZHUW
HUVFKHLQHQZUGHQ,FKKDWWHQXUYRQ$QIDQJDQGDV8QJOFNLQ
GLHVHP(KUHQKDQGHOPLWHLQHP0HQVFKHQHQJDJLHUW]XVHLQGHU
VFKRQYRQ1DWXUHLQ1DUUEHLMHGHPDXVEUHFKHQGHQ6WUHLWHLQ
9HUUFNWHUHLQ7REVFKWLJHUZLUG
,FKKRIIHPHLQWHXUHU9DWHUGDGLHVGHUOHW]WH.XPPHULVWGHQ
LFK,KQHQEHUHLWHWKDEH:HQQLFK,KQHQZLHGHUVFKUHLEHVRZLUG
HVJHVFKHKHQXP,KQHQHLQHQ3ODQYRU]XOHJHQGHUGHQNHLFK
,KUH=XVWLPPXQJILQGHQVROO,FKELWWHQXUHLQJDQ]NOHLQZHQLJ
PHLQHP8UWHLOXQGPHLQHUUXKLJHQhEHUOHJXQJYHUWUDXHQXQGHLQ
IUDOOHPDOGDYRQDXVJHKHQ]XZROOHQGDPHLQHUVHLWVQLFKWV
JHVFKHKHQZLUGZDV,KUHRGHUPHLQH(KUH]XNRPSURPLWWLHUHQ
LPVWDQGHZlUH,KUHUJHEHQHUXQGJHKRUVDPHU6RKQ*HRUJH

.DSLWHO

'LH.UDXWHQWRFKWHUZLUGLQ]ZHLWHU
KHLPOLFKHU (KH%DURQLQ.Q\SKDXVHQ
:HQQLFK,KQHQZLHGHUVFKUHLEHVRZLUGHVJHVFKHKHQXP
,KQHQHLQHQ3ODQYRU]XOHJHQGHUGHQNLFK,KUH=XVWLPPXQJ
ILQGHQVROOVRKLHHVDP6FKOXVVHGHV]XOHW]WPLWJHWHLOWHQ
%ULHIHVDEHUHVVFKHLQWQLFKWGDHV]X9RUOHJXQJGLHVHVRGHU
LUJHQGHLQHVDQGHUHQ3ODQHVNDP$OVGHUMXQJH)UHLKHUULQVHLQHQ
EULHIOLFKHQ0LWWHLOXQJHQIRUWIXKUZDUGDVZDVVLFKLQMHQHP
%ULHIHPHKURGHUZHQLJHUP\VWHUL|VDQJHNQGLJWKDWWHEHUHLWV
DXVJHIKUWXQGDQVWDWWHLQHU]XGLVNXWLHUHQGHQ6DFKHODJHLQIDFK
HLQH7DWVDFKHYRU'LHVH7DWVDFKHKLH(KH]ZLVFKHQ%DURQ
.Q\SKDXVHQXQG)UDXYRQ(OOLRW$P 2NWREHUKDWWHGLH
+HLUDWVWDWWJHIXQGHQLQGHVVHQ]XQlFKVWQXUKHLPOLFKXQGQDFK
JHJHQVHLWLJHPhEHUHLQNRPPHQDXFKQXUDXI9HUVXFK'HP
MXQJHQ)UHLKHUUQDEHUQDFKGHPHUGLHEHWUHIIHQGH0LWWHLOXQJ
ODQJHKLQDXVJHVFKREHQODJHVMHW]WREEHUDOOGLHVDQVHLQHQ
+HUUQ9DWHU]XEHULFKWHQ(UWDWGLHVLQHLQHPODQJHQXQGZHLW
]XUFNJUHLIHQGHQ([SRVpZHLW]XUFNJUHLIHQGGHVKDOEZHLOHU
GDV0LOLFKHVHLQHU6LWXDWLRQHLQVDKXQGVLFKYRQHLQHULP
=XVDPPHQKDQJHJHJHEHQHQKLVWRULVFKSV\FKRORJLVFKHQ
'DUVWHOOXQJDPHKHVWHQQRFKHLQHJXWH:LUNXQJDXIGDV+HU]
VHLQHVDOWHQ9DWHUVYHUVSUHFKHQPRFKWH

+RSSHQUDGH0lU]
6HLWPHLQHPOHW]WHQDQ6LHJHULFKWHWHQ%ULHIHKDEHQVLFK'LQJH
YROO]RJHQGLH6LHPHLQKRFKJHHKUWHVWHU+HUU9DWHUDXVGHP
HLQHQ8PVWDQGHVFKRQGDGLHVH=HLOHQGDV'DWXP+RSSHQUDGH
WUDJHQHUUDWHQZHUGHQ,FKKDEHPLFKQDFKGHPEHUHLWVDP
 -XQLGLH6FKHLGXQJDXVJHVSURFKHQZDUDP 2NWREHUY -
PLW)UDXYRQ(OOLRWJHERUHQHP)UlXOHLQYRQ.UDXWYHUKHLUDWHW
DEHUKHLPOLFKXQGZDVDPYHUZXQGHUOLFKVWHQHUVFKHLQHQPDJ
DXI3UREH
'LH5HLKHYRQ(UHLJQLVVHQGLH]XGLHVHP6FKULWWHIKUWHELWWLFK
,KQHQQRFKHLQPDOYRU$XJXQG6HHOHVWHOOHQ]XGUIHQ,FKZHUGH

GDEHLPDQFKHVZDVLFKVFKRQLQIUKHUHQ%ULHIHQVDJWH
ZLHGHUKROHQPVVHQDEHUGLHVH:LHGHUKROXQJHQZHUGHQ NXU]
VHLQXQGNHLQHQDQGHUHQ=ZHFNYHUIROJHQDOVHLQHQ
=XVDPPHQKDQJLQPHLQHU(U]lKOXQJXQGHLQHQhEHUEOLFNEHU
GDV*HVFKHKHQHKHU]XVWHOOHQ
)UlXOHLQ&KDUORWWHYRQ.UDXW LFKQHQQHVLHPLW9RUOLHEHEHL
GLHVHPLKUHQ*HEXUWVQDPHQ ZXUGHGDQNLKUHU0XWWHUPLWNDXP
VHFK]HKQ-DKUHQHLQHP0DQQHRKQH*HLVWXQG+HU]GHP
HQJOLVFKHQ*HVDQGWHQ0U (OOLRWYHUPlKOW$XFKHUZDUMXQJ
QLFKWEHUYLHUXQG]ZDQ]LJXQGJOLFKPHKUHLQHP3DJHQDOVGHP
0LQLVWHUXQG%HYROOPlFKWLJWHQHLQHUJURHQ0DFKW'DV9HUKlOWQLV
]ZLVFKHQEHLGHQJHVWDOWHWHVLFKEDOGVRZLHVLFK
VHUZDUWHQOLH
XQGZLHVLFK
VEHUDOOJHVWDOWHQZLUGZRVLFKHLQ.LQGPLWHLQHP
1DUUHQYHUKHLUDWHW,QGLVNUHWHUDOVLUJHQGZHUGHQLFKLQPHLQHP
/HEHQNHQQHQJHOHUQWKDEHJHILHOHUVLFKGDULQDXIVHLQHU
UHJHOPlLJHQ9RUPLWWDJVWRXUQpHKlXVOLFKH6]HQHQXQGHKHOLFKH
*HKHLPQLVVHYRUDOOHU:HOWDXV]XNUDPHQ'DEHLNDPHVLKPDXI
GLHVFKUHLHQGVWHQ:LGHUVSUFKHQLFKWDQXQGZHQQHUKHXWH
VHLQH)UDX DQGHQ3UDQJHUJHVWHOOWKDWWHNRQQWHPDQVLFKHUVHLQ
VLHPRUJHQYRQLKPLQGHQ+LPPHOHUKREHQ]XVHKHQ
'D]ZLVFKHQILHOHQ$QGHXWXQJHQGDVHLQH)UDXJHVW|UWVHLXQG
]XPPLQGHVWHQGHUhEHUZDFKXQJYLHOOHLFKWVRJDUHLQHU
JHOHJHQWOLFKHQ,QWHUQLHUXQJEHGUIH+LQWHUbXHUXQJHQZLH
GLHVHGHUHQ8QEHUHFKWLJWKHLW(OOLRWVHOEVWDPEHVWHQNDQQWH
VWDQGEULJHQVQLFKWHUVRQGHUQGLH0XWWHUGHUMXQJHQ)UDXGLH
PHKUHUZlKQWH0DGDPHGH9HUHOVWHLQKRFKPWLJHVYRQHLQHP
XQVLQQLJHQ9HUODQJHQQDFK0DFKWXQG%HVLW]EHKHUUVFKWHV:HLE
GDVQXUGHQHLQHQ:XQVFKNDQQWHGLHOHLEOLFKH7RFKWHULKU
HLQ]LJHV.LQGXQWHU.XUDWHOJHVWHOOWRGHUHLQJHVSHUUW RGHU
PLQGHVWHQVDQHLQHQHQWIHUQWHQ3XQNWGHU(UGHYHUVFKODJHQ]X
VHKHQDOOHVQXUXPGDV9HUP|JHQGLHVHU7RFKWHUYHUZDOWHQGDV
KHLWDOVRHEHQGLHV9HUP|JHQVLFKXQGLKUHP+HUUVFKHUJHOVW
GLHQVWEDUPDFKHQ]XN|QQHQ(VEHVWDQG]XGLHVHP=ZHFNHLQ
YROOVWlQGLJHV.RPSORWW]ZLVFKHQ6FKZLHJHUPXWWHUXQG
6FKZLHJHUVRKQXQGJLSIHOWH]XQlFKVWLQ+HUDXIEHVFKZ|UXQJHLQHV
|IIHQWOLFKHQ6NDQGDOVXPDQHEHQGLHVHPGLHJHLVWLJH*HVW|UWKHLW
RGHUGRFKZHQLJVWHQVGLHYHUGRUEHQH0RUDOGHU7RFKWHU
GHPRQVWULHUHQ]XN|QQHQ(VZXUGHGLHVDOOHVDXFKZLUNOLFK
LQV]HQLHUWXQGOLHIDXIHLQDQJHGLFKWHWHVDEVROXWOlFKHUOLFKHV
/LHEHVYHUKlOWQLVKLQDXVGDVGLHMXQJH)UDX]XGHPDOWHQ
KROOlQGLVFKHQ*HVDQGWHQXQWHUKDOWHQKDEHQVROOWH6LHZLVVHQ

GDYRQPHLQWHXUHUXQGKRFKJHHKUWHU+HUU9DWHULQGHPLFKPLFK
HQWVLQQHJHUDGEHUGLHVHQ3XQNWDXVIKUOLFKHUDQ6LH
JHVFKULHEHQ]XKDEHQ(VZDUGLHVXPGLH=HLWDOVLFKYRQ
2VWIULHVODQGQDFK5KHLQVEHUJ]XUFNNHKUWH:DVLFKKLHU DP+RIH
GHV3ULQ]HQVDKHPS|UWHPLFKLFKPDFKWHPLFKDOVR]XP
9HUWHLGLJHUGHUXQJOFNOLFKHQ)UDXVSUDFKIUVLHULHWLKUXQG
HUUHJWHGDGXUFKMHQH=RUQ XQG:XWDXVEUFKHGLHZLH6LHVLFK
JWLJVWHULQQHUQZROOHQHUVW]XUJHZDOWVDPHQ:HJQDKPHGHU
3DSLHUHGDQQDEHU]XGHP)UVWHQEHUJHUhEHUIDOOXQGGHP
%DUXWKHU5HQFRQWUHIKUWHQ(LQ *XWHVQXUEHJOHLWHWHGLHVH
9RUJlQJHGLH6FKHLGXQJ ZDUGHLQJHOHLWHW
8QGKLHUPHLQWHXUHUKRFKJHHKUWHU+HUU9DWHUELWWHLFK
QXQPHKUHWZDVDXVIKUOLFKHUZHUGHQ]XGUIHQZHLOLFKLQDOOHP
)ROJHQGHQQLFKWPHKUEOR]XUHNDSLWXOLHUHQVRQGHUQDXFK1HXHV
]XVDJHQKDEHQZHUGH
'HUHUVWH6FKULWWZDUGDPDQGLHMXQJH)UDXGHP*HGDQNHQ
HLQHU6FKHLGXQJ]XJlQJOLFK]XPDFKHQVXFKWH'LHVKLHOWEHLGHQ
*HIKOHQGLHVLHKHJWHQLFKWVFKZHUXQGDOOHVZDVVLHIRUGHUWH
OLHIGDUDXIKLQDXVGDQLFKWHLQH6FKXOGLKUHUVHLWVVRQGHUQ
HLQIDFKHLQHJHJHQVHLWLJHXQEHUZLQGOLFKH$EQHLJXQJDOV*UXQG
GHU7UHQQXQJDQJHJHEHQZHUGHQP|JHZDVLKUGHQQDXFK
EHZLOOLJWZXUGH%DOGGDQDFKDEHUHUVFKUDNVLHKHIWLJDOVVLHGHQ
EHLJHEUDFKWHQ0RWLYHQHQWQHKPHQPXWHGDQLFKW
XQEHUZLQGOLFKH$EQHLJXQJVRQGHUQHLQXQHUODXEWHU
%ULHIZHFKVHOGLH6FKHLGXQJVNODJHYHUDQODWKDEH'LHMXQJH)UDX
ZLHVLFKGHQNHQOlWZROOWHJHJHQGLHVH3HUILGLHSURWHVWLHUHQ
LQGHVVHQLKUQHEHQKHUDXFKQRFKLP6ROGHGHU*HJHQSDUWHL
VWHKHQGHU$QZDOWJDELKU]XYHUVWHKHQGDHVPLWGHU
XQEHUZLQGOLFKHQ$EQHLJXQJLPPHUHLQPLOLFKHV'LQJVHL
MHGHQIDOOVDEHU]HLWUDXEHQGXQGGDHVNHLQEHVVHUHV0LWWHOIU
VLHJlEHGLH6FKHLGXQJUDVFKGXUFK]XVHW]HQDOVGDV
=XJHVWlQGQLVHLQHQVROFKHQXQHUODXEWHQ%ULHIZHFKVHOJHIKUW]X
KDEHQhEULJHQVZXUGHLKUDXVGLHVHP=XJHVWlQGQLVNHLQZHLWHUHU
6FKDGHQHUZDFKVHQHVKDQGOHVLFKHLQIDFKXP$QHUNHQQXQJGHU
7DWVDFKH6RKDOEEHVFKZDW]WXQGKDOELQGLH(QJHJHWULHEHQ
JDEGLHJHlQJVWLJWHIUHLOLFK]XJOHLFKDXFKYRQHLQHPlXHUVWHQ
9HUODQJHQQDFK6FKHLGXQJHUIOOWH)UDXQDFKQDFKGHPPDQLKU
QRFKGLH=XVDW]ZRUWH]XJHVWDQGHQKDWWHGDVLHVLFKLQIROJH
YRQ(LIHUVFKWHOHLHQLKUHV*DWWHQXQGHLQHVMHGHQDQGHUHQ
9HUNHKUVEHUDXEWLQJHZLVVHP6LQQHJH]ZXQJHQJHVHKHQKDEH

PLWEHIUHXQGHWHQ3HUVRQHQZHQLJVWHQVHLQH.RUUHVSRQGHQ]]X
IKUHQ2EGLHVHULKU]XEHZLOOLJWH6DW]LQGHU)ROJHZLUNOLFK
DXIJHQRPPHQZRUGHQLVWKDELFKQLFKWLQ(UIDKUXQJ EULQJHQ
N|QQHQXQGQXUHLQHVPHLQWHXUHUXQGKRFKJHHKUWHU+HUU9DWHU
P|JHKLHUQRFKVWHKHQXP,KQHQGLHVFKlQGOLFKH/LVW]X]HLJHQ
PLWGHUYRQVHLWHQ(OOLRWVXQGVHLQHUVFKZLHJHUPWWHUOLFKHQ
.RPSOLFLQLQGLHVHU$QJHOHJHQKHLWYHUIDKUHQZXUGH
'DVHLQ]LJH6FKXOGREMHNWZHQQGHQQVFKRQYRQHLQHPVROFKHQ
GLH5HGHVHLQVROOZDUGLH.RUUHVSRQGHQ]$EHUZLHVWDQGHVPLW
GLHVHU"(VZDUHQHLQIDFKH%ULHIHZLHVLH]ZLVFKHQ)UHXQGHQXQG
%HNDQQWHQJHZHFKVHOW]XZHUGHQSIOHJHQXQGGLHZHQLJHQDXV
GHQHQYLHOOHLFKWHWZDVLQJHVHW]OLFKHP6LQQH6WUDIIlOOLJHV
KHUJHOHLWHWZHUGHQNRQQWHZDUHQXQXQWHU]HLFKQHW,QGHU7DW
QLHPDQGPHKUDOV(OOLRWVHOEVWZDUYRQGHUDXIRQGDEVROXWHQ
%HGHXWXQJVORVLJNHLWGLHVHVDQJHEOLFKHQ6FKXOGPDWHULDOV
EHU]HXJW$EHUZDVGHPVHOEHQDQ ZLUNOLFKHU 6FKXOGIHKOWHGDPLW
PXWHVNQVWOLFK DXVJHVWDWWHWZHUGHQXQGVRWUXJGHQQ(OOLRW
HLQHEHVWlQGLJH6RUJHGDGLHVRJHQDQQWH
6FKXOGNRUUHVSRQGHQ]LPPHUQXUDOVHLQPLWYLHOHQ
*HULFKWVVLHJHOQDXVJHVWDWWHWHV5LHVHQNRQYROXWHUVFKLHQDXI
GHVVHQgIIQXQJXQG%HIUDJXQJHUDXV$QVWDQGVJHIKOXQG]DUWHU
5FNVLFKWJHJHQVHLQH)UDX]XYHU]LFKWHQYRUJDE,Q:DKUKHLW
DEHUODJHVVRGDGDVJH|IIQHWH .RQYROXWJDUQLFKWVEHZLHVHQ
KDEHQZUGHZlKUHQGHVPLWVHLQHQVLHEHQ6LHJHOQHLQJURHV
*HKHLPQLVGDUVWHOOWHGDV]XOIWHQXQG]XU.HQQWQLVYRQDOOHU
:HOW]XEULQJHQLP,QWHUHVVHGHU*HVHOOVFKDIWXQGGHU6LWWOLFKNHLW
DPEHVWHQXQWHUEOLHEH6LHKDEHQKLHULQHLQ0XVWHUEHLVSLHOZLH
YHUVFKODJHQPDQYHUIXKU8QGGDVDOOHVXPQLFKWVZHLWHUDOVXP
HLQSDDU'XW]HQG%ULHIHZLOOHQLQGHQHQLFKHLQHJHTXlOWH)UDX
JHZDUQWXQGLKU]XU%HNlPSIXQJLKUHU*HJQHUHLQSDDU
5DWVFKOlJHJHJHEHQKDWWH
-DGDVZDUDOOHV8QGGRFKPXLFKLQGLHVHP$XJHQEOLFNHVHOEHU
DXVUXIHQ2KGLHVHOHLGLJH.RUUHVSRQGHQ]'HQQVRZHQLJVLH
QDFKGHU6HLWHZLUNOLFKHU6FKXOGKLQEHGHXWHWVRYLHOEHGHXWHWVLH
JHVHW]OLFKXQGOHLGHUDXFKSUDNWLVFK$XVVFKOLHOLFKDXIGLHVH
]XJHVWDQGHQH.RUUHVSRQGHQ]KLQKHLWHVMHW]WLQGHP
6FKHLGXQJVXUWHLOGDVLFKGLHJHVHW]OLFK*HVFKLHGHQHRKQH
YRUJlQJLJHQ 'LVSHQVQLFKWZLHGHUYHUKHLUDWHQGUIHHLQH
.ODXVHOGLHKXQGHUW8QJHOHJHQKHLWHQLP*HIROJHKDW$OOHUOHL
6FKULWWHVLQGIUHLOLFKVFKRQJHVFKHKHQXQGJHVFKHKHQQRFKXP

GLHVH.ODXVHODXVGHP8UWHLOHKHUDXV]XVFKDIIHQDEHUYHUJHEOLFK
YHUJHEOLFKZHQLJVWHQVELV]XGLHVHP=HLWSXQNWHZREHLJHVDJW
ZHUGHQPXGDGLHVH6FKULWWHVHKUZDKUVFKHLQOLFKHLQHP
JHULQJHUHQ:LGHUVWDQGHEHJHJQHWVHLQZUGHQZHQQVLFKGLH
GXUFK0DGGH9HUHOVWLQV]HQLHUWH)DPLOLHQNDEDOHQLFKWELVLQGLH
*HULFKWVK|IHKLQHLQIRUWVHW]WH:DV]XU3DUWHLGLHVHU'DPH
JHK|UWKDWHLQIUDOOHPDOHLQHQ7UXPSIGDUDXIJHVHW]WPLFK
ZHQLJVWHQVLQPHLQHQ3OlQHQXQG:QVFKHQVFKHLWHUQ]XVHKHQ
LQ3OlQHQXQG:QVFKHQGLHPDQGDUDXI]XUFNIKUW LFKGDUI
VDJHQW|ULFKWHUZHLVH GDPLUPHKUDQGHP%HVLW]HLQHUJURHQ
(UEVFKDIWDOVDQGHP%HVLW]HLQHUVFK|QHQXQGOLHEHQVZUGLJHQ
)UDXJHOHJHQVHL-HGHUEHXUWHLOWHEHQDQGHUHQDFKVLFKVHOEVWXQG
VXFKWKLQWHUGHU7UKLQWHUGHUHUVHOEHUJHVWDQGHQ
(UEVFKDIW,FKZHLQLFKWRELFK,KQHQIUKHUVFKRQEHUGLHVHQ
(UEVFKDIWVSXQNWJHVFKULHEHQKDEHIDVWEH]ZHLIOLFKHV6R
JHVWDWWHQ6LHPLUGHQQHLQLJHNXU]H1RWL]HQGLHYLHOOHLFKWHLQ
,QWHUHVVHIU6LHKDEHQZHUGHQ
'DV(UEHXPGDVHVVLFKLQGHQ+RIIQXQJHQXQG%HIUFKWXQJHQ
VRYLHOHU3HUVRQHQKDQGHOWLVWGLHVRJHQDQQWH/|ZHQEHUJVFKH
+HUUVFKDIWHLQ.RPSOH[YRQ*WHUQXQWHUGHQHQ/|ZHQEHUJXQG
+RSSHQUDGHGLHEHGHXWHQGVWHQVLQG1XQGLHVH/|ZHQEHUJVFKH
+HUUVFKDIWLVW]XU=HLWHLQ%UHGRZVFKHU %HVLW]XQGZXUGHGXUFK
GHQYHUVWRUEHQHQ3URSVWYRQ%UHGRZLQVRQGHUKHLWDEHUGXUFK
GDV9HUP|JHQGHUUHLFKHQ*HPDKOLQGHVVHOEHQHLQHU6FKZHVWHU
GHV+RIPDUVFKDOOVYRQ.UDXWHUZRUEHQ6LHHUVHKHQKLHUDXV
XQVFKZHUDXIZHOFKH9HUZDQGWVFKDIWVJUDGHKLQGDV(UEHYRQ
VHLWHQGHU7RFKWHU GHV+RIPDUVFKDOOVHLQVWDQJHWUHWHQZHUGHQ
ZLUG
,FKELWWHMHGRFKGLHVHUDOOJHPHLQHQ1RWL]DXFKQRFKHLQLJHV
%HVRQGHUHKLQ]XIJHQ]XGUIHQXP6LHKRFKJHHKUWHU+HUU
9DWHUEHVWLPPWHULQGLHVHU6DFKHVHKHQ]XODVVHQ$XVGHU(KH
GHVGRPSU|SVWOLFK%UHGRZVFKHQ3DDUHVZXUGHQLPHUVWHQ9LHUWHO
GLHVHV-DKUKXQGHUWV]ZHL6|KQHJHERUHQXQWHUGLHVLFKXQWHU
JHZ|KQOLFKHQ9HUKlOWQLVVHQGHUJURH%HVLW]JHWHLOWKDEHQ
ZUGH%HLGH%UGHULQGHVILHOHQLQ.UDQNKHLWLKUH.UDQNKHLW
ZXUGH*HLVWHVJHVW|UWKHLWXQGDOVGLH'RPSU|SVWLQ LKU*DWWHZDU
YRU LKU JHVWRUEHQ LQGLH-DKUHJHNRPPHQXQGLKUHV$EOHEHQV
JHZlUWLJZDUVDKVLHVLFKJH]ZXQJHQPLWGHU7DWVDFKH]ZHLHU
HUEXQIlKLJHU6|KQH]XUHFKQHQXQGEHUGLH.|SIHGLHVHU6|KQH

KLQZHJLQEHWUHIILKUHV9HUP|JHQV]XWHVWLHUHQ,QGHU7DWIDQG
VLFKEHLP7RGHGHU'RPSU|SVWLQHLQ7HVWDPHQWYRULQGHPHV
GHU+DXSWVDFKHQDFKKLHGDEHL/HE]HLWHQLKUHU]ZHL
JHLVWHVJHVW|UWHQ6|KQHGLH/|ZHQEHUJHU+HUUVFKDIWXQWHU
EHVWLPPWHQ0RGDOLWlWHQYHUZDOWHWQDFKGHP+LQVFKHLGHQGLHVHU
]ZHL6|KQHMHGRFKGHUJHVDPWH%HVLW]DQLKUHQ%UXGHUGHQ
+RIPDUVFKDOOYRQ.UDXWHYHQWXHOODQGLH'HV]HQGHQ]HEHQGLHVHV
%UXGHUVEHUJHKHQVROOH'LH'HV]HQGHQ]GLHVHV%UXGHUVDEHU
ZLHVFKRQYRUVWHKHQGKHUYRUJHKREHQLVWGDVHKHPDOLJH)UlXOHLQ
&KDUORWWHYRQ.UDXWJHVFKLHGHQH)UDXYRQ(OOLRWVHLW 2NWREHU
Y -PLULQKHLPOLFKHU(KHYHUPlKOW
,PEULJHQEOHLEWHV]ZHLIHOKDIWREGLH.UDXWHQWRFKWHUZLHVLH
GHU9RONVPXQG]XQHQQHQSIOHJWGDV(UEHGDVVRYLHOYRQVLFK
UHGHQPDFKWDQWUHWHQXQGZHQQDQWUHWHQDXFKEHKDXSWHQZLUG
,QGLHVHP$XJHQEOLFNHQlPOLFKOHEHQQRFKGLHEHLGHQ
JHLVWHVJHVW|UWHQ6|KQHGHU'RPSU|SVWLQXQGYHUWDJHQGXUFKLKU
HLQIDFKHV1RFKDP/HEHQ6HLQGHQ$XVWUDJHLQHUNRPSOL]LHUWHQ
(UEVFKDIWVIUDJHYRQGHP0RPHQWDQDEHUZRGHU7RGGHUVHOEHQ
HUIROJHQXQGGDV]XJXQVWHQGHU)DPLOLH.UDXWDEJHIDWH
7HVWDPHQWLQ.UDIWWUHWHQZLUGZLUGDOOHU:DKUVFKHLQOLFKNHLWQDFK
JHJHQHEHQGLHV7HVWDPHQWHLQ3URWHVWHUKREHQXQGGLH
5HFKWVJLOWLJNHLWGHVVHOEHQLFKODVVHGDKLQJHVWHOOWVHLQREPLW
*UXQGRGHU8QJUXQGYRQVHLWHQGHU%UHGRZVFKHQ)DPLOLH
EHVWULWWHQZHUGHQhEHUGLHVHGLIIL]LOHQ3XQNWHMHGRFKZLOOLFK
PLFKKHXWHQLFKWZHLWHUYHUEUHLWHQ'D]XZLUG*HOHJHQKHLWVHLQ
ZHQQMHQHU=HLWSXQNWHLQJHWUHWHQVHLQZLUGYRQGHPLFKNDXP
ZHLRELFKLKQPHKUZQVFKHQRGHUIUFKWHQVROO
1XUEHUGHQ:HUWGLHVHV(UEHVGHVVHQ(LQNQIWHODXW
7HVWDPHQWVFKRQMHW]W]XZHLWDXVJU|UHP7HLOHGHU.UDXWVFKHQ
(UEWRFKWHUDOVRPHLQHUPLUKHLPOLFKDQJHWUDXWHQ*HPDKOLQ
]XIOLHHQELWWLFKQRFKHLQLJHVVDJHQ]XGUIHQ'HU
:LUWVFKDIWVHUWUDJHUUHLFKWHWZDGLH+|KHYRQ  7DOHULQ
ZHOFKH6XPPHGLH)RUVWHUWUlJHPLWHLQJHUHFKQHWVLQG0HLQH
*HPDKOLQLQLKUHU(UEWRFKWHU(LJHQVFKDIWJHQLHWDXHUGHPGDV
:RKQXQJVUHFKWLQ+RSSHQUDGH VRZLHGDV5HFKWHLQHUIUHLHQ
:RKQXQJLP%UHGRZVFKHQ+DXVH]X%HUOLQ (VPXGDEHL
EHPHUNWZHUGHQGDGLHJHJHQZlUWLJH.XUDWRUHQZLUWVFKDIWHLQH
5lXEHUZLUWVFKDIWLVWXQGGDVLFKGLH]XU=HLWYHUKlOWQLVPlLJ
JHULQJHQ(UWUlJHEHLVHOEVWlQGLJHUXQGEHVVHUHU$GPLQLVWUDWLRQ
OHLFKWYHUGRSSHOQODVVHQZHUGHQ

+LHUPHLQWHXUHUXQGKRFKYHUHKUWHU9DWHUKDEHQ6LHVRZHLW
PHLQH.HQQWQLVXQG(LQVLFKWUHLFKWHLQ%LOGGHU/DJH/DVVHQ6LH
PLFKKLQ]XIJHQGDLFKEHJUQGHWH+RIIQXQJKDEHGHQ
HLQJDQJVHUZlKQWHQN|QLJOLFKHQ'LVSHQVDOOHU:LGHUVDFKHUHL]XP
7URW]EHUNXU]RGHUODQJHLQWUHIIHQ]XVHKQ ,FKVHKQHPLFK
GDQDFKZHLOLFKGLHVHU+HLPOLFKNHLWHQPGHELQXQGHLQ
KHU]OLFKHV9HUODQJHQWUDJHGLHGLHYRUGHP$OWDUPHLQH)UDX
ZXUGHDXFKYRUGHU:HOWDOVVROFKHSUlVHQWLHUHQ]XN|QQHQ
8QGQXQQRFKHLQHV,FKKDEHYRUVWHKHQGPHKUIDFKDXIGLH
7DWVDFKHPHLQHUKHLPOLFKHQXQGVRJDUEORYHUVXFKVZHLV
DEJHVFKORVVHQHQ(KHKLQJHZLHVHQ(UODXEHQ6LHPLUGDLFK
,KQHQDXFKGDUEHUQRFKHLQ:RUWVDJH6LHZHUGHQPLUJODXEHQ
GDLFKIUGDV6RQGHUEDUHGDULQHLQYROOHV*HIKOKDEHMDPLU
EHZXWELQGDV/lFKHOQGHU:HOWGDGXUFKKHUDXVJHIRUGHUW]X
KDEHQ(LQH9HUKHLUDWXQJDXI3UREHKDWHWZDV5LGLNOHV$EHU
WURW]GLHVHUNODUHQ(LQVLFKWHUVFKLHQPLUHLQHVROFKH9RUVLFKW
JHERWHQ:LHODJHV]ZLVFKHQXQV")UDXYRQ(OOLRWXQGLFKKDWWHQ
]ZDUYLHOPLWHLQDQGHUYHUKDQGHOWDEHUZLUNDQQWHQXQVHLJHQWOLFK
ZHQLJ,FKIUDJWHPLFKQDFKGHP&KDUDNWHUGHU)UDXGHUHQ
%HUDWHUXQG%HVFKW]HULFKJHZHVHQXQGKDWWHNHLQHUHFKWH
$QWZRUWGDUDXI:DUVLHJXWXQGHGHORGHUZDUVLH
VQLFKW"6LH
]HLJWHPLUHLQH JURH1HLJXQJXQG$QKlQJOLFKNHLWXQGZDVPHKU
ZDUHLQHPLFKJHUDGH]XUKUHQGH%HVFKHLGHQKHLWLQEH]XJDXI
DOOHVGDVZDVLKULKUHPHLJHQHQ=XJHVWlQGQLVVHQDFKQRFK



,QHLQHPDQGHUHQ%ULHIHKHLWHVEHUGLHVHQN|QLJOLFKHQ'LVSHQV6ROOWHGHU
JHVFKLHGHQHQ)UDXYRQ(OOLRWPHLQHUPLUVHLW 2NWREHUY -KHLPOLFK
DQJHWUDXWHQ)UDXGLHVHU'LVSHQVYHUZHLJHUWZHUGHQVRZLUGVLHGHQ.|QLJ
ZLVVHQODVVHQGDGLHJDQ]H/|ZHQEHUJVFKH+HUUVFKDIWLQIROJHGLHVHU
9HUZHLJHUXQJDOOHU:DKUVFKHLQOLFKNHLWQDFKDX I0L(OOLRWEHUJHKHQDOVR
%HVLW]WXPHLQHU(QJOlQGHULQZHUGHQZLUG8QGLQGHUEHWUHIIHQGHQ(LQJDEH
ZLUGKLQ]XJHIJWZHUGHQGDGLHVQDFKDOOHPLQ(UIDKUXQJ*HEUDFKWHQDXFK
GDQQ QRFKJHVFKHKHQZLUGZHQQGLH]XU=HLWLQ(QJODQGRGHU6FKRWWODQG
OHEHQGH 0L(OOLRWVWHUEHQVROOWHGDGDVDXV6FKZLHJHUPXWWHUXQG
6FKZLHJHUVRKQEHVWHKHQGH.RPSORWWIHVWHQWVFKORVVHQLVWGDV/|ZHQEHUJHU
(UEHOLHEHUDQHLQXQWHUJHVFKREHQHVHQJOLVFKHV6WUDHQNLQGDOVDQPHLQH)UDX
JHODQJHQ]XVHKQ(VVFKHLQWEULJHQVQLFKWG DHLQVROFKHV6NULSWXP
WDWVlFKOLFKDQGHQ.|QLJJHULFKWHWZXUGHGLH9HUKlOWQLVVHPDFKWHQHV
XQQ|WLJMHGHQIDOOVDEHUZDUHVVHKUJHVFKLFNWDXIGLH1HLJXQJHQXQG
$EQHLJXQJHQGHV.|QLJVEHUHFKQHW(LQVROFKHV(UEHJOHLFKVDPDXHU/DQGHV
JHKQ]XVHKQZDULK PGHP.|QLJHLQXQHUWUlJOLFKHU*HGDQNH

IHKOHQLFKWVGHVWRZHQLJHUEOLHELFKLQ=ZHLIHOREQLFKWGHU(LQIOX
GHU0XWWHUXQGYRUDOOHPGDVPHKUMlKULJH=XVDPPHQOHEHQPLW
HLQHPHLWOHQREHUIOlFKOLFKHQXQGWRWDOGHSUDYLHUWHQ1DUUHQLKUHLQ
IUDOOHPDOHLQH5LFKWXQJDXIGDV1LHGHUHKLQJHJHEHQKDEH
%UDXFKLFK,KQHQ]XYHUVLFKHUQPHLQWHXUHUXQGKRFKJHHKUWHU
+HUU9DWHUGDLFKLQPHLQHP+HU]HQ DOOHGLHVH=ZHLIHOPLW
HLQHP1HLQEHDQWZRUWHWH'HQQRFKIHKOWHPLU*HZLKHLW
*HZLKHLWGLHPLUVRQ|WLJHUVFKLHQXQGVRNDPHQZLUGHQQ
EHLGHUVHLWVEHUHLQXQVHUH9HUKHLUDWXQJQLFKWEORHLQH
KHLPOLFKHVRQGHUQ]XJOHLFKDXFKHLQHEORH9HUVXFKVHKH VHLQ]X
ODVVHQ(VZXUGHVWLSXOLHUWGDZLUZHQQZLUQDFKHLQHU
EHVWLPPWHQ=HLWGHQ9HUVXFKDOVJHVFKHLWHUWEHWUDFKWHQPWHQ
LQDOOHU6WLOOHZLHGHUXPXQVWUHQQHQZROOWHQHLQ:HJGHUXPVR
OHLFKWHU]XEHVFKUHLWHQVHLDOVGHQ*HULFKWHQQLFKWREOLHJHQ
N|QQH9HUWUlJHZLHGHUDXI]XKHEHQGLHGLH=XVWLPPXQJGHU
/DQGHVJHVHW]HQRFKJDUQLFKWHPSIDQJHQKlWWHQ
'LHVHU$UWZDUGDVhEHUHLQNRPPHQGDVZLUXQPLWWHOEDUQDFK
XQVHUHU7UDXXQJWUDIHQ
'LH=HLWGLHVHLWGHPYHUJDQJHQLVWKDWPLFKLQPHLQHU/LHEH
EHVWlUNWXQGDOVHQGOLFKHV5HVXOWDWHUJHEHQGDLFK6LHKLHUPLW
PHLQWHXUHUXQGKRFKYHUHKUWHU+HUU9DWHUXP,KUH=XVWLPPXQJ
XQG,KUHQ6HJHQELWWH6LHZHUGHQPLW,KUHU6FKZLHJHUWRFKWHU
]XIULHGHQVHLQHEHQVRZHUGHQPHLQH%UGHUXQG6FKZlJHULQQHQ
VLHGHV1DPHQVQLFKWXQZUGLJILQGHQGHQVLHQXQIKUHQVROO
'HVVHQELQLFKVLFKHU6LHKDWEULJHQVVHOEHUVFKUHLEHQZROOHQ
XQGZHQQHVJHVFKHKHQVROOWHVRELWWLFKLKUHP%ULHIHPLW,KUHU
VWHWVEHZLHVHQHQ1DFKVLFKWXQG*WH]XEHJHJQHQ
8QWHUGHVVHQQHKPHQ6LHGLH9HUVLFKHUXQJPHLQHUWLHIVWHQ
(KUHUELHWXQJPLWGHULFKELQ,KUJDQ]HUJHEHQHUXQGJHKRUVDPHU
6RKQ*HRUJH

.DSLWHO

'LH.UDXWHQWRFKWHUQXQPHKU%DURQLQ
.Q\SKDXVHQUHLVWQDFK/W]EXUJ(VZLUG
HLQ6RKQJHERUHQ%DURQ.Q\SKDXVHQZLUG
NUDQNXQGVWLUEW
$P-XQLKDWWHGLHPHKUHUZlKQWH6FKHLGXQJYRQ
0U (OOLRWDP 2NWREHUGHVVHOEHQ-DKUHVGLHKHLPOLFKH 7UDXXQJ
PLW%DURQ.Q\SKDXVHQ]X5RVHQWKDOLQ6DFKVHQXQGDP $SULO
XQWHU9RU]HLJXQJHLQHULQ]ZLVFKHQHLQJHWURIIHQHQ
N|QLJOLFKHQ'LVSHQVDWLRQGLH|IIHQWOLFKH 7UDXXQJPLW
OHW]WJHQDQQWHP%DURQ .VWDWWJHIXQGHQ
8QVHUH.UDXWHQWRFKWHUZDUQXQDOVR%DURQLQ.Q\SKDXVHQ
,P0DLRGHU-XQLZXUGHGHP]ZHLPDOJHWUDXWHQ3DDUHLQ6RKQ
JHERUHQ.DUO:LOKHOP7LGRXQGDEHUPDOV]ZHL0RQDWHVSlWHU
HUIROJWHGLHVHLWODQJHJHSODQWH5HLVHQDFK2VWIULHVODQGXP
GDVHOEVWGLHMXQJH6FKZLHJHUWRFKWHUGHPDOWHQ)UHLKHUUQXQGGHU
JHVDPWHQ9HUZDQGWVFKDIWYRU]XVWHOOHQ$OOHVZDV
YRUDXIJHJDQJHQZDUNRQQWHVLHGHPLQVWUHQJHU=XFKWXQG6LWWH
VWHKHQGHQ+DXVHQLFKWVRQGHUOLFKHPSIRKOHQKDEHQ
GHPXQJHDFKWHWZUGHVLHEHLGHQYLHOHQ9RU]JHQEHUGLHVLH
9HUIJXQJKDWWHGLH+HU]HQDOOHU LQVRQGHUKHLWDEHUGDVGHVDOWHQ
)UHLKHUUQXQVFKZHUJHZRQQHQKDEHQZHQQGLHVHUQLFKWDOVPDQ
HLQWUDIHLQEHUHLWVEHGHQNOLFK.UDQNHUJHZHVHQZlUH6HLQ
=XVWDQGYHUVFKOLPPHUWHVLFKUDVFKXQGYRU$EODXIGHUGULWWHQ
:RFKHVWDUEHU'DVZDUHQGHQQQXQIUHLOLFKQLFKW=HLWHQXP
GXUFK6FK|QKHLWXQG/LHEHQVZUGLJNHLWDOWH6FKXOGHQ
TXLWW]XPDFKHQDOOHVNOHLGHWHVLFKLQ7UDXHUXQGDOVGHU(UQVWGHU
%HJUlEQLVWDJHYRUEHUZDUZDUHUQXUYRUEHUXPGHPQRFK
JU|HUHQ(UQVWHUEVFKDIWOLFKHU9HUKDQGOXQJHQ3ODW]]XPDFKHQ
(VJDEGDEHLGLHKHUN|PPOLFKHQ9HUVWLPPXQJHQHLQ3OXVYRQ
$QVSUXFKXQGHLQ0LQXVYRQ*HZlKUXQJVOXVWZDVDEHUDOOGLHVHQ
9HUVWLPPXQJHQHUVWGLHUHFKWH6FKlUIHJDEZDUHLQIDFKHLQ
5HVXOWDWGHUHLJHQWPOLFKYHUlQGHUWHQ6LWXDWLRQLQGHUPDQVLFK
GXUFKGHQ7RGHVIDOOGHV9DWHUVEHIDQG$OVHLQ%HVXFKGHUXP
1DFKVLFKW]XELWWHQKDWWHZDUGLHVFK|QHMXQJH6FKZlJHULQLQV

+DXVJHNRPPHQXQGHEHQGLHVH6FKZlJHULQGLHJHVWHUQQRFK
EHIOLVVHQJHZHVHQZDUDOOHUOHLNOHLQH+XOGLJXQJHQGDU]XEULQJHQ
HEHQGLHVHZDUEHU1DFKWLQLKUHU(LJHQVFKDIWDOV*DWWLQGHV
lOWHVWHQ6RKQHVXQGQXQPHKULJHQ&KHIVGHV+DXVHVLQGLH
YRUGHUH/LQLHJHUFNWZDUHLQH5HVSHNWVSHUVRQJHZRUGHQXQG
QLFKWPHKUGD]XGD+XOGLJXQJHQGDU]XEULQJHQVRQGHUQ
XPJHNHKUWHQWJHJHQ]XQHKPHQ(VVFKHLQWDXFKQLFKWGD
GLHVHOEHQYHUZHLJHUWZXUGHQLP*HJHQWHLODEHUGLHGLHVH
%HVXFKVWDJHEHVSUHFKHQGHQ$XI]HLFKQXQJHQGHU/W]EXUJHU
&KURQLNODVVHQGRFKVRYLHOHUNHQQHQGDXQVHUH.UDXWHQWRFKWHU
VFKOLHOLFKQLFKWXQIURKZDUDXV2VWIULHVODQGVFKHLGHQ]XN|QQHQ
XQGGDGLH6FKZlJHUXQG6FKZlJHULQQHQQRFKZHQLJHUXQIURK
ZDUHQVLHVFKHLGHQ]XVHKHQ
,P2NWREHUZDUGDVMXQJH3DDUZLHGHULQGHU0DUN]XUFN
XQGWHLOWHQXQZlKUHQGGHUQlFKVWHQ]ZHLGUHL-DKUHGHQ
$XIHQWKDOW]ZLVFKHQ%HUOLQXQG+RSSHQUDGH,Q%HUOLQEHZRKQWH
PDQGDVDXIGHU-lJHUEUFNHJHOHJHQH%UHGRZVFKH+DXVLQ
ZHOFKHPDXFKLP+HUEVWHHLQH7RFKWHUJHERUHQZXUGH
6RSKLH2ULDQH&RQVWDQ]H)ULHGHULNH'DV9HUKlOWQLV]XGHU
RVWIULHVLVFKHQ9HUZDQGWVFKDIWEOLHEDXFKEHLZLHGHUKROWHQ
%HVXFKHQGDVVHOEHZLOOVDJHQIUHXQGOLFKXQGI|UPOLFKRKQHGD
HVJHJOFNWZlUHGLH)UHXQGOLFKNHLWLQ+HU]OLFKNHLWXP]XZDQGHOQ
2EHLQ*OFNLPHLJHQHQ+DXVHGLHVDXIZRJ"(VPDJIDVW
EH]ZHLIHOWZHUGHQ:RKOZDUHVHLQHJHJHQVHLWLJH1HLJXQJ
JHZHVHQZDVVLH]XVDPPHQJHIKUWKDWWHQHEHQKHUDEHUOLHI
HLQHJURH6LQQHV XQG&KDUDNWHUYHUVFKLHGHQKHLWHUZDU
UHVHUYLHUWPLWHLQHP$QIOXJHYRQ1FKWHUQKHLWVLHVDQJXLQLVFK
PLWHLQHP$QIOXJHYRQ*HIDOOVXFKW'DV/HEHQEHL+RIHGDVLKQ
GHJRXWLHUWHKDWWHIUVLH QLFKWEOR5HL]XQG=DXEHUVRQGHUQZDU
DXFKDOOHUWUEHQSHUV|QOLFKHQ(UIDKUXQJHQXQHUDFKWHW
HLJHQWOLFKGDVZRQDFKVLHVLFKVHKQWH
6RZDUHQZRKOYRQ$QIDQJDQ'LIIHUHQ]SXQNWHJHJHEHQDEHU
P|JOLFKGDHVQLFKWVGHVWRZHQLJHU]X9HUVWlQGQLVXQG$XVJOHLFK
DXIGLHVHP*HELHWHJHNRPPHQZlUHZHQQQLFKWHLQVFKZHUHV
/HLGHQLQGDVGHU)UHLKHUUYHUILHOLKPXQGDOVEDOGDXFKVHLQHP
+DXVHMHGH/XVWXQG)UHXGLJNHLWJHQRPPHQKlWWH6FKRQ(QGH
WUDWHQ$Q]HLFKHQHLQHUEHGHQNOLFKNRPSOL]LHUWHQ.UDQNKHLW
KHUYRUHLQHU.UDQNKHLWGLHVLFK]XQlFKVWLQ7DXEKHLWXQG
KHIWLJHQ2KUHQVFKPHU]HQlXHUWH1DFKGHP5DWHGHUbU]WH

ZXUGH6SDYHUVXFKWDEHUHUIROJORVXQGGHU3DWLHQWXQWHUEUDFK
DOVEDOGVHLQH.XUXPDXIGHU5FNUHLVHGHQEHUKPWHQ
EUDXQVFKZHLJLVFKHQ/HLEDU]W5LWWHU YRQ=LPPHUPDQQ]X
NRQVXOWLHUHQGHUHLQLJH=HLWYRUKHUDXFKDQGDV6WHUEHEHWW.|QLJ
)ULHGULFKV ,,JHUXIHQZRUGHQZDU:LHNDXPJHVDJW]XZHUGHQ
EUDXFKWYHURUGQHWHGLHNRQVXOWLHUWH%HUKPWKHLWGDVZDVLQ
DXVVLFKWVORVHQ)lOOHQLPPHUYHURUGQHW]XZHUGHQSIOHJWHLQH
5HLVHQDFKGHP6GHQXQGGLHVH5HLVHVROOWHGHQQDXFKHEHQ
EHJRQQHQZHUGHQDOVGLH1DFKULFKWHLQWUDIGDGHUOHW]WH
/|ZHQEHUJHU%UHGRZJHVWRUEHQXQGGHU$XJHQEOLFNIUGHQ
$QWULWWGHVJURHQ(UEHVJHNRPPHQVHL'DVZRJGHQQIUHLOLFKVR
VFKZHUGDGLH5HLVHQ|WLJRGHUQLFKWYRUOlXILJZHQLJVWHQV
]XUFNWUHWHQPXWHGULQJHQGVWH*HVFKlIWHIRUGHUWHQWDJWlJOLFK
(UOHGLJXQJXQGGLH5HLKHMHQHU$XIUHJXQJHQXQGbUJHUQLVVH
EHJDQQGLHYRQ*XWVEHUQDKPHQXQG
(UEVFKDIWVDXVHLQDQGHUVHW]XQJHQXQ]HUWUHQQOLFK]XVHLQSIOHJHQ
XQGZRYRQGDVZDVHLQLJH-DKUHYRUKHULQ/W]EXUJJHVSLHOW
KDWWHQXUHLQ9RUVFKPDFNJHZHVHQZDU
(QGOLFKDEHUZDUDOOHVJHUHJHOWXQGGHUMHW]WLP%HVLW]HLQHU
JURHQ'RSSHOKHUUVFKDIWHLQHURVWIULHVLVFKHQXQGHLQHU
PlUNLVFKHQVWHKHQGH)UHLKHUUKlWWHVLFKIJOLFKDXIGHU+|KHGHV
/HEHQVIKOHQPVVHQ$EHUHUVWDQGQXUDQJHVLFKWVGHV7RGHV
XQGDOVHVGDV-DKUGDUDXILP6RPPHUNHLQ*HKHLPQLV
PHKUZDUZLHVFKOHFKWHVVWHKHWUDIQHEHQDQGHUHQ%HVXFKHUQ
DXFKVHLQ%UXGHU(G]DUGDXIGHP+RSSHQUDGHU6FKORHLQXP
GHQVFKZHUNUDQN'DUQLHGHUOLHJHQGHQQRFKHLQPDO]XVHKQ
(G]DUGZDUHUVFKWWHUWYRQGHP$QEOLFNXQGVFKULHEWDJVGDUDXI
LQGLH+HLPDW,FKIDQGLKQVHKUYHUlQGHUWXQGNRQQWLKQNDXP
QRFKYHUVWHKQZHLODXFKVHLQH6SUDFKRUJDQHJHOLWWHQKDEHQ
$XHUGHPDEHUKDEHQVHLQHODQJHQXQGKHIWLJHQ6FKPHU]HQLP
.RSIGD]XVHLQH6FKODIORVLJNHLWXQGGHUEHVWlQGLJH
2SLXPJHEUDXFKDXIVHLQH6HHOHQNUlIWHPHUNOLFKHLQJHZLUNWXQG
MHQHQKHOOHQXQGJOlQ]HQGHQ9HUVWDQGHLQJHVFKUlQNWPLW+LOIH
GHVVHQHUVRQVWGLHVFKZHUVWHQ%HJULIIH]XRUGQHQXQGEHUKDXSW
LP8PJDQJHPLWGHU:HOWVRKHUYRUUDJHQG]XJHIDOOHQZXWH(U
KDWQXQRIW0KHVHLQH*HGDQNHQVR]XIJHQZLHVLHVLFK
VHLQHP:XQVFKHQDFKZRKOIJHQVROOWHQXQGJHUlWGDUEHULQ
VROFKHQ8QPXWGDHUHVPHKUPDOVYRU]RJPLWWHQLP6SUHFKHQ
DE]XEUHFKHQ,FKKDEHZHQLJ+RIIQXQJDXIVHLQH
:LHGHUKHUVWHOOXQJ

,QGHU7DWHLQHVROFKH:LHGHUKHUVWHOOXQJZDUXQP|JOLFKDEHU
HLQHODQJH/HLGHQV]HLWZDULKPGRFKQLFKWVGHVWRZHQLJHUQRFK
YRUEHKDOWHQ(UZXUGHVHKUEDOGQDFKGLHVHP%HVXFKHLQHU
YRU]XQHKPHQGHQ2SHUDWLRQKDOEHUYRQ+RSSHQUDGHQDFK%HUOLQ
JHVFKDIIWLQGHVVHQPDQVWDQGKLHUYRQHLQHPFKLUXUJLVFKHQ
(LQVFKUHLWHQDEDOVPDQGDVhEHOLQVHLQHU8QKHLOEDUNHLWHUNDQQW
KDWWH(VZDU.QRFKHQIUDXQG'UVHQYHUKlUWXQJ6RNRQQWHV
VLFKQXUQRFKXPEHVWlQGLJH/LQGHUXQJHQKDQGHOQ(UEHNDP
/DXGDQXPXQG0RVFKXVgIWHUVZXUGHQGLH:RKQXQJHQ
JHZHFKVHOWXPLKQZHQLJVWHQVQDFK0|JOLFKNHLWYRU6WUDHQOlUP
]XVFKW]HQ$EHUDOOGDVHUJDEQXUHLQ+LQIULVWHQ(UZDUVR
HOHQGGDVHOEVWNHLQ)LHEHUPHKUHLQWUDWXQGDP 'H]HPEHU
HQWVFKOLHIHUXQGZXUGHGLH:RFKHGDUDXILP.UDXWVFKHQ
(UEEHJUlEQLVLQGHU1LNRODLNLUFKHEHLJHVHW]W
$XFKKLQVLFKWOLFKVHLQHV&KDUDNWHUVJHQDXVRZLHKLQVLFKWOLFKGHU
&KDUDNWHUHVHLQHU6FKZLHJHUHOWHUQDOVRGHV+RIPDUVFKDOOVYRQ
.UDXWXQGGHU*HPDKOLQGHVVHOEHQGHUVSlWHUHQ0DGDPHGH
9HUHOVWJHKHQGLH]HLWJHQ|VVLVFKHQ$XI]HLFKQXQJHQDXVHLQDQGHU
7KLpEDXOWHUZlKQWGHV%DURQVPHKUIDFK8QWHUGHQGHP3ULQ]HQ
+HLQULFKDPDXIULFKWLJVWHQHUJHEHQHQ3HUVRQHQVRVFKUHLEWHU
EHIDQGHQVLFKDXFK]ZHL%DURQH.Q\SKDXVHQYRQGHQHQGHU
HLQH%DURQ'RGRYRQ.Q\SKDXVHQOlQJHUH=HLWSUHXLVFKHU
*HVDQGWHULQ3DULVXQGGDQQLQ/RQGRQJHZHVHQZDU(UIKUWH
GHQ%HLQDPHQGHUJURH.Q\SKDXVHQRGHUGHUDOWH]XU
8QWHUVFKHLGXQJYRQHLQHPMQJHUHQ7UlJHUGHVVHOEHQLOOXVWUHQ
1DPHQVGHUHLQHUGHU.DYDOLHUHGHV5KHLQVEHUJHU+RIHVZDUXQG
/HEHDX.Q\SKDXVHQKLH(UKDWWHQLFKWQXUGHQIULVFKHVWHQ
7HLQWXQGGDVIHLQJHVFKQLWWHQVWH3URILOVRQGHUQZDUEHUKDXSW
YRQHLQHUDSROORQLVFKHQ6FK|QKHLWQXUVFKDGHGDHLQNDOWHV
VWRO]HVXQGHWZDVVWHLIOHLQHQHV:HVHQ SHXFRPSDVVp VHLQH
JURH6FK|QKHLWZLHGHULQ)UDJHVWHOOWH'LHVHU/HEHDX
.Q\SKDXVHQLVWGHUXQVULJH
7KLpEDXOWV:RUWHODXWHQQLFKWDOO]XJQVWLJXQGGHUDOVNDOWXQG
VWRO]%H]HLFKQHWHZLUGXQPDJHEOLFKVHLQH6FKZlFKHQXQG
)HKOHUJHKDEWKDEHQYLHOOHLFKWVRJDUVROFKHGLHVLFKLQGHU
*HVHOOVFKDIWVHKUIKOEDUPDFKWHQ$QGHUHUVHLWVLVWHVXQP|JOLFK
VHLQH%ULHIH]XOHVHQRKQHYRQ GHUhEHU]HXJXQJHUIOOW]X
ZHUGHQGDHUGHPJDQ]HQ5HVWGHULQGLHVHU7UDJLNRP|GLH
PLWVSLHOHQGHQ3HUVRQHQ(OOLRWDQGHU6SLW]HVHKUEHUOHJHQZDU
8QGVRZHUGHQGHQQDXFKGLHYRQVHLQHP%UXGHULQGHU

/W]EXUJHU&KURQLNEHULKQJHVFKULHEHQHQ=HLOHQVHKU
ZDKUVFKHLQOLFKGDV5LFKWLJHWUHIIHQ6LHODXWHQ(UZDUZLHYRQ
HLQHUYRU]JOLFKHQN|USHUOLFKHQ6FK|QKHLWVRJDQ]EHVRQGHUV
DXFKYRQHLQHPKHUYRUUDJHQGHQXQGPLWDOOHUOHL.HQQWQLVVHQXQG
)lKLJNHLWHQDXVJHVWDWWHWHQ9HUVWDQGH5HLVHQXQGODQJHU8PJDQJ
DQ+|IHQKDWWHQLKPGLHIHLQVWHQ8PJDQJVIRUPHQJHJHEHQGLH
GHQ9HUNHKUPLWLKPZHQLJVWHQVELV]XP(LQWULWWVHLQHU
.UDQNKHLWXQJHPHLQDQJHQHKPXQGDQ]LHKHQGPDFKWHQ
,P(LQNODQJHKLHUPLWLVWGDVZDVVLFKLP+RSSHQUDGHU
.LUFKHQEXFKH GDVEULJHQVDEZHLFKHQGYRQGHU/W]EXUJHU
&KURQLNGHQ -DQXDUDOVVHLQHQ7RGHVWDJDQJLEW EHULKQ
DXIJH]HLFKQHWILQGHW(VKHLWGDVHOEVWZ|UWOLFK$P -DQXDU
VWDUELQ%HUOLQ+HUU*HRUJ)UHLKHUUYRQ,QQXQG
.Q\SKDXVHQ0DMRUDWVKHUUGHU+HUUVFKDIW.Q\SKDXVHQLQ
2VWIULHVODQG+HUUDXI+RSSHQUDGH/|ZHQEHUJ7HVFKHQGRUI
*UQHEHUJ(UYHUILHOYRU]ZHL-DKUHQLQVFKZHUH.UDQNKHLWYRQ
GHUZLHGHU]XJHQHVHQLKPQLFKWEHVFKLHGHQZDU(UZDUHLQ
YHUQQIWLJHUXQGPHQVFKHQIUHXQGOLFKHU+HUU:HQQLKP*RWWGDV
/HEHQXQG*HVXQGKHLWJHVFKHQNWKlWWHZUGHUYLHO*XWHV DXI
GHQKLHVLJHQ*WHUQJHVWLIWHWKDEHQ
(EHQVRJQVWLJEHXUWHLOWLKQVHLQVSlWHUHU6FKZLHJHUVRKQYRQ
:ONQLW]GHUEHLGHQ]DKOUHLFKHQXQGDQGDXHUQGYRQLKP
JHIKUWHQ3UR]HVVHQ LFKNRPPHGDUDXI]XUFN DXVHLQHP
LQWHQVLYHQ$NWHQVWXGLXPGHU.Q\SKDXVHQVFKHQ=HLWDOOVHLQ
/HEWDJQLFKWKHUDXVJHNRPPHQLVW:ONQLW]VFKUHLEWEHU
.Q\SKDXVHQ(UZDUHLQWFKWLJHUXPVLFKWLJHUXQG
FKDUDNWHUIHVWHU0DQQLQEHWUHIIGHVVHQHVOHEKDIW]XEHGDXHUQ
EOHLEWGDGHU7RGLKQVRIUK]HLWLJDEULHI
$OOHUXKLJ8UWHLOHQGHQVSUHFKHQLQlKQOLFKHU:HLVHIULKQ
=XP6FKOXHUEULJWQXUQRFKHLQ:RUWEHUVHLQH'XHOODIIDLUH
PLW(OOLRW,FKKDEHEHUHLWVKHUYRUJHKREHQXQG.Q\SKDXVHQ
EHVWlWLJWHVLQVHLQHQ%ULHIHQGDVLFKGLHGDPDOLJH%HUOLQHU
*HVHOOVFKDIWXQGXQWHULKUHP(LQIOXDXFKGDVJURH3XEOLNXP
XQJOHLFKPHKUDXI(OOLRWVDOVDXI.Q\SKDXVHQV6HLWHVWHOOWHZDV
VLFKGHQQDXFK XQG]ZDUJDQ]DEJHVHKHQYRQ(OOLRWVHPLQHQWHU
%HJDEXQJDOOH:HOW Q|WLJHQIDOOVDXFKGXUFK /JHQ DXIVHLQH
6HLWH]X]LHKHQ HLQIDFKDXVGHQ7DWVDFKHQKHUDXVHUNOlUHQOlW
(OOLRWZDVLPPHUVHLQH)HKOHUVHLQPRFKWHQZDUXQGEOLHEGHU

JHNUlQNWH(KHPDQQ'DVZDUHLQV:DVLKPLQGHVVHQZHLWEHU
GLHV0DHLQHULPPHUKLQIUDJOLFKHQ7HLOQDKPHKLQDXVHLQHJDQ]
DXIULFKWLJH%HZXQGHUXQJHLQWUXJGDVZDUDOOHUJHJHQWHLOLJHQ
9HUVLFKHUXQJHQXQHUDFKWHWGHU)UVWHQEHUJHUhEHUIDOOGHU
%UXWDODNWjODPRGHG
XQDVVDVVLQ(UKDWWH.Q\SKDXVHQ]XP
'XHOOQDFK.RSHQKDJHQKLQ]LWLHUWZDUREGLHVHUVHLQHU=LWLHUXQJ
YHUVSRWWHWZRUGHQXQGHUVFKLHQQXQLQVHLQHVVlXPLJHQ*HJQHUV
:RKQXQJXPQLFKWEORGLHVHQVRQGHUQZHQQHVQ|WLJVHLQ
VROOWHGLHJDQ]H6WDGW)UVWHQEHUJ]XP.DPSIHKHUDXV]XIRUGHUQ
:DVGDULQXQJHVHW]OLFKXQGXQVLQQLJZDUEHUVDKPDQJHUQ
PDQVDKQXUGLH:DJKDOVLJNHLWXQGIUHXWHVLFKLKUHUXQGHVKlWWH
GHU*URVSUHFKHUHLHQDQGHQHQHV(OOLRWZLHJHZ|KQOLFKVRDXFK
GLHVPDOQLFKWIHKOHQOLHJDUQLFKWEHGXUIWXPLKQLQHLQHP
JOlQ]HQGHQ/LFKWHUVFKHLQHQ]XODVVHQ:HUEHUPWLJKD]DUGLHUW
XQG]XJOHLFKIUGHQQ|WLJHQ/lUPVRUJWLVWLPPHUHLQHSRSXOlUH
)LJXU8QGHLQHVROFKHZDUGHQQDXFK(OOLRWLQGLHVHUJDQ]HQ
$IIDLUH0DQV\PSDWKLVLHUWHPLWLKP
$EHUV\PSDWKLVLHUWHPDQPLW5HFKW",FKJODXEHQHLQ(VLVWGHU
+DOWXQJVHLQHV*HJQHUV.Q\SKDXVHQQXUGDQQJHUHFKW]XZHUGHQ
ZHQQPDQ(OOLRWV&KDUDNWHUEHVWlQGLJLP$XJHEHKlOW(UZDU
HLQ1DUUGHUEHLMHGHULKPSDVVHQGHUVFKHLQHQGHQ*HOHJHQKHLW
HLQ7REVFKWLJHUZXUGH6RZLUGHUJHVFKLOGHUWXQGGLHVH
6FKLOGHUXQJZLUGLPZHVHQWOLFKHQULFKWLJVHLQ 9LHOOHLFKWKlWWH
.Q\SKDXVHQDOVGLH+HUDXVIRUGHUXQJ]XP'XHOODQLKQKHUDQWUDW
EHVVHUJHWDQGLHVHU+HUDXVIRUGHUXQJ]XIROJHQXQGQDFK
.RSHQKDJHQKLQDE]XUHLVHQ(UKlWWHVHLQHP*HJQHUPLWGHQ
:RUWHQHQWJHJHQWUHWHQPVVHQ,KU%ULHIKDWPLFKJHWURIIHQ
KLHUELQLFK,FKEHNHQQHPLFKJHUQXQGPLWDOOHP1DFKGUXFN]X
MHGHP9RUZXUIHGHQ6LHPLUPDFKHQ,FKKDVVH6LH6LHKDEHQ
,KUH)UDXVFKOHFKWEHKDQGHOWZDVVDJLFKVFKOHFKWQHLQDOVHLQ
1LFKWVZUGLJHUXQGYROO(PS|UXQJGDUEHUKDELFKJHWDQZDV
LFK JHWDQ8QGQXQEHVWLPPHQ6LH=HLWXQG2UW(LQHGHUDUWLJ
IUHLH6SUHFK XQG+DQGHOZHLVHKlWWHPHLQHP*HVFKPDFNPHKU
HQWVSURFKHQKlWWHIULVFKHUHQ6LQQXQGEHVVHUHV*HZLVVHQ
JH]HLJWDEHUZHQQHLQHVROFKH6SUDFKHEHL'XUFKIHFKWXQJHLQHU
DXIGLHVHP*HELHWHOLHJHQGHQ$IIDLUHYLHOOHLFKWEHUKDXSWQLFKW
JHIRUGHUWZHUGHQNDQQVRJHZLQLFKWHLQHP(OOLRWJHJHQEHU
GHURKQHMHGH'LV]LSOLQXQG6HOEVWNRQWUROOHKHUDQJHZDFKVHQ
QLFKWEORDOOHUP|JOLFKHQ([WUDYDJDQ]HQIlKLJVRQGHUQDXFKPLW
+LOIHVHLQHUJHVDQGWVFKDIWOLFKHQ6WHOOXQJLQDOOVHLQHQ
([WUDYDJDQ]HQVRJXWZLHYRUZHJIUHLJHVSURFKHQZDU

6RZLUGVLFKGHQQEHLELOOLJHUXQGJHUHFKWHU:UGLJXQJDOOHU
9HUKlOWQLVVH GDUXQWHUDXFKGLH*HOGYHUKlOWQLVVH PLW)XJXQG
5HFKWVDJHQODVVHQGD.Q\SKDXVHQV+DOWXQJLPJURHQXQG
JDQ]HQQLFKWEORHLQHULFKWLJHVRQGHUQDXFKHLQHPXWLJHZDU
:HQQVHLQ0XWDQGUH)RUPHQKDWWHZLHGHUVHLQHV*HJQHUVVR
NDQQLKPGDUDXVNHLQ9RUZXUIJHPDFKWZHUGHQDXFKGDQQ QLFKW
ZHQQHUEHLGHP(UVFKHLQHQ(OOLRWVLQ)UVWHQEHUJXQGGHP
JOHLFK]HLWLJHUIROJHQGHQ(LQGULQJHQHLQHUJDQ]HQ5RWWH
%HZDIIQHWHUHLQHQ$XJHQEOLFNODQJYRQGHU9RUVWHOOXQJEHKHUUVFKW
JHZHVHQVHLQVROOWHGDVLVWMDHLQHYHUWHXIHOWH6LWXDWLRQXQGLFK
ZROOWLFKZlUDXVLKUKHUDXV(LQHP0DQLDFHLQHP7ROOHQ
JHJHQEHUKDWGHUEHL9HUVWDQGXQG5XKH*HEOLHEHQHQLFKWQXU
WDWVlFKOLFK DOOHPDOHLQPHKURGHUZHQLJHUEHGUFNWHVXQGVHOEVW
lQJVWOLFKHV*HIKOQHLQHUGDUI HVDXFKKDEHQ(VLVWVHLQ5HFKW
$OOHUGLQJVHLQ5HFKWGDVLKPGHUJURH+DXIHQLH]XJHVWHKHQ
ZLUGDPZHQLJVWHQDEHUGHU)ODQHOOSKLOLVWHUGHUYRQMHGHPQXU
QLFKWYRQVLFKVHOEVWHLQHQLHPGHZHUGHQGH+HOGHQVFKDIW
YHUODQJWXQG0XWJHVFKLFKWHQQLFKWDXILKUHPHQVFKOLFKH
:DKUVFKHLQOLFKNHLWVRQGHUQLPPHUQXUDXIVHLQ
DOOHUSHUV|QOLFKVWHV*UXVHOEHGUIQLVKLQDQVLHKW

.DSLWHO

'LH.UDXWHQWRFKWHUZLUG)UDXYRQ$UQVWHGW
%DURQ.Q\SKDXVHQZDULP.UDXWVFKHQ(UEEHJUlEQLVLQGHU
%HUOLQHU1LNRODLNLUFKHEHLJHVHW]WZRUGHQXQGHLQH:RFKHODQJ
OlXWHWHQDOODEHQGOLFKDXFKGLH/|ZHQEHUJHU*ORFNHQXQG
YHUNQGHWHQGHPXPKHUOLHJHQGHQ/DQGHGDGHU*XWVKHUU
JHVWRUEHQVHL'DQQVDDXFKVHLQH:LWZHGLH.UDXWHQWRFKWHU
DP)HQVWHUXQGVDKLQGLH6FKQHHODQGVFKDIWKLQDXVGLHODQJH
/LQLHGHU3DSSHOZHLGHQKLQXQWHUDXVGHUHQ*LSIHOQHLQ]HOQH
.UlKHQLQGHQGXQNHOJHU|WHWHQ$EHQGKLPPHODXIIORJHQ
6LHVDKGDVDOOHVXQGVDKHVDXFKQLFKW XQGJLQJGLH5HFKQXQJ
LKUHV/HEHQVGXUFKGDEHLGHV7RWHQJHGHQNHQGGHP]X(KUHQHV
GUDXHQOlXWHWH7UDXHUWHVLH"9LHOOHLFKW$EHUZHQQ VLHWUDXHUWH
VRJHVFKDKHVZHLODOOHVVRWUDXULJZDUQLFKWDXV6FKPHU]XP
HLQKLQJHVFKLHGHQHV*OFN1HLQVLHZDUQLFKWJHVFKDIIHQHLQHP
6FKPHU]]XOHEHQRGHUJDUXQJOFNOLFK]XVHLQ8QGQXQJDU
GLHVHU 7RG:DUHUGHQQEHUKDXSWHLQ8QJOFN":DVHULKUPLW
6LFKHUKHLWEHGHXWHWHKLH%HIUHLXQJ6LHVDJWHVLFK
VQLFKWDEHU
HVZDUVRWURW]GHPVLHMHGHUJXWHQ6WXQGHJHGDFKWH*HZLHV
ZDUDXV/LHEHJHZHVHQGDVLHVLFKJHIXQGHQKDWWHQXQGVLH
KDWWH*RWWDXIULFKWLJXQGYRQJDQ]HP+HU]HQJHGDQNWHLQHU
GRSSHOWHQ7\UDQQHLGHUHLQHVH[]HQWULVFKHQ*DWWHQXQGHLQHU
LPSHUL|VHQ0XWWHUHQWULVVHQ]XVHLQZRKOHUZDULKU5HWWHU
JHZHVHQXQGGD]XVFK|QXQGJHVLWWHWXQGNOXJ-DVHKU NOXJ
VRJDUXQGVLHKDWWHVLFKVHLQHUhEHUOHJHQKHLWJHIUHXW$EHU
GLHVHU.OXJKHLWXQGhEHUOHJHQKHLWZDUVLHGRFKPDQFKPDODXFK
EHUGUVVLJJHZRUGHQXQGDOVVLFK]XGHUXQEHTXHPZHUGHQGHQ
JHLVWLJHQhEHUOHJHQKHLWDXFKQRFKN|USHUOLFKH.UDQNKHLWXQG]X
GHUN|USHUOLFKHQ.UDQNKHLWHLQELWWUHVXQGPHQVFKHQVFKHXHV
:HVHQ]XJHVHOOHQEHJDQQGDKDWWHVLHJHVHXI]WXQGGLH/LHEH
ZDUJHVFKZXQGHQ8QGZDVJHEOLHEHQZDUZDU/HLGXQG/DVW
$OOGDVEHUVFKOXJVLHMHW]WXQGVDKKLQDXILQGHQ$EHQGVWHUQGHU
HEHQGXUFKGLH'lPPHUXQJEOLW]WHEODXQG]LWWHUQGXQGVLH
IUXJLKQQDFKLKUHP*OFN8QGVLHKHGDZDUHVDOVREHU
SO|W]OLFKKHOOHUDXIOHXFKWHWH:DUHVGHU6WHUQ"RGHUZDUHVQXU
LKUH+RIIQXQJGLHVHLQ/LFKWYHUGRSSHOWH"

=X7URVWXQG6HJHQZXUGHVLKUGDHVYLHO]XWXQJDE$OOHV
*HVFKlIWOLFKHZLGHUVWULWWHLJHQWOLFKLKUHU1DWXUDEHUHVZDULKU
MHW]WZLOONRPPHQZHLOHVLKUGLH0|JOLFKNHLWHLQHV9HUNHKUV
JHZlKUWH6LHEUDXFKWH/HEHQXQG0HQVFKHQXQGVHKQWHVLFKXP
VRPHKUGDQDFKMHZHQLJHULKUGLHQlFKVWH9HUZDQGWVFKDIW
$QOHKQXQJXQG6WW]HERW1DFK/W]EXUJKLQDQLKUHQ6FKZDJHU
(G]DUGZXUGHQZRKOHLQSDDU%ULHIHJHULFKWHWDEHUVLHZDUHQ
DQGHUVDOV]X/HE]HLWHQLKUHVLKUHQ6WLOXQGLKUH*UDPPDWLN
EHUZDFKHQGHQ*DWWHQXQGPRFKWHQEHLGHP(PSIlQJHUHLQ
/lFKHOQZHFNHQ(VLVWPLUJHVDJWZRUGHQVRKLHHVLQHLQHP
GLHVHU%ULHIHGDLQ/W]EXUJYHUVLHJHOWZRUGHQLVWXQGGD
GLHVH9HUVLHJHOXQJYRUQHXQ0RQDWHQQLFKWDXIJHKREHQZHUGHQ
VROO,FKEHJUHLIHZLHOlVWLJGLHVHVIU,KQHQ LVWXQGVRVDJHQ6LH
PLUGHQQOLHEVWHU%UXGHURELFKDQGHU5HJLHUXQJVROOVFKUHLEHQ
ODVVHQ$P%HUOLQHUXQGDXFKDP5KHLQVEHUJHU+RIHZDUHQGLHVH
'DWLYDQLFKWDQVW|LJDEHULQ/W]EXUJOLHHQVLHGRFKDXIVQHXH
IKOHQZDVGHUSUHXLVFKHQ)UDX6FKZHVWHUIHKOWHGLH
WURW]GHPVLHFKDUPDQWXQGYROOQDWUOLFKHUYLHOOHLFKWVRJDU
EHUOHJHQHU.OXJKHLWZDULKUHP%HQHKPHQXQG:HVHQQDFK]X
GHPDOWHQRVWIULHVLVFKHQ+DXVHQLFKWUHFKWSDVVHQZROOWH
:LHVLFKXPGLHVH=HLWLKU9HUKlOWQLV]XUHLJQHQ0XWWHU ZHQQ
GLHVHQRFKDP/HEHQZDU JHVWDOWHWHGDUEHUHUIDKUHQZLUQLFKWV
HEHQVRZHQLJGDUEHUXPZHOFKH=HLWXQVHUH.UDXWHQWRFKWHU
QXQPHKULJHYHUZLWZHWH%DURQLQYRQ.Q\SKDXVHQLKUHLQVDPHV
+RSSHQUDGHYHUOLHXPZHQLJVWHQV]HLWZHLVHZLHGHUGLH
5KHLQVEHUJHU/XIW]XDWPHQ(VNDQQDEHUNDXPVSlWHUDOVLP
6RPPHUJHZHVHQVHLQGDZLUVLHVFKRQYRU(LQWULWWGHV
6SlWKHUEVWHVLQ5KHLQVEHUJZLHGHUYHUOREWXQGQRFK YRU$EVFKOX
GHV-DKUHV]XPGULWWHQ0DOHYHUKHLUDWHWVHKHQ9HUKHLUDWHWPLW
GHPGHP3ULQ]+HLQULFKVFKHQ+RIH]XJHK|ULJHQ5LWWPHLVWHUYRQ
$UQVWHGW
$QGLH6LWWHKDWWHPDQVLFKGDEHLQLFKWDOO]XULJRU|VJHEXQGHQ
LQGHPEHUHLWVYLHU]HKQ7DJHYRU$EODXIGHU7UDXHU]HLWHLQHJURH
+RFK]HLWDXVJHUVWHWZRUGHQZDUDXVJHUVWHWYRQQLHPDQG
*HULQJHUHPDOVGHP3ULQ]HQVHOEVWGHUEHNDQQWOLFKHLQHJURH
9RUOLHEHIU)HVWOLFKNHLWHQKDWWH'DVZDUDP 'H]HPEHU
JHZHVHQXQGGLH)UDX%DURQLQYRQ.Q\SKDXVHQZDUQXQDOVR
)UDX5LWWPHLVWHUYRQ$UQVWHGW

(LJHQWOLFKZDUVLHMHW]WHUVWDQLKUHP3ODW]$Q(OOLRWZDUVLHGXUFK
%HIHKODQ.Q\SKDXVHQQHEHQ'DQNXQG/LHEHGXUFKGLH
9HUKlOWQLVVHJHNRPPHQDEHU]XEHLGHQKDWWHVLHQLFKWUHFKW
JHSDW$XFK]X.Q\SKDXVHQQLFKW(UZDULKU]XVXSHULRU
JHZHVHQ]XNOXJ]XYHUVWlQGLJ]XVROLGH6ROFKH9RUZUIH
OLHHQVLFKQXQGHP5LWWPHLVWHUQLFKWPDFKHQ(UZDUKEVFKXQG
KHLWHUHLQHQIDQWJDWpGHU*HVHOOVFKDIWHLQERQFDPHUDGHJDQ]
EHVRQGHUVDEHUNHLQ.RSIKlQJHUYLHOPHKUXPJHNHKUWLPPHU
JHQHLJWHLQHQ6FKHU]]XPDFKHQXQGVLFKEHUGDV0RUJHQQLFKW
]XJUlPHQVRODQJHQXUGDV+HXWHQRFKDOOHQIDOOVHUWUlJOLFK
HUVFKLHQ'DVHQWVSUDFKLKUHUHLJHQHQ1DWXU9RUDOOHPZDUHU
ZHGHU6FKRWWHQRFK2VWIULHVHVRQGHUQHLQDOOHUPlUNLVFKVWHU
0lUNHUGHUDQ3UHXHQXQG5KHLQVEHUJJODXEWHEHLGHVIUHWZDV
%HVRQGHUHVKLHOWHLQ3IHUGEHUHLQ%XFKHLQHEHVHW]WH7DIHO
EHUHLQ%LOGRGHUHLQVRQVWLJHV.XQVWZHUNXQGHLQHQ6SLHOWLVFK
EHUDOOHVVWHOOWH'DVSDWH1XQJDEHVGRFKZLHGHU
$XVJHODVVHQKHLWHQXQGDQGLH6WHOOHYRQ(OOLRWVFKHU(LIHUVXFKW
XQG%UXWDOLWlWXQGQLFKWPLQGHUDQGLH6WHOOHYRQ
.Q\SKDXVHQVFKHU.UDQNKHLWVDPW7UDXHUXQG.UHSS YRQ.UHSS
GHULKUQLFKWHLQPDONOHLGHWH NRQQWHGRFKQXQZLHGHUHLQ/HEHQ
WUHWHQHLQ/HEHQGDVVLFK]XOHEHQYHUORKQWH6LHODFKWHVRJHUQ
8QGZDUXPQLFKW":DUVLHGRFKQRFKMXQJ,KU
QHXQXQG]ZDQ]LJVWHU*HEXUWVWDJILHOLQGLH)OLWWHUZRFKHQLKUHU
GULWWHQ(KH
6RJLQJHQLKUH+RIIQXQJHQXQGHVVFKHLQWGDVLHVLFKHUIOOWHQ
REZRKOVSH]LHOOLQGHPZDVLKU*OFNDXVPDFKWHGLH.HLPH
NQIWLJHQ8QJOFNVEHUHLWVHUNHQQEDUZDUHQ$EHULKUHP$XJH
ZDUHQVLH
VQLFKWXQGVRZLUGVLFKGHQQYRQGHPHUVWHQ
-DKU]HKQWLKUHUGULWWHQ YRQ$UQVWHGWVFKHQ (KHZLHYRQHLQHU
5HLKHJOFNOLFKHUXQGEHLQDKXQJHWUEWHU-DKUHVSUHFKHQODVVHQ
8QEHGLQJWZDUHQHVGLHJOFNOLFKVWHQLKUHVDQ:HFKVHOIlOOHQVR
UHLFKHQ/HEHQV(VZXUGHQ.LQGHUJHERUHQGHUHQPDQVLFK
IUHXHQNRQQWHZHLOVLHKEVFKZDUHQXQGJHGLHKHQXQGGHU
(LWHONHLWGHU(OWHUQLPPHUQHXH1DKUXQJJDEHQ$XVGHQ*WHUQ
DEHUPHKUWHQVLFKGLHMlKUOLFKHQ(UWUlJH'DEHLYHUEDQGHLQUHJHU
XQGEHLQDKXQDXVJHVHW]WHU9HUNHKUDOOMHQHNOHLQHQXQGJURHQ
EHUGLHJDQ]H*UDIVFKDIW5XSSLQKLQDXVJHVWUHXWHQ(GHOVLW]HGLH
GDPDOVDOVGLH'HSHQGDQFHQXQG$XHQZHUNHYRQ5KHLQVEHUJ
JHOWHQNRQQWHQXQGZHQQKHXWHGLHPLWYLHU6FKLPPHOQ
EHVSDQQWH&KDLVHYRQ+RSSHQUDGHQDFK.|SHUQLW]LP6DQGH
PDKOWHVRJLQJHVPRUJHQDXI0HVHEHUJXQGGHQGULWWHQ7DJDXI

:XONRZRGHU:XVWUDX]X+HXWHZDUHVGLHVFK|QH.DSKHQJVW
PRUJHQGLHVFK|QH/D5RFKH$\PRQGHUPDQKXOGLJWHELVVLFK
GHU%HVXFKV]LUNHOLQGHPUHLFKHQXQGJDVWOLFKHQXQGGHVKDOE
QHEHQ5KHLQVEHUJWRQDQJHEHQGHQ+RSSHQUDGHZLHGHUVFKOR
(LJHQWOLFKH)HVWLQVDEHUJDEHVQXUGDQQZHQQGHU3ULQ]LQ
3HUVRQXQG]ZDULQIRUPHOOVWHU:HLVHVHLQHQ%HVXFKDQJHVDJW
KDWWH'DQQJDOWHVLKQ]XVXUSUHQLHUHQXQGGHP0HLVWHULP
)HVWDUUDQJHPHQWZHQQQLFKWJOHLFKVRGRFKQDKH]XNRPPHQ
8QGKLHULQH[]HOOLHUWH)UDXYRQ$UQVWHGW(LQHGLHVHU)HLHUQOHEW
QRFKIRUWLQGHU(ULQQHUXQJGHU(QNHO$QGHU*UDQVHHU6WUDH
KLQHLQH9LHUWHOPHLOHVGOLFKYRQ+RSSHQUDGH]LHKWVLFKGHU
+DUHQ]DFNHQ:DOGHLQGDPDOVXQGYLHOOHLFKWDXFKKHXWHQRFK
UHLFKEHVWDQGHQHU)RUVWLQGHQPDQDQHLQHPGLHVHU
%HVXFKVWDJHGHQ3ULQ]HQ]XIKUHQXQGHVGHUDUWLJHLQ]XULFKWHQ
JHZXWKDWWHGDVLFK0RQVHLJQHXULQ:DOGXQG$EHQGGlPPHU
YHULUUHQPXWH9HU]HLKXQJHQZXUGHQHUEHWHQ(QWVFKXOGLJXQJHQ
JHVWDPPHOWELVPDQHQGOLFKDXIHLQHPLW(UOHQJHEVFK
EHUZDFKVHQH:LHVHKLQDXVWUDW'DZXUGHVSO|W]OLFKKHOOXQG
OLFKWXQGHKHVLFK GHU3ULQ]YRQVHLQHP(UVWDXQHQHUKROHQ
NRQQWHVWDQGGHU:DOGUDQGXPLKQKHULQPHKUDOVWDXVHQG
/LFKWHUQGHQQDOOHVZDVDXIGHQXPOLHJHQGHQ*WHUQZRKQWH
ZDUDXIJHERWHQXQGDQGLH%lXPHSRVWLHUWZRUGHQXPLQHLQHP
HLQ]LJHQ0RPHQWHLQH%HOHXFKWXQJGHU :DOGZLHVHPLW
EXQWIDUELJHQ/DPSHQLQ6]HQHVHW]HQ]XN|QQHQ'DNWHGHU
3ULQ]GHUVFK|QHQ)UDXGLH+DQGXQGHUNOlUWHVLFKIUEHVLHJW
XQGHLQH:RFKHODQJ]HKUWHPDQYRQGLHVHPJQlGLJHQ:RUWXQG
IKOWHVLFKJHKREHQLQGHU,GHHQLFKWXPVRQVWJHOHEW]XKDEHQ
$XFKYRQ%HUOLQKHUNDP%HVXFKXQGZHQQHVMXQJH)UDXHQ
ZDUHQXQGGLH-DKUHV]HLWHVJHVWDWWHWHVRJLQJHVEHL
6RQQHQXQWHUJDQJRGHUDXFKZRKOLQDOOHU0RUJHQIUKHQDFK0RQ
&DSULFHKLQDXVZHOFKHQ1DPHQHLQ%DGHWHPSHOFKHQHLQ
3DYLOORQIKUWHGHQ )UDXYRQ$UQVWHGWDP8IHUHLQHVYRQ6FKLOI
XQGKRKHP:HUIWXPVWDQGHQHQ6HHWPSHOVHUULFKWHWKDWWH'D
KLQDXVJLQJHVXP]XEDGHQXQG]XSOlWVFKHUQXQGDOOHUKDQG
6SLHOH]XVSLHOHQ,QGHP6FKLOI XQG:HUIWJUWHOVWDQGHQDOVGDQQ
GLHMQJHUHQ*HIlKUWLQQHQXQGKLHOWHQVLFKDQGHP
KHUQLHGHUKlQJHQGHQ*H]ZHLJHZlKUHQG)UDXYRQ$UQVWHGWHLQH
EULOODQWH6FKZLPPHULQEHUGHQ6HHVFKRXQGGLH/RVXQJJDE
LKU]XIROJHQXQGVLH]XKDVFKHQ8QGQXQVFKZDPPXQGMDJWH
PDQLKUQDFKXQG]RJGHQ.UHLVLPPHUHQJHUDEHULPVHOEHQ

$XJHQEOLFNHZRPDQVLHVFKRQXPVWHOOWXQGJHIDQJHQJHQRPPHQ
JODXEWHVFKOSIWHVLHGXUFKXQGHQWNDPVLHJUHLFKELVDQGLH
UHWWHQGH7HPSHOVFKZHOOH'DVJDEGHQQHLQ/DFKHQXQGHLQ
%HZXQGHUQXQGLQ5KHLQVEHUJXQGDQGHQ3ULQ]+HLQULFKVFKHQ
(GHOK|IHQDQGHQHQQLFKWVVRYROOXQGSSLJLQ%OWHVWDQGDOV
GLH0HGLVDQFHPHGLVLHUWHPDQZLHGHUYRQ'LDQDXQGLKUHQ
1\PSKHQ
$EHUHVZDUHQQLFKW=HLWHQXPGXUFK6FKHU]HGHU $UWHPSILQGOLFK
EHUKUWRGHULQLUJHQGHLQHUJXWHQ/DXQHJHVW|UW]XZHUGHQ
,P*HJHQWHLO
$OOHVZDU/XVWXQGGDV/HEHQHLQ)HLHUWDJ

.DSLWHO

'LH.UDXWHQWRFKWHUNRPPWLQVFKZHUHV
/HLG
$EHUGLHVHU)HLHUWDJJLQJ]X5VWH
'HQ$XJXVWDOVPDQEHUDOOLQGHQ5KHLQVEHUJHU
'HSHQGDQFHQXQGQLFKW]XPZHQLJVWHQLQ6FKOR+RSSHQUDGH
IHVWOLFK]X7LVFKHVDXPGHQ*HEXUWVWDJ.|QLJ)ULHGULFK
:LOKHOPV ,,,LQ:HLQXQG5HGH]XIHLHUQHUVFKLHQHLQ%RWHPLW
HLQHP)ORUXP+XWXQG$UPXQGEUDFKWH0HOGXQJGD
0RQVHLJQHXULQYRUKHUJHKHQGHU1DFKWDXVGLHVHU=HLWOLFKNHLW
JHVFKLHGHQVHL'DZDQGHOWHVLFKGDV)HVWPDKOLQHLQ7UDXHUPDKO
ZHLODOOHIKOWHQGDLKQHQHLQJXWHU+HUUXQGZDKUHU)UHXQG
JHQRPPHQVHLGHUQLFKWEORSKLODQWKURSLVFKH6HQWHQ]HQ
KHUJHVDJWXQGNOXJHQ5DWJHJHEHQKDWWHQHLQGHUDXFKKDOIXQG
)UVSUDFKHWDWXQGLPPHUYHU]LHK8QGDXIULFKWLJH7UlQHQIORVVHQ
LKPDXFKEHLGHQHQGLHVLFKOlQJVWGHU7UlQHQHQWZ|KQWKDWWHQ
XQGDOVHQGOLFKGLH*UDES\UDPLGHIHUWLJXQGGHUJURH*UDEVWHLQ
PLWGHUEHUKPWJHZRUGHQHQ,QVFKULIW-HWWpSDUVDQDLVVDQFH
GDQVFHWRXUELOORQGHYDLQHIXPpH4XLOHYXOJDLUHDSSHOOH
*ORLUHHWJUDQGHXU0DLVGRQWOHVDJHFRQQDLWOHQpDQWLQGDV
*UDEPDOHLQJHODVVHQZDUGDZDUHLQ7UDXHUQLPJDQ]HQ/DQGH
5XSSLQXQGDOOHVIXKUKHLPXQGKDWWHVHLQHU6FKZDW]KDIWLJNHLW
HLQ0DGHQQMHGHUZXWHGDPDQLQGHPKHLPJHJDQJHQHQ
)UHXQGHGHQOHW]WHQ*URHQDXVHLQHUJURHQ=HLWEHJUDEHQ
KDWWH
1LHPDQGDEHUZXWHVEHVVHUDOVXQVHUH.UDXWHQWRFKWHUXQGLQ
LKUHP+HU]HQUHJWHVLFKGLH9RUVWHOOXQJGDHLQ:HQGHSXQNWIU
VLHJHNRPPHQVHLEDOGYLHOOHLFKWXQGGDHLQH5HLKHE|VHU7DJH
YRUGHU7UHVWHKH
:LUNOLFKVLHNDPHQ
(VEHJDQQGDKHLPLPHLJHQHQ+DXVH6LHKDWWHNHLQ*OFNPLW
GHQ0lQQHUQZHQLJVWHQVQLFKWLQGHU(KH'HU5LWWPHLVWHUZDU
HLQ0DQQQDFKLKUHP6LQQHJHZHVHQDOVVLHYHUZLWZHWXQG
YHUWUDXHUWDQVHLQHU/HEHQVOXVWVLFKDXIJHULFKWHWKDWWH'DVDOOHV
DEHUODJMHW]WHLQHJXWH:HLOH]XUFN,KUH7HPSHUDPHQWHKDWWHQ

PLWHLQDQGHUJHVWLPPWQLFKWVPHKUQLFKWVZHLWHUXQGZHQQVLH
YRUKHUMDKUHODQJLQHLQHUJHZLVVHQ9HUGURVVHQKHLW]XGHP
RVWIULHVLVFKHQ%DURQLKUHP]ZHLWHQ0DQQHKLQDXIJHEOLFNWKDWWH
VRVDKVLHMHW]WDXIGLHVHQGULWWHQKHUDE8QGDXFKGDV ZROOWLKU
QLFKWJHIDOOHQ:RKOZDUVLHGDV.LQGLKUHU=HLWXQGYHUDEVFKHXWH
QLFKWVPHKUDOVGLH/DQJHZHLOHJHOHKUWHU$OOUHQDEHU]XJOHLFKHU
=HLWHQWEHKUWHVLHGRFKNHLQHVZHJVHLQHVIHLQHUHQlVWKHWLVFKHQ
6LQQHVXQGZHQQLKU*UQGOLFKNHLWYHUKDWZDUVRZDUHVLKU
6HLFKWKHLWXQG2EHUIOlFKOLFKNHLWQRFKPHKU2EHUIOlFKOLFKVHLQZDU
QXUVWDWWKDIWRGHUHLQ9RU]XJZHQQHVVLFKPLW:LW]XQGJXWHU
/DXQH SDDUWH'DYRQKDWWHGHU5LWWPHLVWHUVHLQHU]HLWHLQ
IUHXQGOLFKXQGEHVFKHLGHQ7HLOJHKDEW$EHUGDVZDUOlQJVW
DXIJH]HKUWXQGVLHOLWWMHW]WXQWHUVHLQHU8QEHGHXWHQGKHLWXQG
6FKZlFKH0|JOLFKQLFKWVGHVWRZHQLJHUGDVLFKLKU/HEHQLQ
MHQHPZRKOEHNDQQWHQ+DOE]XVWDQGHYRQ1LFKWJOFNOLFK XQG
1LFKWXQJOFNOLFK6HLQEHUGHQ5HVWGHU7DJHKLQZHJJHVFKOHSSW
KlWWHZHQQQLFKWXQPLWWHOEDUIDVWQDFKGHP7RGHGHVELV]XOHW]W
HLQHQJHZLVVHQ.RQWUROOHLQIOXDXVEHQGHQ3ULQ]HQHLQH
9HUVFKOLPPHUXQJXQGEDOGGDQDFKHLQH =HLWY|OOLJHQ1LHGHUJDQJV
EHLYRQ$UQVWHGWHLQJHWUHWHQZlUH:RIUKHUQXUGDV*XWH
JHIHKOWKDWWH]HLJWHVLFKMHW]WDXFKGDVSRVLWLY6FKOHFKWHODXW
ZHUGHQGH9RUZUIHYHUGDUEHQHVY|OOLJXQGHKDEHUPDOVHLQ-DKU
XPZDUZDUDXVGHPOXVWLJHQ5DWXQGOLHEHQVZUGLJHQ
*HVHOOVFKDIWHUHLQ7ULQNHUXQG6SLHOHUJHZRUGHQHLQQXUQRFK
+DOE]XUHFKQXQJVIlKLJHUEHUGHVVHQWUDXULJHQ/HEHQVDXVJDQJLQ
HLQHPIROJHQGHQ.DSLWHO]XEHULFKWHQEOHLEW
8QGGDV8QJOFNZLHGDV6SULFKZRUWVDJWNRPPWQLHDOOHLQ
$XFKKLHUQLFKW8PGLHVHOEH=HLWZRGLH6RUJHQXPGHQ0DQQ
VLFKPHKUWHQPHKUWHQVLFKDXFKGLH6RUJHQXP*XWXQG+DEH
ZHLOGHUZLHVFKRQYRUVWHKHQGHU]lKOWZXUGHIDVWYRP0RPHQWH
GHU%HVLW]HUJUHLIXQJDQEHU/|ZHQEHUJXQG+RSSHQUDGH
VFKZHEHQGH3UR]HLQ]ZLVFKHQQLFKWQXUEHUKDXSWDQJHVWUHQJW
VRQGHUQDXFKYRQ-DKU]X-DKULPPHUHQHUJLVFKHUXQG
EHGURKOLFKHULQ$QJULIIJHQRPPHQZRUGHQZDU'LH%UHGRZV
YHUODQJWHQLKULKQHQZHJWHVWLHUWHV(UEH]XUFN
$QGHUJHULFKWOLFKHQ(QWVFKHLGXQJGLHVHU)UDJHKLQJ/HEHQXQG
6WHUEHQ

.DSLWHO

'LH.UDXWHQWRFKWHUVWLUEW
'LH*HIDKUJLQJYRUEHU
'HUEHJRQQHQH3UR]HZDUG]XJXQVWHQGHU
.UDXWHQWRFKWHUHQWVFKLHGHQ
$EHUVRYLHO*UXQG]X'DQNXQG)UHXGHYRUOLHJHQPRFKWHGXUFK
GLHVHQ(QWVFKHLGYRUHLQHPbXHUVWHQEHZDKUWJHEOLHEHQ]XVHLQ
VRZHQLJ*UXQGODJGRFKEHUKDXSW]X'DQNXQG)UHXGHYRU(V
ZDUHQGXUFKZHJWUDXULJH=HLWOlXIWH.ULHJVEHXQUXKLJXQJHQXQG
7UXSSHQGXUFK]JHQDKPHQNHLQ(QGH*HVLQGHODOOHU$UWILHO
OlVWLJXQG6WUROFKHGHQHQPDQHLQ$OPRVHQRGHUHLQ
1DFKWTXDUWLHUYHUZHLJHUWHOLHHQGLH6FKHXQHQXQG.RUQPLHWHQ
LQ)HXHUDXIJHKHQ8QJOFNEHU8QJOFN$EHU]X.DODPLWlWHQ
ZLHGLHVHGLHGDPDOVDOOJHPHLQZDUHQJHVHOOWHQVLFKIUXQVHUH
.UDXWHQWRFKWHUGRFKQRFKEHVRQGHUHGHU+DXVIULHGHQVFKZDQG
LPPHUPHKUXQGPLWGHP(KHPDQQHGHVVHQ:DQGHOVHLW-DKU
XQG7DJLP1LHGHUJDQJHZDUZXUGHVVFKOLPPHUXQGVFKOLPPHU
(V]HLJWHQVLFK*HLVWHVVW|UXQJHQXQGQHEHQHLQHUlXHUOLFKHQ
HUZLHVVLFKVFKOLHOLFKDXFKHLQHJHVHW]OLFKH6FKHLGXQJDOV
XQHUOlOLFK,QZHOFKHP-DKUHGLHVHVWDWWIDQGKDELFKQLFKWPLW
%HVWLPPWKHLWLQ(UIDKUXQJEULQJHQN|QQHQGRFKPXHV
DQQlKHUQGXPGLHVHOEH=HLWJHZHVHQVHLQLQGHUVLFKGHU3UR]H
HQWVFKLHG:HQLJVWHQVILQGLFKLQHLQHU7DXISDWHQDXI]HLFKQXQJ

XQWHUHQ 6HSWHPEHUGDV)ROJHQGH)UDX/XLVH
JHVFKLHGHQH YRQ$UQVWHGWJHERUHQHYRQ.UDXW,P+HUEVW
JHQDQQWHQ-DKUHVDOVRZDUGLH6FKHLGXQJEHUHLWVDXVJHVSURFKHQ
'LHV)DNWDQVLFKNRQQWHZLHGLH'LQJHODJHQXQP|JOLFKDOVHLQ
8QJOFNJHOWHQLP*HJHQWHLO$EHUZDVPLWGHPJHVFKLHGHQHQ
(KHPDQQHEHJLQQHQ"'DVJDEHLQHQHXHVFKZHUH6RUJH
3ULYDWLQVWLWXWHZLHVLHMHW]WH[LVWLHUHQH[LVWLHUWHQGDPDOVQRFK
QLFKWXQGLKQGHQYRQ $HLQHUMHQHUDOOJHPHLQHQLQMHQHU=HLW
QRFKQDFKHLQHPJHZLVVHQ6FKUHFNHQVV\VWHPHYHUZDOWHWHQ
,UUHQDQVWDOWHQDQ]XYHUWUDXHQZLGHUVSUDFKGXUFKDXVGHPIHLQHQ
6LQQXQVHUHU.UDXWHQWRFKWHUXQGIDVWPHKUQRFKLKUHPJWLJHQ
+HU]HQ(QGOLFKLQGHVHLQLJWHPDQVLFKGDKLQLKQLQHLQHP
3UHGLJHUKDXVHJHJHQKRKH=DKOXQJXQWHU]XEULQJHQXQGJDELKQ
DXFKEDOGGDQDFKQDFKHLQHPLQ1lKHYRQ)HKUEHOOLQJHOHJHQHQ
'RUIHKLQLQ3HQVLRQ'LHV'RUIZDU+DNHQEHUJXQGLQGHU
3IDUUSHQVLRQGDVHOEVWKDWHUQRFKDQGLHYLHU]LJ-DKUHJHOHEW,P
+DNHQEHUJHU.LUFKHQEXFKILQGHWVLFKIROJHQGH6WHOOH+HUU.DUO
+HLQULFKYRQ$UQVWHGW5LWWPHLVWHUDXHU'LHQVWVWDUE
QHXQXQGVLHE]LJ-DKUHDOWDP 0DLXQGLVWDP -XQL
VHOELJHQ-DKUHVDXIGHP.LUFKKRIHEHLGHU.LUFKHEHJUDEHQ
ZRUGHQ=ZHLHQ%ULHIHQDXV'RUI+DNHQEHUJGDUILFKQRFK


)UDXYRQ$UQVWHGWZLUGKLHU /XLVH YRQ$UQVWHGW JHQDQQWLQGHU


.Q\SKDXVHQ]HLWKLHVLH &KDUORWWH:LGHUVSUFKHQXQG$EZHLFKXQJHQGHUDUW
EHJHJQHWPDQEHVWlQGLJXQG.LUFKHQEFKHU*UDEGHQNPlOHUXQG
+DXVLQVFKULIWHQDQGHUHQ=XYHUOlVVLJNHLWPDQ]XJODXEHQJHZ|KQWLVWODVVHQ
HLQHQJHUDGVRJXWLP6WLFKZL H0LWWHLOXQJHQXQG%ULHIHGHU+LQWHUEOLHEHQHQ
'DVVFK|QH)UlXOHLQYRQ9R VSlWHU*UlILQ,QJHQKHLP KHLWLP%XFKHU
.LUFKHQEXFKH $PDOLHLQGHQ7DJHEXFKDXI]HLFKQXQJHQLKUHU7DQWHGHU*UlILQ
YRQ9RDEHUKHLWVLH -XOLHDP+HUUHQKDXVH]X/LFKWHUIHOGHZL UGDXIHLQHP
EHUGHU7UDQJHEUDFKWHQ,QVFKULIWVVWHLQH+HUU -RDFKLPXVGH5RQFKDH[
,WDOLDGH0DQLOLD DOV%DXPHLVWHUJHQDQQWHLQQLHGDJHZHVHQHQ1DPH]X
GHPVLFKHLQJHRJUDSKLVFKHU8QVLQQJHVHOOWDXIGHP%LOGHGHVEHUKPWHQ
2WWR&KULVWRSKYRQ 6SDUU LQ GHU0DULHQNLUFKH]X%HUOLQLVWDOV
*HEXUWVMDKUYRQ6SDUUVDQJHJHEHQHLQH=DKOGLHPLQGHVWHQVHLQHP=ZHLIHO
XQWHUOLHJWDQGHPEHUKPWHQ6FKDUQKRUVWGHQNPDODXIGHP
,QYDOLGHQNLUFKKRIHHUZHLVHQVLFK*HEXUWV RUW XQG*HEXUWV MDKU DOVIDOVFKXQG
GHU0DOHU :LOKHOP+HQVHOGHUVHLQ*UDEDXIGHPDOWHQ'UHLIDOWLJNHLWVNLUFKKRI
KDWZXUGH QLFKW LQ/LQXP ZLHGHU*UDEVWHLQDQJLEW VRQGHUQLQ7UHEELQ
JHERUHQ'LH5HLKHVROFKHU%HLVSLHOHOLHHVLFKOHLFKWIRUWVHW]HQXQGLQ
DEHUKXQGHUW)lOOHQEHVWlWLJWHVVLFKLQ GHU7DWGDQLFKWVVFKZHUHULVWDOV
HLQIDFKIHVW]XVWHOOHQZHOFKH 1DPHQ 3HUVRQHQIKUWHQ ZDQQ XQGZR VLH
JHERUHQZXUGHQXQGZDQQXQGZRVLHVWDUEHQ

IROJHQGHVHQWQHKPHQ$OWH/HXWHKLHUHULQQHUQVLFKQRFKVHKU
ZRKOGHV5LWWPHLVWHUVYRQ$UQVWHGW(U VROOEDOGQDFKYRQ
+RSSHQUDGHKHU]X3UHGLJHU'UDNHJHNRPPHQVHLQXQGKDWGRUW
ELV]XVHLQHP(QGHJHOHEW(UZDUHLQVFK|QHUJURHU0DQQ
IUHXQGOLFKXQGJHVSUlFKLJDEHUVRIRUWZWHQGZHQQGDV
*HVSUlFKDXIGLH)UDQ]RVHQNDP(UKDWHVLHZHLOLKPVHLQH
)UDXGXUFKHLQHQIUDQ]|VLVFKHQ2IIL]LHUHQWIKUWZRUGHQZDU
$XFKLVWGHUVHOEHQLHZLHGHUQDFK+RSSHQUDGH]XUFNJHNHKUW
:HJHQVHLQHUDXIJHUHJWHQ*HPWVDUWZDUVWHWVHLQ:lUWHUXP
LKQGHULKQDXFKDXIVHLQHQ6SD]LHUJlQJHQEHJOHLWHWH:lKUHQG
GHUHUVWHQ-DKUHZXUGHU|IWHUVYRQVHLQHQ%UGHUQEHVXFKW
VSlWHUQLFKWPHKU(UVWDUELP3IDUUKDXVH*HERUHQZDUHULQ
/LHEHQEHUJ
(LQ]ZHLWHU%ULHIEHVWlWLJWGDVLQYRUVWHKHQGHP*HVDJWH'HU
)DPLOLHYRQ$UQVWHGWODJGDUDQGHQ5LWWPHLVWHUYRQ $QLFKWLQ
HLQH|IIHQWOLFKH,UUHQDQVWDOWJHEUDFKW]XVHKHQVRJDEPDQLKQ
GHQQ]XGHPKLHVLJHQ3DVWRULQ3HQVLRQ'LH.FKHGHU)UDX
3DVWRU'UDNHMHGRFKVROOLKPZHQLJ]XJHVDJWKDEHQZHVKDOEHV
RIWYRUNDPGDHUGDV(VVHQRKQHZHLWHUHV]XP)HQVWHU
KLQDXVVFKWWHWH %HPHUNWHGDVHLQHGHP3IDUUKRIHJHJHQEHU
ZRKQHQGHVHKUJXWPWLJH3DFKWHUVIUDXVRZXUGLKPYRQGLHVHU
RGHULKUHP7|FKWHUFKHQKHLPOLFKHLQ7|SIFKHQ.DIIHHJHEUDFKW
ZRIUHULPPHUVHKUGDQNEDUZDU(UZDUHLQJURHUVFKODQNHU
+HUUYRQGXUFKDXVPLOLWlULVFKHU+DOWXQJXQGKLQJVRODQJHU
UVWLJZDUVHLQHQIL[HQ,GHHQPLWHLQHUJHZLVVHQ(QHUJLHQDFK
$XIVHLQHQ6SD]LHUJlQJHQVSUDFKHUYLHOYRUVLFKKLQHPS|UWH
VLFKEHUGLHIUDQ]|VLVFKHQ6SLW]EXEHQXQGIXFKWHOWHGDEHLPLW
VHLQHP6WRFNXPKHU%HJHJQHWHQLKPGDQQ.LQGHUVRZXUGHU
UXKLJXQGJDELKQHQNOHLQH6WFNFKHQYRQVHLQHP
)UKVWFNV]XFNHUGHQHUVLFK]XGLHVHP=ZHFNDEVSDUWH+DUW
DP:HJH]ZLVFKHQGHP7XUPXQGGHP.LUFKKRIVHLQJDQJLVWHU



$OOGLHVLVW'RUIHUILQGXQJLQGHUVLFKEULJHQVGHXWOLF KHUNHQQHQOlWGD
HWZDVYRQGHU9RUJHVFKLFKWHGHU)UDXYRQ$UQVWHGWLQ+DNHQEHUJEHNDQQW
JHZRUGHQZDUXQG]ZDULKUGDPDOVGUHLLJ-DKUH]XUFNOLHJHQGHV9HUKlOWQLV
]X%DURQ.Q\SKDXVHQXQGGLH:HJIKUXQJLKUHV7|FKWHUFKHQVGXUFK(OOLRW(V
LVWVHOWHQGD VROFKH'RUIOHJHQGHQRKQHMHGH6SXUYRQ$QOHKQXQJHQWVWHKHQ
DEHUGDV9RONPDFKWYRQVHLQHP*HVFKLFKWHQ  XQG0lUFKHQHUILQGXQJVUHFKW
*HEUDXFKXQGJHVWDOWHWGDVhEHUQRPPHQHPLWHLQHUDQ:LOONUJUHQ]HQGHQ
)UHLKHLW

EHJUDEHQZRUGHQ(LQ'HQNPDOIHKOW(LQ:lUWHUGHULKQ
EHZDFKWHKDWWHQXU7DJHVGLHQVWXQGJLQJDEHQGVLQVHLQ
7DJHO|KQHUKlXVFKHQQDFK/LQXP]XUFN'DVLVWDOOHVZDVLFK
YRQGHPVFKPXFNHQ5LWWPHLVWHUGHPHLQVWYHUZ|KQWHQ/LHEOLQJ
GHU5KHLQVEHUJHU*HVHOOVFKDIWHUIDKUHQNRQQWH
:XQGHUEDUH:HJH'LH+LQWHUODVVHQVFKDIWGHUEHLGHQ
JHLVWHVNUDQNHQ%UHGRZVZDUXQWHU)HKOHUQXPQLFKW]XVDJHQ
XQWHUGLUHNWHQ8Q]XOlVVLJNHLWHQDXVGHU%UHGRZIDPLOLH
ZHJWHVWLHUWZRUGHQXQGGHUHUVWHGHULQGHQ0LWJHQXGLHVHV
XQWHUPLQGHVWHQV]ZHLIHOKDIWHU%HUHFKWLJXQJDQJHWUHWHQHQ(UEHV
HLQWUDWHUODJGHPVHOEHQ/RVXQGZXUGHJHLVWHVJHVW|UWZLHVLH]X
7RGHJHIWWHUW
,P+RSSHQUDGHU6FKORDWPHWHPDQLQ]ZLVFKHQDXIDEHUQXU
HLQHNXU]H:HLOHGHU=XJJHJHQ5XODQGXQGGLH
.ULHJVRSHUDWLRQHQGLHIROJWHQVRJHQDXIVQHXHGDV/DQGDXV
XQGZHUQLFKWIHVWLP6DWWHOVD ZLHEHLVSLHOVZHLVHGHUDOWH
+HUWHIHOGDXIGHPEHQDFKEDUWHQ/LHEHQEHUJ GHUHUODJXQWHU
HLQHU/DVWYRQ6FKXOGHQ8QWHUGLHVHQ6FKZHUEHGUlQJWHQXQGIDVW
(UOLHJHQGHQZDUDXFKXQVHUH.UDXWHQWRFKWHUXQGJOHLFKQDFK
GHP.ULHJHERWVLFKLKUQXUHLQHLQ]LJ0LWWHOQRFKXPVLFK]X
KDWWHQGHU:DOG(VPXWHQLHGHUJHIRUVWHWXQGDOOHV]X*HOGH
JHPDFKWZHUGHQXQGGHUVHOEH+DUHQ]DFNHQ:DOGGHUHLQVWLQ
]XUFNOLHJHQGHQ7DJHQGHU6FKDXSODW]XQYHUJHQHU7ULXPSKH
JHZHVHQZDUHUILHOMHW]WXQWHUGHU$[WGHU+RO]VFKOlJHUXQGGLH
VFK|QHQ6WlPPHZXUGHQYHUVFKOHXGHUWXPHLQLJHUPDHQGLH
0LWWHOIUHLQDXFKMHW]W QRFKDXIYRUQHKPHP)XHJHIKUWHV
/HEHQKHUEHL]XVFKDIIHQ9RQLQ%HWUDFKWNRPPHQGHQ(UWUlJHQ
DXVGHU/DQGZLUWVFKDIWNRQQWHNHLQH5HGHVHLQLQHLQHU=HLWZR
GHU6FKHIIHO5RJJHQHLQHQ7DOHUXQGXQWHU8PVWlQGHQDXFKQXU
HLQHQ*XOGHQNRVWHWH
6RZDUGHQQ*HOGXQGZLHGHU*HOGGLH/RVXQJLP/HEHQ
XQVHUHU+RSSHQUDGHU(UEKHUULQJHZRUGHQXQGHLQHULKUHU
8QWHUJHEHQHQ HLQ)|UVWHUGHPVLHGXUFKLKUHQ(LQIOXQLFKWEOR
HLQHQK|KHUHQ7LWHOHUZLUNWVRQGHUQ]XGHVVHQ.OXJKHLWXQG
8PVLFKWVLHJOHLFK]HLWLJHLQJURHV9HUWUDXHQKDWWHZDULKUGDEHL
]X:LOOHQ(VZDUGLHVGHU2EHUI|UVWHURGHU)RUVWLQVSHNWRU
*|UZLW]HLQ/HEHPDQQIUDQNXQGIUHLGHUDOOHU:HOWJHILHOYRU
DOOHPDXFKVHLQHU+HUULQXQGHLQ-DKU]HKQWODQJRGHUOlQJHUHLQH
)|UVWHUH[LVWHQ]IKUWHYRQGHUQRFKMHW]WJHVSURFKHQZLUGXQG

GLHGDPDOVLQGHUKDOEHQ*UDIVFKDIW5XSSLQHLQH0LVFKXQJYRQ
1HLGXQG%HZXQGHUXQJHUUHJWH0LW+LOIHGHULKPXQWHUVWHOOWHQ
)RUVWHQGHUHQ*HVDPWKHLWPHKUDOV 0RUJHQXPIDWHZDU
HUGHUHLJHQWOLFKH0DQQGHU6LWXDWLRQMDLQJHZLVVHP6LQQH
GHUJURH)LQDQFLHUGHU/|ZHQEHUJ+RSSHQUDGHU+HUUVFKDIW
JHZRUGHQXQGOHEWHGHQQDXFKVHLQHUVHLWVLP9ROOEHZXWVHLQ
GLHVHUVHLQHU0DFKWVWHOOXQJDXIGHP)XHGHUKDXWHILQDQFH
=ZHLPDOZ|FKHQWOLFKIKUWHQLKQ*HVFKlIWHZLUNOLFKHRGHU
YRUJHEOLFKHQDFK%HUOLQXQGLPHOHJDQWHVWDXIJHVFKLUUWHQ
-DJGZDJHQRGHUQRFKOLHEHULQHLQHULQ/|ZHQEHUJJHQRPPHQHQ
([WUDSRVWIXKUHUXPHOI8KUYRUPLWWDJEHL/XWWHUXQG:HJQHU
YRUXPHLQ*DEHOIUKVWFN]XQHKPHQ$EHUGHU1DFKPLWWDJNDP
XQGJLQJXQGDP$EHQGKLHOWHQXQGZDUWHWHQGLH3IHUGHQRFK
XQGHUVWZHQQGLH7KHDWHUDXVXQGGDV1HXHVWHGDVGLH
+DELWXpVDXVGHP6FKDXVSLHOKDXVHPLWKHUEHUEUDFKWHQXQWHU
GHQ.RPPHQWDUHQGHU:LW]N|SIHPLWGXUFKJHUHGHWZDUJLQJHV
XPPLWWHUQlFKWLJH6WXQGHZLHGHUELVLQVHLQH)|UVWHUHL]XUFN
'LHZDUQXQVHOEHUNHLQH)|UVWHUHLPHKUVRQGHUQSUlVHQWLHUWH
VLFKDOVHLQYLOOHQDUWLJHV/DQGKDXVDXIGHVVHQ9RUSODW]DOOHUOHL
VHOWHQH3IODQ]HQLP)UHLHQRGHULQJURHQ.EHOQVWDQGHQ$ORH
+RUWHQVLHQXQG*HRUJLQHQGLHJHUDGHGDPDOVLQGLH0RGH
JHNRPPHQZDUHQ
$OOHVGDVXQWHU=XVWLPPXQJVHLQHU+HUULQGLHNOXJXQGUHFKWWDW
LKQJHZlKUHQ]XODVVHQ'HQQHUKDWWHQHEHQGHPUDVFKHQ%OLFN
DXFKGLHJOFNOLFKUFNVLFKWVORVH+DQGGHV/HEHPDQQHVXQGKDOI
HEHQZHLOHUGHUZDUGHUHUZDURKQH6NUXSHOXQG
6FKZHUIlOOLJNHLWHQEHUGHQ7DJKLQZHJ8QGDSUqVQRXVOH
GpOXJH
8QGZLUNOLFKDOVGLH6QGIOXWNDPZDUHVDSUqVXQGGLH
OHEHQVOXVWLJH'DPHGLHQLFKWVSDUHQXQGPDUFKDQGLHUHQXQG
DOOHUZDFKVHQGHQ/HEHQVQRWXQHUDFKWHWDXFKQLFKWHQWEHKUHQ
RGHUJDUHQWVDJHQJHOHUQWKDWWHZDUQLFKWPHKUXQWHUGHQ
/HEHQGHQ$P 6HSWHPEHUVWDUEVLHZlKUHQGLKUHV
$XIHQWKDOWVLQ%HUOLQXQGZXUGHZLH
VHLQHU.UDXWHQWRFKWHU
]XNDPLP.UDXWHQ(UEEHJUlEQLV]X6DQNW1LNRODLEHLJHVHW]W
0XWPDOLFKDOVGLHOHW]WHGLHGLHVHQ1DPHQJHIKUW6LHZDU
LKUHV$OWHUVVLHEHQXQGIQI]LJ-DKUHXQGKLQWHUOLHHLQH
EHWUlFKWOLFKH/DVWSHUV|QOLFKHU 6FKXOGHQZHLOHEHQGLHVH6FKXOGHQ

DXILKUH*WHUGLH)LGHLNRPPLJWHUZDUHQQLFKWHLQJHWUDJHQ
ZHUGHQNRQQWHQ
(VKDWWHVLFKHLQUHLFKHVXQGEHZHJWHV/HEHQJHVFKORVVHQ2E
DXFKHLQJOFNOLFKHV"$OOHVLQDOOHPMD6LHYHUVWDQGGLH.XQVW
GHQ$XJHQEOLFN]XJHQLHHQXQGVLFKGDVZDVGLH6WXQGHERW
GXUFK=XNXQIWVEHWUDFKWXQJHQRGHUJDUGXUFK
=XNXQIWVEHIUFKWXQJHQQLFKWDOO]XVHKUWUEHQ]XODVVHQ6LHZDU
VDQJXLQLVFKXQGHUIUHXWHVLFKGHU9RU]JHGLHVHV7HPSHUDPHQWV
(VOLHJHQPLUKLQVLFKWOLFKLKUHV&KDUDNWHUVDOOHUKDQG$XVVSUFKH
YRU$PXQJQVWLJVWHQODXWHWGDVZDV7KLpEDXOWLQVHLQHQ
6RXYHQLUVEHUVLHVDJW$EHU7KLpEDXOWZDUQLFKWYRQGHU
3DUWHLGHU.UDXWHQWRFKWHUhEHUGLHVDOVGLHVHVLFK XQG]ZDU
ZHLWEHUGDV$QVHKHQLKUHU0XWWHUGHU0DGDPHGH9HUHOVW
KLQDXV LP-DKUHLQ5KHLQVEHUJUHWDEOLHUWHZDU7KLpEDXOW
OlQJVWDXV3UHXHQQDFK)UDQNUHLFK]XUFNJHNHKUW(UVSULFKW
DQHUNHQQHQGQXUYRQLKUHU6FK|QKHLW HOOHpWDLWVDQVFRQWUHGLUH
ODSOXVEHOOHSHUVRQQHGHFHSD\VOj YHUVLFKHUWDEHUDQVHOEHU
6WHOOHGDVLHOHLFKWIHUWLJNDSUL]L|VXQGHLJHQWOLFKEHVFKUlQNW
JHZHVHQVHL'LHVWULIIWQXQVLFKHUOLFKQLFKW]XXQGGHU6RKQ
7KLpEDXOWV*HQHUDOLQGHUIUDQ]|VLVFKHQ$UPHHKLHOWHVEHL
3XEOL]LHUXQJ HLQHUVSlWHUHQ$XIODJHGHU6RXYHQLUVVHLQHV
9DWHUVIUDQJHPHVVHQLQHLQHU$QPHUNXQJHLQHQLP-DKUH
JHVFKULHEHQHQ%ULHIDE]XGUXFNHQGHULKPEHKXIV5LFKWLJVWHOOXQJ
GLHVHU'LQJH]XJHJDQJHQZDU'LHIUKUH)UDXYRQ(OOLRWVR
KHLWHVLQGLHVHUNULWLNEHQGHQ=XVFKULIWLVWZHLWHQWIHUQW
GDYRQHLQHEHVFKUlQNWH'DPH]XVHLQVRZHLWGDYLHOPHKU
XPJHNHKUWLKUH]DKOUHLFKHQ(UIROJHPHKUQRFKLKUHP(VSULW DOV
LKUHU6FK|QKHLW]X]XVFKUHLEHQVLQG8QGELV]XGLHVHU6WXQGH
QRFKHUIUHXWVLHVLFKGHV9RU]XJHVLQLKUHP$XIWUHWHQHEHQVR
JHIlOOLJ]XVHLQZLHWDWVlFKOLFK]XJHIDOOHQ
+LHUPLWVWLPPWDXFKGDV%LOGEHUHLQGDVLQGHPZHLWHQ=LUNHO
LKUHU9HUZDQGWVFKDIWYRQLKUIRUWOHEW,QHLQHUPLU]XJHKHQGHQ
=XVFKULIWKHLWHV6LHZDUGHU7\SXVHLQHU*UDQGH'DPHGHV
YRULJHQ-DKUKXQGHUWVXQGKDWWHYLHO9HUZDQGWHVPLWGHU
HQW]FNHQGHQ*UlILQ/D5RFKH$\PRQ JHERUHQHYRQ=HXQHU 
GLHPLWLKUJOHLFK]HLWLJDP5KHLQVEHUJHU+RIHJOlQ]WH'RFKZDU
VLHGLHVHUOHW]WHUHQ DQGHUDXHULKUHU6FK|QKHLWQXUHLQH
JHZLVVH1DLYHWlWGHV1LFKW:LVVHQVKHUYRUOHXFKWHWH GXUFK

(VSULWXQGHLQQDWUOLFKHV9HUVWlQGQLVIU'LQJHGHU.XQVWXQG
/LWHUDWXUEHUOHJHQ
hEHUDOOGDVZDVLKUIHKOWHJHEHQGLHPHKU]X%HJLQQGLHVHV
$XIVDW]HVPLWJHWHLOWHQ%ULHIHGLH%DURQ.Q\SKDXVHQDQVHLQHQ
9DWHUVFKULHEXQGDXVGHQHQLFKVHLQHU]HLWDOOHV:LFKWLJVWH
PLWJHWHLOWKDEHGHQJHQDXVWHQ$XIVFKOX$EHUIDVWP|FKWLFKGLH
GDULQ*HVFKLOGHUWHPHKUQRFKXQGHQWVFKLHGHQHULQ6FKXW]
QHKPHQDOVHVVHLWHQVLKUHVGDPDOLJHQLKUKHLPOLFKXQG
YHUVXFKVZHLVDQJHWUDXWHQ*DWWHQJHVFKDK,QGHPHUVLH
YHUWHLGLJWNODJWHUVLHGRFK]XJOHLFKDXFKDQXQGGLHVHU7RQ
NOLQJWEHUDOOGXUFK(USHUV|QOLFKPRFKWHGD]XEHUHFKWLJWVHLQ
HEHQVRVHKUVHLQHUVHUL|VHQ1DWXUDOVVHLQHUDSDUWHQ/DJHQDFK
ZLU1DFKOHEHQGHQDEHUN|QQHQPLOGHUXQGLQGLHVHU0LOGH
YLHOOHLFKWDXFKJHUHFKWHUVHLQ,VWHVULFKWLJ XQGHVZLUG ULFKWLJ
VHLQ GDVLHGHU7\SXVHLQHUYRUQHKPHQ'DPHGHVYRULJHQ
-DKUKXQGHUWVZDUVROLHJWXQVGLH3IOLFKWREVLHQLFKWEORDXV
LKUHU(SRFKHVRQGHUQYRUDOOHPDXFKDXVLKUHP
*HVHOOVFKDIWVNUHLVHKHUDXV]XEHXUWHLOHQZLOOVDJHQDXVHLQHP
.UHLVHKHUDXVGDULQGHU&KDUDNWHUQLFKWYLHOXQGGLH7XJHQGQRFK
ZHQLJHUEHGHXWHWHXQGLQGHPEHL%HXUWHLOXQJVFK|QHU)UDXHQ
EHUYLHOHVKLQZHJJHVHKHQZHUGHQGXUIWHZHQQVLHQXUEHUGUHL
'LQJH9HUIJXQJKDWWHQEHU6FK|QKHLW(VSULWXQG&KDUPH

.DSLWHO

'HU.UDXWHQWRFKWHU'HV]HQGHQ]
$OV)UDXYRQ$UQVWHGWYHUZLWZHWH%DURQLQ.Q\SKDXVHQ
JHVFKLHGHQHYRQ(OOLRWDP 6HSWHPEHUJHVWRUEHQZDU
KLQWHUOLHVLH.LQGHUDXVDOOHQGUHL(KHQ8QG]ZDU
$XVGHU(KHPLW+XJK(OOLRW
 /XLVH,VDEHOOH YRQ(OOLRW'LHVHOEHZXUGHZDKUVFKHLQOLFK
JHERUHQGDGLH9HUKHLUDWXQJLKUHU0XWWHUPLW(OOLRWLP-DKUH
VWDWWIDQG$OV(QGH-XOLGLHJHULFKWOLFKH7UHQQXQJ
HUIROJWHZXUGHQDFKVWHKHQGH)HVWVHW]XQJJHWURIIHQ0DGDPH
(OOLRWJHERUQH%DURQHVVHYRQ.UDXWYHUVSULFKWLKUHU7RFKWHU
/XLVH,VDEHOOHYRQ(OOLRWHLQ.DSLWDOYRQ  7DOHUQLQ*ROG
VLFKHU]XVWHOOHQXQG]ZDUGHUDUWGDDQGHP7DJHZR0DGDPH
(OOLRWLQGHQ%HVLW]GHV%UHGRZVFKHQ(UEHV +RSSHQUDGH
/|ZHQEHUJ HLQWULWWRELJHV.DSLWDOYRQ  7DOHUQDXIGHU
N|QLJOLFKHQ%DQNGHSRQLHUWZHUGHQPX
*HPlGLHVHU$QRUGQXQJZXUGHGHQQDXFKDOVGHUYRUJHVHKHQH
)DOOHLQWUDWYHUIDKUHQ=XZHOFKHU=HLWGDV*HOG HUKREHQZRUGHQ
LVWLVWDXVGHQ$XI]HLFKQXQJHQQLFKWHUVLFKWOLFK0L(OOLRWDEHU
YHUPlKOWHVLFKVSlWHUPLWHLQHP0U 3D\QH:HLWHUH6FKLFNVDOH
QLFKWEHNDQQW
$XVGHU(KHPLW%DURQ.Q\SKDXVHQ
 6RSKLH)ULHGHULNH2ULDQH&RQVWDQ]HJHERUHQ 6LHZDU
]ZHLPDOYHUKHLUDWHWLQHUVWHU(KHPLWGHP/DQGUDWYRQ6FKZHULQ
LQ]ZHLWHU(KHPLWGHP5LWWPHLVWHUVSlWHUHQ0DMRU)UHLKHUUQYRQ
.HWWOHUDXI-HHVFK.LWWHO$XVEHLGHQ(KHQZXUGHQMHGUHL.LQGHU
JHERUHQ


(LQ-DKUYRUKHULP-XQLZDUHLQ6RKQJHE RUHQZRUGHQ.DUO:LOKHOP
7LGR'HUVHOEHVWDUEYLHUMlKULJ  XQGZDUGLQGHU)DPLOLHQJUXIW]X:HVW 
(NHOEXULQ2VWIULHVODQGEHLJHVHW]W 'HUREHQLP7H[W]LWLHUWH1DPH
2ULDQHGHUIQI]LJ-DKUH YRU 7HQQ\VRQQRFKHLQ)UHPGOLQJLQXQVHUHU0DUN
ZDUZDU DXJHQVFKHLQOLFKYHUZLUUHQGIUGLHGDPDOLJHQ3DVWRUHQGHV
/|ZHQEHUJHU/DQGHVXQGILQGHWVLFKGHVKDOEDOV2UJDQHLQLKUH
.LUFKHQEFKHUHLQJHWUDJHQ

'HU7RGGHU)UDXYRQ.HWWOHUNDQQQLFKWYRUHUIROJWVHLQLQ
ZHOFKHP-DKUHVLHQRFKDQZHLWHUKLQ]XQHQQHQGHQ
(UEVFKDIWVYHUKDQGOXQJHQWHLOQDKP6LHZDUHLQHNOXJH'DPH
SUDNWLVFKHQHUJLVFKXQGLQDOOHQ6WFNHQPHKULKUHV9DWHUV
%DURQ.Q\SKDXVHQV DOVLKUHU0XWWHU7RFKWHU,KUHQ]ZHLWHQ
*DWWHQYRQ.HWWOHUYHUORUVLHDXIWUDJLVFKH:HLVH.HWWOHUZDU
DXVGHPSUHXLVFKHQLQGHQUXVVLVFKHQ'LHQVWJHWUHWHQXQG
PDFKWHGLHJOHLFKGDUDXIDXVEUHFKHQGH&DPSDJQHJHJHQ3ROHQ
PLW,QGHU6FKODFKWEHL*URFKRZZXUGHUHUKHEOLFKYHUZXQGHW
XQGJHIDQJHQJHQRPPHQ$OVPDQLKQDXIHLQHP:DJHQQDFK
:DUVFKDXEUDFKWHGUlQJWHVLFKGHU3|EHOKHUDQXQGKHXOWHXQG
MRKOWHHLQHUDEHUVWLHJDXIGDV:DJHQUDGXQGVSLHLKPLQV
*HVLFKW(LQ)DXVWVFKODJZDU.HWWOHUV$QWZRUW$EHUIUHLOLFKZDUHV
DXFKGDV6LJQDOXPEHULKQKHU]XIDOOHQXQGLKQEXFKVWlEOLFK]X
]HUUHLHQ $XFKVHLQHPlOWHVWHQ6RKQZDUHLQMlKHU7RG
YRUEHKDOWHQ(LQKHUDEVWU]HQGHUVFKZHUHU%DXPDVWHUVFKOXJLKQ
$XVGHU(KHPLW5LWWPHLVWHUYRQ$UQVWHGW
 +HQULHWWH6RSKLH5RVDOLH9HUKHLUDWHWHVLFKXPGDV-DKU 
RGHUYLHOOHLFKWDXFKVFKRQ]X/HE]HLWHQGHU0XWWHU PLWGHP
%DURQYRQ:ONQLW]XQGVWDUELP%DGH]X'REHUDQ$XIGLHV
YRQ:ONQLW]VFKH3DDUNRPPLFKDP6FKOXVVHGHV.DSLWHOV
]XUFN
 0DWKLOGH-XOLH)ULHGHULNH ZDUJHERUHQ9HUPlKOWHVLFK
PLW+DQVYRQ2HUW]HQDXI$QNHUVKDJHQ6FKORKDXSWPDQQ
XQG.DPPHUKHUULQ1HXVWUHOLW] 
 +HLQULFK$GROI)ULHGULFK YRQ$UQVWHGW:DKUVFKHLQOLFK
JHERUHQ(UWUDWXQWHU0DMRUYRQ6RKULQVEUDQGHQEXUJLVFKH
+XVDUHQUHJLPHQWXQGPDFKWHGLH.ULHJHYRQELVPLW$Q
GHP8QJOFNVWDJHYRQ9HUVDLOOHV -XOL  DQGHPDXFKGHU
MXQJH<RUFNILHOZDUHUPLWXQWHUGHQ9HUZXQGHWHQ,QGLH
+HLPDW]XUFNJHNHKUWHQWVFKLHGHUVLFKIU9HUEOHLELP5HJLPHQW
XQGVXFKWHGXUFKHLQ/HEHQDXIJURHP)XEHUGLH/DQJHZHLOH
GHVNOHLQHQ'LHQVWHVXQGEHUGLHQRFKJU|HUHGHUNOHLQHQ6WDGW
DEZHFKVHOQG%HHVNRZ'EHQ.HPEHUJ KLQZHJ]XNRPPHQ
1DWUOLFKZDUHUEHOLHEWXQGHLQJXWHU.DPHUDG(U
EHUVFKlW]WHVHLQ9HUP|JHQVHKUZHLOHUGHQ:HUWYRQ
+RSSHQUDGH/|ZHQEHUJDOVGHUHQHLJHQWOLFKHQ(UEHQHUVLFKWURW]
GHU([LVWHQ]VHLQHUGUHL6FKZHVWHUQEHWUDFKWHWHYLHO]XKRFK

DQVFKOXJXQGHUVFKUDNHUVWDOVLQGHU0LWWHGHUGUHLLJHU-DKUH
GLH3DFKWVXPPHQDXVEOLHEHQXQGGLHKHOOH1RWYRUGHU7UVWDQG
,QSHUV|QOLFKH6FKXOGHQYHUVWULFNWQDKPHUDOV0DMRUGHQ
$EVFKLHGXQGOHEWH]XUFNJH]RJHQLQ2UDQLHQEXUJRGHULQ1lKH
GHVVHOEHQ$QIDQJGHUYLHU]LJHU-DKUHEHILHOLKQHLQH.UDQNKHLW
XQGHUVWDUEXQWHUWUDXULJHQ9HUKlOWQLVVHQLQGHU&KDULWp
'LHOHW]WHQGUHLLJHU-DKUHZDUHQEHUKDXSW8QJOFNVMDKUHIU
GDV+DXV$UQVWHGWXQGZRKLQPDQXPGLHJHQDQQWH=HLWLQ0DUN
%UDQGHQEXUJDXFKEOLFNHQPRFKWHPLWYLHOOHLFKWDOOHLQLJHU
$XVQDKPHGHVYRQ$UQVWHGWDXI*UR.UHX]EHUDOOVDKPDQGLH
)DPLOLHYRQ/HLGXQGVFKZHUHQ6FKLFNVDOVVFKOlJHQJHWURIIHQ2E
YHUVFKXOGHWRGHUQLFKWlQGHUWHZHQLJ,Q+DNHQEHUJZLHVFKRQ
HUZlKQWSIOHJWHPDQHLQHQDOWHQYRQ$UQVWHGW]X7RGHZlKUHQG
LQ2UDQLHQEXUJHLQMQJHUHU GHU6RKQMHQHV$OWHQ LQ%LWWHUNHLW
DXIHLQYHUIHKOWHV/HEHQ]XUFNEOLFNWH7UDXULJHUDEHUDOVDOOHV
ZDUGLH*HVFKLFKWHYRP)lKQULFKYRQ$UQVWHGWGLHVLFKXP
HEHQGLHVH=HLW:LQWHUDXILQ)UDQNIXUW D 2
DEVSLHOWH:LUNRPPHQDP6FKOXGLHVHV$EVFKQLWWHV
DXVIKUOLFKHUGDUDXI]XUFNZlKUHQGHV]XQlFKVWLQXQVUHP
 .DSLWHOXQVREOLHJHQZLUGGLH*HVFKLFKWHGHV.UDXWHQHUEHV
]XP$EVFKOX]XEULQJHQ

.DSLWHO

+RSSHQUDGHYRQELVMHW]W
+RSSHQUDGHNRPPWXQWHUHLQ.XUDWRULXP YRQ5DEH XQGZLUGDQ
GHQ$PWPDQQ+DXSWYHUSDFKWHW
1DFKGHP$EOHEHQGHU)UDXYRQ$UQVWHGW  KlWWHGHU
HLQ]LJH6RKQGHUVHOEHQGHUYRUHUZlKQWHGDPDOVLQ'EHQ
VWHKHQGH+XVDUHQOLHXWHQDQWYRQ$UQVWHGWGLH*WHUEHUQHKPHQ
XQGMHGHUVHLQHUGUHL6FKZHVWHUQLKUHQ$QWHLODXV]DKOHQRGHU
YHU]LQVHQPVVHQ(UHPSIDQGLQGHVGDHUZHGHUGHU
ZLUWVFKDIWOLFKHQQRFKGHUJHVFKlIWOLFKHQDPDOOHUZHQLJVWHQDEHU
HLQHUVLFKYLHOOHLFKWHUKHEHQGHQILQDQ]LHOOHQ6FKZLHULJNHLWDXFK
QXUDQQlKHUQGJHZDFKVHQVHLZHVKDOEHUVLFKPLWVHLQHQ
6FKZHVWHUQGDKLQHLQLJWHGDPDQGHP/DQGUDWH*UDIHQYRQ
:DUWHQVOHEHQXQGQHEHQGLHVHPGHP.DPPHUGLUHNWRUYRQ5DEH
HLQH*HQHUDOYROOPDFKW EHU+RSSHQUDGH/|ZHQEHUJHUWHLOHQXQG
LKUXQGGHU*WHU6FKLFNVDOLQGLH+lQGHGLHVHUEHLGHQ.XUDWRUHQ
QLHGHUOHJHQZROOH*UDI:DUWHQVOHEHQZDUQXUHLQ1DPHGHU
.DPPHUGLUHNWRUYRQ+DEHMHGRFKGHUYRQMHW]WDELQVHLQHU
.XUDWRUHQHLJHQVFKDIWDXIIDVWYLHU]LJ-DKUHKLQHUVWLQGHQ
9RUGHUJUXQGXQGVSlWHUZHQLJVWHQVLQGLH0LWWHGHU6]HQHWULWW
XQWHU]RJVLFKVHLQHU$XIJDEHPLW(UQVWXQG(LIHUZHQQDXFK
]HLWZHLVHPLWQLFKWDXVUHLFKHQGHP(UIROJXQGVFKULWWVRIRUW]XU
9HUSDFKWXQJGHUJURHQ *WHUNRPSOH[H+RSSHQUDGHGDVXQV
KLHUDXVVFKOLHOLFKLQWHUHVVLHUWNDPEHLGLHVHU*HOHJHQKHLWDQGHQ
$PWPDQQ+DXSW LQ3DFKWHLQHQUHQRPPLHUWHQ/DQGZLUWXQG
QDFKGHP7RGHGHVVHOEHQDQGHQMQJHUQ+DXSW$EHUZHGHUGHU
HLQHQRFKGHUDQGHUHYRQ)|UGHUXQJ GHU.XOWXUHQJDUQLFKW]X
VSUHFKHQ]HLJWHVLFKDXFKQXULPVWDQGHGHQ%HWULHEDXQLYHDX
]XKDOWHQ8QWHUGHPlOWHUHQ+DXSWZDUHQZHQLJVWHQVGLH
3DFKW]DKOXQJHQLPPHUQRFKSURPSWJHOHLVWHWZRUGHQXQWHUGHP
MQJHUHQQDKPDXFKGDVHLQ(QGH-DGHUHLQWUHWHQGH9HUIDOOZDU
HLQVRYROONRPPHQHUGDQLFKWHLQPDOPHKUGLH6WHXHUQXQG
$EJDEHQEH]DKOWZHUGHQNRQQWHQ6RNDPHVGHQQGDVLFK
GHU3lFKWHUGHUMQJHUH+DXSWIULQVROYHQWHUNOlUWH
+RSSHQUDGHEOHLEWXQWHUGHP.XUDWRULXPYRQ5DEHZLUGDEHU

VWDWWDQGLH)DPLOLH+DXSWDQGHQ.DPPHUJHULFKWVUDWYRQ
:ONQLW]YHUSDFKWHW
'LH)ROJHGLHVHU,QVROYHQ]ZXUGHQRWZHQGLJGLH6HTXHVWUDWLRQGHU
*WHUJHZHVHQVHLQZHQQQLFKWLQVREHGUlQJWHU/DJHGHU
.DPPHUJHULFKWVUDW2WWRYRQ:ONQLW]HLQHUGHU6FKZLHJHUV|KQH
GHU)UDXYRQ$UQVWHGWHLQNKQHVXQGNOXJHV6SLHOJHVSLHOWXQG
GDGXUFKVHLQXQGVHLQHU$QYHUZDQGWHQ9HUP|JHQJHUHWWHWKlWWH
WUDWHURKQHVLFKGXUFKGLH+DXSWVFKH%DQNUXWWHUNOlUXQJ
DEVFKUHFNHQ]XODVVHQLQGLH3DFKWHLQXQGVFKULWWXQJHVlXPW]XU
:LHGHUKHUVWHOOXQJHLQHUDXIMHGHP*HELHWHGHYDVWLHUWHQ
:LUWVFKDIW
(UZUGHGLHVEHLGHQEHGHXWHQGHQ0LWWHOQGLHGD]XQ|WLJ
ZDUHQHLQIDFKQLFKWJHNRQQWKDEHQZHQQLKPQLFKWNXU]YRUKHU
HLQNOHLQHVDEHU]LHPOLFKZHUWYROOHV*XWGDV*XW +RKHQWKXUPEHL
+DOOHGXUFK(UEVFKDIW]XJHIDOOHQZlUH(UYHUNDXIWH+RKHQWKXUP
IU  7DOHUWHLOWHGLHVH6XPPHPLWVHLQHUPLWHUEHQGHQ
6FKZHVWHUHLQHU)UDXYRQ/
(VWRFTXQGZDUIQXQGHQJDQ]HQ
LKPYHUEOHLEHQGHQ5HVWYRQ  7DOHUQLQ+RSSHQUDGHKLQHLQ
$OOHVJHZDQQGDGXUFKUDVFKHLQDQGHUHV$QVHKHQXQGVFKRQ
$QIDQJGHUYLHU]LJHU-DKUHOLHVLFKDQHLQHP]XIULHGHQVWHOOHQGHQ
5HVXOWDWHQLFKWPHKU]ZHLIHOQLPPHUYRUDXVJHVHW]WGDGHU
$XVJDQJGHVHUVWYRUOlXILJ DEJHVFKORVVHQHQXQGVHLWGHP
YRQVHLWHQGHU)DPLOLHYRQ%UHGRZZLHGHUDXIJHQRPPHQHQ
(UEVFKDIWVSUR]HVVHVQLFKWDOOHV ZLHGHULQ)UDJHVWHOOWH:ONQLW]
LQGHVVHQHLQHPLQHQWNOXJHU0DQQXQGVSH]LHOOGXUFKVHLQH
MXULVWLVFKH.HQQWQLVXQWHUVWW]WHUZLHVVLFKDXFKDXIGLHVHP
*HELHWDOVJOFNOLFKXQGEHUOHJHQXQGKDWWHGHQ7ULXPSKHLQH
KEHQXQGGUEHQPLW$XIZDQGDOOHU.UDIWJHIKUWH6WUHLWVDFKH
]XP]ZHLWHQ 0DOH]XVHLQHQXQGVHLQHU$QYHUZDQGWHQ*XQVWHQ
HQWVFKLHGHQ]XVHKHQ



8PGLHVH=HLWVROO:ONQLW]HLQHP$QYHUZDQGWHQGLH/HEHQVU HJHOPLWDXIGHQ
:HJJHJHEHQKDEHQ:HQQGXHLQHP%UHGRZEHJHJQHVWVRZLVVHHULVWGHLQ
)HLQG2EGLH%UHGRZVHEHQVRVXPPDULVFKYHUIDKUHQVLQGZHLLFKQLFKW,Q
MHGHP)DOOHZDULKQHQVWDUNPLWJHVSLHOWZRUGHQ

'DVZDULP6RPPHU9RQGLHVHPVLHJUHLFKHQ3UR]HVFKOX
DQGHUHQGOLFKHLQHQELVGDKLQQLHGDJHZHVHQHQ
6LFKHUKHLWV]XVWDQGJHVFKDIIHQKDWWHGXUFKGUDQJLKQQXUQRFKGHU
HLQH:XQVFKGDVELVGDKLQOHGLJOLFKLQ3DFKWJHKDEWH+RSSHQUDGH
]XVHLQHPIUHLHQ(LJHQWXP ]XPDFKHQ'D]XZDUHQ
YRUDXIJHKHQGGUHL'LQJHQ|WLJ
HUVWHQV=XVWLPPXQJGHU)DPLOLHEHKXIV$XIKHEXQJGHU
)LGHLNRPPLHLJHQVFKDIWYRQ+RSSHQUDGH
]ZHLWHQVHQWVSUHFKHQGHU$QWUDJXQG'XUFKVHW]XQJGLHVHV
$QWUDJHVEHLGHQ*HULFKWHQXQG
GULWWHQV$EILQGXQJDOOHU*OlXELJHUDXVGHQDOWHQYRQ
$UQVWHGWVFKHQ=HLWHQKHUZLOOVDJHQ$EILQGXQJDOOHUGHU
*HOGOHXWHGLHELVGDKLQDQGDV)LGHLNRPPL+RSSHQUDGHPLW
LKUHQHQGORVHQ*HOGDQVSUFKHQQLFKWKHUDQJHNRQQWKDWWHQGDV
$OORGJHZRUGHQH+RSSHQUDGHGDJHJHQVRIRUWPLW%HVFKODJEHOHJW
KDEHQZUGHQ
$PPHLVWHQ6FKZLHULJNHLWXQWHUGLHVHQGUHL3XQNWHQERWGHU
HUVWJHQDQQWHGLH=XVWLPPXQJGHU)DPLOLH
'LHVKLQJVR]XVDPPHQ
(VODJVHOEVWYHUVWlQGOLFKEHL%HJLQQGLHVHU
8PZDQGOXQJVDQJHOHJHQKHLW+HUUQYRQ:ONQLW]REDOOHQDQGHUHQ
(UEVFKDIWVEHUHFKWLJWHQ JHJHQEHU GHUHQ,QWHUHVVHQQDFKZLH
YRUYRQGHP.XUDWRUXQG.DPPHUGLUHNWRUYRQ5DEH
ZDKUJHQRPPHQZXUGHQ (UNOlUXQJHQGDUEHUDE]XJHEHQELV]X
ZHOFKHU+|KH +RSSHQUDGHVHLQHQ(UWUlJHQQDFKYRQLKP
:ONQLW]EH]DKOWZHUGHQN|QQH'LH6XPPHGLHYRQ : EHL
GLHVHU*HOHJHQKHLWQDQQWHZDUNHLQHJHULQJH)UDXYRQ.HWWOHU
LQGHVHLQHVFKDUIUHFKQHQGH)UDXIDQGVLH]XQLHGULJ
SURWHVWLHUWHPLWKLQXQGVFKXIDXVGLHVHU$QVFKDXXQJKHUDXV
DOOHUOHL6FKZLHULJNHLWHQ,KQHQ]XEHJHJQHQZUGHQXQIUHLOLFK
GHPNOXJHQ :ONQLW]GHUXQWHUDQGHUQDXFKGLH.OXJKHLWKDWWH
GHQ%RJHQQLH]XVWUDII]XVSDQQHQHLQOHLFKWHVJHZHVHQVHLQ
ZHQQQLFKWGHU:LGHUVWDQGGHUGDPDOVLQ'UHVGHQOHEHQGHQ)UDX
YRQ.HWWOHUYRQ%HUOLQDXVXQG]ZDUGXUFKQLHPDQGDQGHUVDOV
GXUFKGHQ.XUDWRUXQG*HQHUDOEHYROOPlFKWLJWHQYRQ5DEH
EHVWlQGLJJHQlKUWZRUGHQZlUH:DVGLHVHQ]XGLHVHP

:LGHUVWDQGHEHZRJRE.XUDWRUHQ+HUUVFKHUJHZRKQKHLWRGHU
/DXQHQKDIWLJNHLWRGHUEORGLH/XVWHLQHPDQGHUQGLH3OlQH]X
NUHX]HQXQGGDV6SLHO]XYHUGHUEHQLVWQLFKWUHFKWHUVLFKWOLFK
DEHUGDVVWHKWIHVWGDHUVLFKYRQ$QIDQJDQJHJHQVlW]OLFKMD
JHUDGH]XIHLQGOLFKJHJHQ:ONQLW]VWHOOWHGHQHUGRFKDOOHU
]X]XJHEHQGHQ(LJHQQW]LJNHLWGHVOHW]WHUHQXQHUDFKWHWDOVHLQHQ
5HWWHUGHU)DPLOLHKlWWHEHJUHQPVVHQ$EHUGDYRQZDUHU
ZHLWHQWIHUQWXQGIDWHYLHOPHKUVHLQH.XUDWRUHQVWHOOXQJHLQIDFK
GDKLQDXIGDGLHEHLGHQXQVFKXOGLJHQXQGEHGURKWHQ3DUWHLHQ
.HWWOHUXQG2HUW]HQJHJHQGLHEHVWlQGLJPDFKLQLHUHQGH3DUWHL
:ONQLW]XQWHUDOOHQ8PVWlQGHQJHVFKW]WZHUGHQPWHQ
'LHVHULQGHU3HUV|QOLFKNHLWEHLGHU EHJUQGHWH$QWDJRQLVPXV
]HLJWHVLFKLPJURHQXQGNOHLQHQXQGDOV:ONQLW]XPQXUHLQ
%HLVSLHO]XJHEHQXQPLWWHOEDUQDFKGHU3DFKWEHUQDKPHGLHGRFK
PLQGHVWHQVQLFKW]XYHUDFKWHQGH6XPPHYRQ  7DOHUQLQ
GDVGHYDVWLHUWH+RSSHQUDGHKLQHLQJHVWHFNWKDWWHVFKULHE5DEH
DQ%DURQ2HUW]HQ(UZLUGEDOGGDPLWDXVJHZLUWVFKDIWHWKDEHQ
XQV DEHUNRPPHQGLH  7DOHUXQWHUDOOHQ8PVWlQGHQ
]XJXWH
'DVZDUHQQLFKW:RUWHGLHIUHXQGOLFKH%H]LHKXQJHQDQNQSIHQ
NRQQWHQXQGVRJLQJGHQQGHU.ULHJGXUFKYROOH]ZDQ]LJ-DKUH
KLQ,P9RUWHLOEOLHEDXFKKLHU ZLHGHU:ONQLW]ZHLOHUGRFKGHU
JHVFKHLWHUHZDUZDVYRQ5DEHVHOEVWVFKOLHOLFKDQHUNDQQW
ZXUGH5HVSHNWYRU:ONQLW]$QGHPKDELFKPHLQHQ0DQQ
JHIXQGHQ'HUKDWPLFK EHUOLVWHW8QG:ONQLW]VHLQHUVHLWV
YHUVLFKHUWH:R5DEHKLQVLHKWJLEWHVHLQ/RFKVHLQ%OLFN
EUHQQWELVDXIGLH+DXWXQGZHQQLFKGHQGLFNVWHQ)ODXV
DQKDEH%HLGHZDUHQPlUNLVFKH1DWXUHQZLHVLHQLFKWVFK|QHU
JHGDFKWZHUGHQNRQQWHQVFKDUIXQG VFKQHLGLJDXFKZRKOZHQQ
HVQLFKWVNRVWHWHPLW*HPWOLFKNHLWVDOOUHQDEHULPPHU
HXOHQVSLHJHOVFKYRUVLFKWLJXQGVDUNDVWLVFK8QWHUDOOHPZDVLQ
LKUHU6HHOHEOKWHZDUGLHEODXH%OXPHGHU5RPDQWLN
LQVRQGHUKHLWDEHUGLHGHVURPDQWLVFKHQ9HUWUDXHQV DP
VSlUOLFKVWHQYHUWUHWHQ
,P-DKUH QDFKDQGHUQ$QJDEHQHUVWDP 'H]HPEHU ZDU
:ONQLW]DXIMHGHP3XQNWH6LHJHUDOOHVZDUJHJOlWWHWXQGHU
HUVWDQG+RSSHQUDGHIUGLH6XPPHYRQ  7DOHUQ

+RSSHQUDGHZLUGIUHLHU%HVLW]GHV.DPPHUJHULFKWVUDWVYRQ
:ONQLW]ELV
:ONQLW]VRVDJWLFKZDU6LHJHUXQGGLHVHUHQGOLFKH6LHJZDU
LKP]XJ|QQHQLKPGHUDXIMHGHPHUGHQNOLFKHQ*HELHWHVRYLHO
5KULJNHLWXQG(QHUJLHJH]HLJWKDWWH'HQQZDVVLFKDXFKZLH
ZRKONDXP]XEHVWUHLWHQYRQ6HOEVWLVFKHPLQVHLQ7XQPLW
HLQJHPLVFKWKDEHQPRFKWHGDV*HOHLVWHWHZDUJURXQGDOOH
7HLOHKDWWHQVFKOLHOLFKLKUHQ9RUWHLOGDYRQ$XVGHQ
EUDFKOLHJHQGHQ/lQGHUHLHQZDUHQZLHGHUJXWEHVWHOOWH)HOGHUDXV
GHPQLHGHUJHVFKODJHQHQ0RUJHQ)RUVWHLQQHX
KHUDQZDFKVHQGHU:DOGXQGDXVGHPYHUQDFKOlVVLJWHQ9LHKVWDQG
HLQH6WDPPVFKlIHUHLJHZRUGHQ
(UKDWWHJHZRQQHQZRQDFKHUJHVWUHEWDEHUHLJHQWOLFKHV *OFN
ZDUGRFKQLFKWVHLQHU0KHQ/RKQJHZHVHQ(UNDPZLHVFKRQ
PHKUIDFKEHPHUNWDXVGHP.DPSIHQLFKWKHUDXVXQG ZHQQDXFK
]X]XJHVWHKHQLVWGDHUVHLQOHEHODQJQLFKWEORNDPSIHVPXWLJ
VRQGHUQDXFKNDPSIHVOXVWLJZDUVRZDUGLKPGRFKVFKOLHOLFK
GHV.lPSIHQV]XYLHO%HVRQGHUVKDUWOLWWHQGLH6HLQHQXQWHU
VHLQHUEHVWlQGLJHQ$UEHLWXQG8QUDVWDPPHLVWHQGLH)UDXGLH
QLFKWQXUGLHUXKLJHQXQGLG\OOLVFKKHLWHUHQ3ULQ]+HLQULFK7DJH
ZHQLJVWHQVDOV.LQGQRFKPLWHUOHEWKDWWHVRQGHUQDXIGHUHQ
+HU]XQG*HPWDXFKDOOHGLHZHLFKHQXQGOLHEHQVZUGLJHQ
(LJHQVFKDIWHQLKUHU0XWWHUXQVUHU.UDXWHQWRFKWHUEHUJHJDQJHQ
ZDUHQ(VLVWHUVFKWWHUQGLQHLQHPPLUYRUOLHJHQGHQ%ULHIHYRQ
LKUHP%HWURIIHQVHLQ]XOHVHQDOVVLHQDFKVLHE]HKQ-DKUHQXQG
QXQDOV3lFKWHULQLQGDVHLQVWVRVFK|QH6FKOR+RSSHQUDGH
]XUFNNHKUWH'DVZDUDOVRGLH6WlWWHPHLQHU.LQGKHLWXQG
PHLQHU-XJHQGDOOH7DSHWHQYRQGHQ:lQGHQJHULVVHQXQG
/|FKHULQGHQ'LHOHQ1LHPDQGGDGHUPLFKHPSILQJXQGGDVD
LFKGHQQDXIGHP.RIIHUGHUHEHQDEJHODGHQZDUXQGVDKYRU
PLFKKLQXQGLQHLQHVRUJHQYROOH=XNXQIW
+RSSHQUDGHVHLW
8QGZDVQXQQRFK]XEHULFKWHQLVWLVWNXU]
+RSSHQUDGHEOLHEQXUDXIZHQLJH-DKUHKLQHLQIUHLHUXQG
ULWWHUVFKDIWOLFKHU%HVLW]LQYRQ:ONQLW]
+lQGHQ$P 2NWREHU

EHUHLWVJLQJHVGXUFK.DXIDQGHQ.DPPHUKHUUQXQG
(UEPXQGVFKHQNYRQ9RUSRPPHUQ+HOOPXWKYRQ+H\GHQ/LQGHQ
EHUGHUGLHJDQ]H.DXIVXPPHEDUDXV]DKOWH6lPWOLFKH.LQGHU
XQG(QNHODXVGHU.UDXWHQWRFKWHU'HV]HQGHQ]XQG]ZDUDXHU
GHQ:ONQLW]HQVGUHL6FKZHULQHGUHL.HWWOHUVGUHL2HUW]HQV
HPSILQJHQLKUHQ$QWHLOXQGDOOH%H]LHKXQJHQ]X+RSSHQUDGH
ZDUHQJHO|VW
9RQ:ONQLW]VHOEVWQDFKGHPHUVLFKHLQH=HLWODQJDQ
%DXJUQGXQJHQLQ%HUOLQEHWHLOLJWKDWWHJLQJQDFKGHU6FKZHL]
'DVHOEVWVWDUEHU]X0RQWUHX[
$XFK+HUUYRQ+H\GHQ/LQGHQLQ3RPPHUQUHLFKEHJWHUWKDWWH
VLFKVHLQHVQHXHQPlUNLVFKHQ%HVLW]HVQXUNXU]H=HLW]XIUHXHQ
(UVWDUEEDOGGDQDFKXQG+RSSHQUDGHNDPDQVHLQHEHLGHQ
(QNHO*HRUJ )UHLKHUUYRQ:HUWKHUQ XQG,GD0DULD )UHLLQYRQ
:HUWKHUQ
(UVWHUHULVWGHUJHJHQZlUWLJH%HVLW]HU(UKDWGLHVFK|QHQ5lXPH
ZLHGHUKHUVWHOOHQODVVHQXQGEHZRKQWVLHZHQLJVWHQV]HLWZHLOLJ
(LQHVWLOOH6WlWWHMHW]WGLHVDEVHLWVYRP:HJHJHOHJHQH6FKOR
HLQH6WlWWHYRQGHUQLHPDQGPHKUVSULFKWDPZHQLJVWHQ
YLHOOHLFKWGLHGLHWDJDXVWDJHLQHVXPZRKQHQ$EHUYRQLKUGLH
KLHUDXIHLQSDDU-DKU]HKQWHKLQHLQSRHWLVFKHVXQGIDVW
PlUFKHQKDIWSKDQWDVWLVFKHV/HEHQKHUYRU]X]DXEHUQZXWHYRQ
LKU HU]lKOHQVLHQRFKXQGLQGHQ6SLQQVWXEHQKRUFKWDOOHVDXI
ZHQQYRQ(OOLRWXQGVHLQHUJROGHQHQ.XWVFKHYRQGHQWDXVHQG
/LFKWHUQLP+DUHQ]DFNHQ:DOGXQGYRQGHP%DGHJHWPPHOLQ
0RQ&DSULFHYHUVWHKWVLFKXQWHUDOOHUOHL=XVlW]HQDXVHLJQHU
HUUHJWHU3KDQWDVLHJHVSURFKHQZLUG
-DGLHVFK|QHOlQJVWDXVGLHVHU=HLWOLFKNHLWJHVFKLHGHQH
.UDXWHQWRFKWHUVLH OHEWIRUWDQGLHVHU6WHOOH9RQDOOGHQHQDEHU
GLHQDFK LKUNDPHQHU]lKOWQLHPDQGPHKUXQGQXUHLQ*UDELP
3DUNQRFKJLEW$QGHXWXQJYRQGHPZDVVSlWHUXQGELVLQXQVHUH
7DJHKLQHLQKLHUKDOE]X*DVWXQGKDOE]X+DXVHZDU(LQ*UDELP
3DUNXQGDXIHLQHP6WHLQHGLHZHQLJHQ:RUWH&ODUDYRQ
:ONQLW]JHERUHQDP 6HSWHPEHUKHLPJHJDQJHQDP
 1RYHPEHU
%OXPHQXQG(IHXZDFKVHQGUEHUKLQXQG]XU6HLWHVWHKWHLQH
*UXSSHYRQ=\SUHVVHQXQG:HLPXWVNLHIHUQ

(LQHU(QNHOLQ OHW]WH5XKHVWDWWXQGGDUXQWHUHLQ/HEHQGDV
YLHOOHLFKWHUQVWXQGVFKZHUPWLJJHUDGHKLHU HUORVFKDQHLQHU
6WHOOHZRGLHVFK|QH*UDQGPDPDGHQ%HFKHUGHU)UHXGH
OHHUWHHUVWGHQ6FKDXPXQGGDQQ GHQ5HVW
2KQH%H]LHKXQJHQ]X+RSSHQUDGHVHOEVWQRFK]XVHLQHU
YLHOMlKULJHQ+HUULQGHUVFK|QHQ)UDXYRQ$PVWHGWVWHKWGHU
VFKRQ]XYRUYRQXQVHUZlKQWH
)lKQULFKYRQ$UQVWHGW
GHUXQVLQHLQHP6FKOXNDSLWHOGLHVHV$EVFKQLWWHVEHVFKlIWLJHQ
VROO1XUHLQH1DPHQVYHWWHUVFKDIWOLHJWYRUIUHLOLFKEHJOHLWHWYRQ
HLQHULQPHKUDOVHLQHP6WFNYHUZDQGWHQNHLQH
6HOEVWEHKHUUVFKXQJNHQQHQGHQ1DWXU XQG7HPSHUDPHQWVDQODJH
GLHGLHVFK|QH)UDXVFKOLHOLFKELVDQGHQ5DQGGHV
ZLUWVFKDIWOLFKHQ5XLQVGHQ1DPHQVYHWWHUDEHUDXIV6FKDIRWW
IKUWH

(PLOYRQ$UQVWHGW
)lKQULFKLP/HLEUHJLPHQWHQWKDXSWHWDP $SULO 

,
$P$SULOPLWWDJVVWDQGDQGHQ6WUDHQHFNHQLQ
)UDQNIXUW D 2GLHIROJHQGH:DUQXQJVDQ]HLJH
'HU3RUWHSHHIlKQULFK(PLO2WWR)ULHGULFK$OH[DQGHUYRQ$UQVWHGW
GHV ,QIDQWHULHUHJLPHQWVHLQXQG]ZDQ]LJ-DKUHDOWDXV
%DOOHQVWHGWLP+HU]RJWXP$QKDOW%HUQEXUJJHEUWLJKDWWH DXV
5DFKHIUDQJHEOLFK YRQVHLQHP/HKUHUDQGHUKLHVLJHQ
'LYLVLRQVVFKXOHGHP/LHXWHQDQW:HQ]HOXQYHUGLHQWHUKDOWHQH
=XUHFKWZHLVXQJHQXQGYHUPHLQWOLFKHDEHUXQEHJUQGHW
EHIXQGHQH9HUOHXPGXQJHQEHLGHQK|KHUHQ9RUJHVHW]WHQ DP
 'H]HPEHUY -PRUJHQVPLWVFKRQ 7DJVYRUKHUEHUOHJWHP
9RUVDW]HGHQ:HQ]HOLP*DQJHGHU.DVHUQHGXUFKHLQHQ
3LVWROHQVFKXJHW|WHW
'DVLQGHU8QWHUVXFKXQJVVDFKHZLGHUGHQYRQ$UQVWHGWDP
 -DQXDUG -DQJHRUGQHWH.ULHJVJHULFKWKDWWHVHLQHUVHLWVGDKLQ
HUNDQQW
GDGHU$QJHVFKXOGLJWH ZHJHQ(UPRUGXQJGHV9RUJHVHW]WHQPLW
GHP5DGHYRQREHQKHUDEYRP/HEHQ]XP7RGH]XEULQJHQ
ZHOFKHU$XVVSUXFKGXUFK$OOHUK|FKVWH&DELQHWV2UGUHYRP
 G 0GDKLQPLOGHUQGEHVWlWLJWZRUGHQ
GDGHU$QJHVFKXOGLJWHZHJHQ(UPRUGXQJGHV9RUJHVHW]WHQVWDWW
GHUYHUZLUNWHQ6WUDIHGHV5DGHVYRQREHQGXUFKGDV%HLOYRP
/HEHQ]XP7RGH]XEULQJHQVHL

XQGLVWGLHVH7RGHVVWUDIHKHXW|IIHQWOLFKDQGHPYRQ$UQVWHGW
YROO]RJHQZRUGHQ
)UDQNIXUW$SULO.|QLJO*HULFKWGHU'LYLVLRQ
+LHUGXUFKZDUHLQH6DFKH]XP$EVFKOXJHEUDFKWGLHYRP
HUVWHQ$XJHQEOLFNDQQLFKWQXULQ)UDQNIXUW D 2VRQGHUQDXFK
LQGHQ$GHOV XQG0LOLWlUIDPLOLHQGHUJDQ]HQ3URYLQ]HLQJURHV
XQGJHUHFKWIHUWLJWHV$XIVHKQHUUHJWKDWWH+LQVLFKWOLFKGHV
YRUDXIJHJDQJHQHQ/HEHQVGHV YRQ$UQVWHGWDEHUVWHKHKLHUZDV
LFKGDUEHUEHL3HUVRQHQGLHGHP8QJOFNOLFKHQHLQVW
QDKHVWDQGHQHUIDKUHQNRQQWH

(PLOYRQ$UQVWHGWZXUGH]X%DOOHQVWHGWLP$QKDOWLVFKHQ
JHERUHQ6HLQ9DWHUZDUGHU+DXSWPDQQYRQ$UQVWHGWGHUVLFK]X
QLFKWJHQDX]XEHVWLPPHQGHU=HLWZDKUVFKHLQOLFKJOHLFKQDFK
6FKOXGHU%HIUHLXQJVNULHJHPLWHLQHUVHKUVFK|QHQ'DPHHLQHU
JHERUHQHQ$OGREUDQGLQLYHUPlKOWKDWWH:lKUHQGGHU]ZDQ]LJHU
-DKUHZXUGHYRQ$UQVWHGWGHU9DWHUDOV+DXSWPDQQLQGDV
 ,QIDQWHULHUHJLPHQWGHVVHQHLQHV%DWDLOORQGDPDOVLQ6RUDX
VWDQGYHUVHW]WXQGDXIGHP6RUDXHU*\PQDVLXPHPSILQJ(PLO
YRQ$UQVWHGWGHU6RKQVHLQH$XVELOGXQJ:LUYHUJHXGHWHQ
XQVHUH=HLWVRKHLWHVLQ0LWWHLOXQJHQHLQHVLKQEHUOHEHQGHQ
0LWVFKOHUV(VZXUGXQVQLFKWVJHERWHQZDVZLULPVSlWHUHQ


,FKHQWQHKPHGHQ:RUWODXWGLHVHU:DUQXQJVDQ]HLJHGHUDP $SULO
DXVJHJHEHQHQ1XPPHUGHVYRQ'U & :6SLHNHUUHGLJLHUWHQ)UDQNIXUWHU
:RFKHQEODWWV'LHVH1XPPHULVWDXVEORGUHL6WFNHQVHKUPHUNZUGLJ
NRPSRQLHUW6LHEHJLQQWPLWHLQHP1HNURORJHGHVZHQLJH7DJHYRUKHU
VLHEHQXQGVLHE]LJ-DKUHDOWYHUVWRUEHQHQ0DMRU :HQ]HOGHV*URYDWHUVGHV
YRQ$UQVWHGWHUVFKRVVHQHQ/LHXWHQDQWV:HQ]HO'DQQIROJHQGUHL6SDOWHQ
6HQWHQ]HQXQG(U]lKOXQJHQDXV5FNHUWV:HLVKHLWGH U%UDKPDQHQDQ
ZHOFKH:HLVKHLWVVHQWHQ]HQVLFKGLH:DUQXQJVDQ]HLJHPLWGHP%HULFKWEHU
GLH$UQVWHGWVFKH+LQULFKWXQJXQPLWWHOEDUDQVFKOLHW,QGHQ
:HLVKHLWVVHQWHQ]HQKHLWHVJOHLFK]X%HJLQQ

,P0HHUJHQ6GHQZRKQWDXI,QVHOQHLQ*HVFKOHFKW
5HLFKLQ=XIULHGHQKHLWLQ(LQIDOWVFKOLFKWXQGUHFKW
8QGEHUDOOHKHUUVFKWGLH,QVHON|QLJLQ
'LHKDWQLFKW:DIIHQPDFKWXQGIULHGOLFKLVWLKU6LQQ
,KU:DIIHQLVW*HEHW HWF

/HEHQKlWWHQEUDXFKHQN|QQHQ,PPHU/DWHLQXQG*ULHFKLVFKXQG
GDQHEHQHWZDV0DWKHPDWLNQRFKGD]XEHL/HKUHUQGLHVHOEHU
NHLQHQ%HJULIIGDYRQKDWWHQ:LUPXWHQXQVGDPLWJHWU|VWHQ
HLQHQ'LUHNWRU]XKDEHQGHUDOVHLQ$XVEXQGYRQNODVVLVFKHU
*HOHKUVDPNHLWJDOWXQGYLHOOHLFKWHVDXFKZDU$EHUGDGLHVH
*HOHKUVDPNHLWHLQHPYRQXQV]XJXWH JHNRPPHQZlUHGUIWH
VLFKNDXPEHKDXSWHQODVVHQ6RZDUXQVGLH6FKXOHZLGHUZlUWLJ
XQGDQVWDWWHWZDV]XOHUQHQJLQJHQZLU$EHQWHXHUQQDFKRGHU
GXUFKOHEWHQVLHGRFKLQXQVHUHU3KDQWDVLH%HL$UQVWHGWNDPQRFK
VHLQbXHUHVKLQ]X(UZDUELOGKEVFKXQGVFKLHQIU$YHQWUHQ
XQG/LHEHVYHUKlOWQLVVHZLHJHERUHQ(WZDPLWDFKW]HKQ-DKUHQ
NDPHUQDFK)UDQNIXUWXQGWUDWLQV/HLEUHJLPHQW6HLQ8PJDQJ
XQGVHLQH/HNWUHZDUHQZLHVLHGDPDOV]XVHLQSIOHJWHQ
$YDQWDJHXUH)lKQULFKHGDQQXQGZDQQDXFKHLQSDDUGHU
MQJHUHQ2IIL]LHUHYHUVDPPHOWHQVLFKXPVLFKYRQJHKDEWHQ
RGHUQRFK]XKDEHQGHQHURWLVFKHQ7ULXPSKHQ]XXQWHUKDOWHQ(V
ZDUQLFKWGDV)HLQVWHZDVGD]XU6SUDFKHNDPXPVRZHQLJHU
DOVPDQVLFK
VDQJHOHJHQVHLQOLHGDVRKQHKLQQLFKWVHKU
/REHVDPHQRFKGXUFKhEHUWUHLEXQJXQG5HQRPPLVWHUHL]X
ZU]HQ,GHDOHQZXUGHQDFKJHVWUHEWDEHUZRKHUZDUHQGLHVH
,GHDOHJHQRPPHQ"$XVODV]LYHQ5RPDQHQGLHPLW+LOIH
]DKOUHLFKHUhEHUVHW]XQJHQHEHQGDPDOVLQGLH0RGHNDPHQ'LH
NQDSSHQ*HOG XQG/HEHQVYHUKlOWQLVVHEHVVHUWHQQLFKWVLP
*HJHQWHLODOOHVZDVVRQVWYLHOOHLFKWHLQHQZHQLJVWHQVlXHUHQ
$QVWDQGJH]HLJWKlWWHYHUORUDXFKGLHVHQQRFK(VZDUHLQH
WUDXULJH=HLWLQQHUOLFKKDOWORVlXHUOLFKPLWWHOORV$UQVWHGW
SHUV|QOLFKKDWWH9HUIJXQJEHU(VSULWXQG(QHUJLHEHLGH
9RU]JHMHGRFKWUDWHQLQGHQ'LHQVWYRQHWZDV6FKOHFKWHPXQG
YHUKlOLFKWHQVHLQ%LOGPHKUDOVGDVLH
VYHUVFK|QHUWKlWWHQ
$XFKGHU'LHQVWOLWWVFKOLHOLFKLQXQ]XOlVVLJHU:HLVH9RQ
2UGQXQJ3QNWOLFKNHLWXQG$GUHWWKHLWNRQQWHNHLQH5HGHVHLQZR
'HEDXFKHQDOOHU$UWDXFKGHPYRQ1DWXUNUlIWLJVWHQ.|USHUGHQ
)URKVLQQXQGGLH)ULVFKHQDKPHQ$OOHUOHLNOHLQH6WUDIHQZDUHQDQ
GHU7DJHVRUGQXQJXQGVWHLJHUWHQVLFKPHKUDOVHLQPDOELV]X
VWUHQJHP$UUHVW$XVGHP$UUHVWORNDOHZXUGHGDQQIOHLLJLQ
=HWWHOQ NRUUHVSRQGLHUWPHLVWDQHLQHQ)UHXQGXQG9HWWHU
$GDOEHUWYRQ /
1HEHQGHQZHLWHUKLQPLW]XWHLOHQGHQ+DXSWEULHIHQOLHJWPLUDXFK
HLQHGHU9RUVSLHO]HLW DQJHK|ULJH.RUUHVSRQGHQ]YRUXQGLFK
HQWQHKPHGHUVHOEHQHLQLJHFKDUDNWHULVWLVFKH6WHOOHQ$P

 1RYHPEHU HLQHQ0RQDWYRUGHUXQKHLOYROOHQ7DWKHLW
HVDXVGHP$UUHVWDXIHLQHPGLHVHU=HWWHO:LHELVW'XPLW
GHPOHWWUHG
DPRXUDQJHNRPPHQ"9HUJLKHXWDEHQGGLH*LWDUUH
QLFKW,VWHVZDKUGD-ROO\EHUJHIDKUHQ"(VVROOWHPLUVHKUOHLG
WXQ9HUJLDXFKQLFKWGLH3IHLIHQVSLW]HGDV%XFKXQGGHQ
=XFNHU8QGDP 1RYHPEHU+HXWLVW'HLQ*HEXUWVWDJ,FK
HULQQHUH'LFKDQGLH%LEHOZRUWH+DEH*RWWYRU$XJHQXQGLP
+HU]HQXQGDQGDVIU'LFKQRFKJHZLFKWLJHUH+WH'LFKGD
'XLQNHLQH6QGHIDOOHVW8QGQXQIROJWHLQHY|OOLJH
.DSX]LQHUSUHGLJWDEZHFKVHOQGLQ5HLPXQG3URVDGDULQHUVLFK
VHOEVWDOVHLQVLWWOLFKHV9RUELOGDXIVWHOOWXQGGHQ)UHXQGYHUVWHKW
VLFKLURQLVFKDXIIRUGHUWLKPDXIGHPHLQ]LJKHLOEULQJHQGHQ
7XJHQGZHJH]XIROJHQ$PVFKUHLEWHUDXIURVDIDUEHQHP
3DSLHUXQGIKOWVLFKGHVKDOE]XEHVRQGHUHQ=DUWKHLWHQYHUDQODW
:HQLJVWHQVHLQHNOHLQH:HLOH*UHPHLQHOLHEH0RGHVWHYRU
DOOHQDEHUJUHPHLQHOLHEH&ODUD'XNHQQVWMDPHLQH
&RQQDLVVDQFHQEHVVHUDOVLFK&ODUDVWHKWPLU DPK|FKVWHQ:HQQ
HVLQ'HLQHQ.UlIWHQVWHKWVRYHUVFKDIIHPLUZLHGHUHWZDV*HOG
XQG=XFNHU(VEUDXFKWMDQLFKWKDUWHU]XVHLQZHQQHUQXU
KDOEZHJHVLVW8QGVFKLFNHPLUDXFKGDV*HVDQJEXFK(VOLHJW
OLQNHU+DQGLQPHLQHP)DFK
'LHVHU%ULHIYRPLVWXQWHU]HLFKQHW'HLQXQJOFNOLFKHU
( YRQ $2EGLHVXQJOFNOLFKHUQVWKDIWRGHUVFKHU]KDIW
JHPHLQWZDULVWQLFKWUHFKWHUVLFKWOLFKLFKYHUPXWHMHGRFKGDV
HUVWHUH0HLQ2QNHOGHU2EHUVWYRQ:HUGHUVRKHLWHV
QlPOLFK]ZHL7DJHVSlWHUDPKDWPLFKZLVVHQODVVHQGD
LFKZDKUVFKHLQOLFKQLFKWOlQJHULP5HJLPHQWHEOHLEHQN|QQH'DV
LVWPLUXQDQJHQHKP'RFKODLFKPLUGHVKDOENHLQHJUDXHQ
+DDUHZDFKVHQ0HLQ&DSLWDLQKDWLKPDOOHVJHVDJWXQGLFKKDEH
VHLQJDQ]HV0LIDOOHQHUUHJW%HLVHLQHPOHW]WHQ%HVXFKODVLFKLQ
HLQHP'HLQHU%FKHUZRUDXIHUPLUVDJWHLFKVROOWHPLFKOLHEHU
PLWHWZDV1W]OLFKHUHPEHVFKlIWLJHQVWDWW5RPDQH]XOHVHQ
:LHNDQQGHUJXWH0DQQQXUJODXEHQGDLFKMHW]W]XHWZDV
DQGHUHP/XVWKlWWH9RU]JOLFKDEHULVWHUGDUEHUDXIJHEUDFKW
GDLFKZLHHUVLFKDXVGUFNWHPLWOGHUOLFKHQ5HIHUHQGDULHQXQG
VRJDUPLWHLQHP.SHU8PJDQJKlWWH.RPPWHV]XP
6FKOLPPVWHQXQGZHUGLFKHQWODVVHQVRILQGHWHLQMXQJHU.HUOZLH
LFKDXFKZRKOVRQVWQRFKVHLQ)RUWNRPPHQLQHLQHUDQGHUQ6WDGW
RGHUHLQHPDQGHUQ/DQGRGHUXQWHUHLQHUDQGHUQ=RQH/HXWH
PHLQHV6FKODJHVVLQGQLHJDQ]]XYHUDFKWHQXQGZHUGHQDOV
6ROGDWHQ]XP7RWVFKLHHQLPPHUJHVXFKW0LOLQJWDEHUDOOHVVR

EHIUHLWPLFKZRKOHLQ/RW3XOYHUYRQPHLQHU4XDO(VVROOWHPLU
DEHUOHLGWXQVFKHLGHQ]XPVVHQGHQQHUVWHQVZlUHVGRFK
VFKDGHXPHLQVRILGHOHV+DXVXQG]ZHLWHQVZHLOLFKYHUOLHEW
ELQ
1XQIROJHQVHQWLPHQWDOH%HWUDFKWXQJHQHLQHJDQ]H6HLWHODQJ
GLHGDQQZLHGHULQ=\QLVPHQDXVODXIHQ

,,
'HUYRUVWHKHQGH%ULHIYRP1RYHPEHULVWGHUOHW]WHYRU GHU
7DWJHVFKULHEHQH9LHOOHLFKWGDGLHVHVFKRQEHVFKORVVHQH6DFKH
ZDUDOVHUGUHL7DJHVSlWHU DP 1RYHPEHU DXVGHP$UUHVW
HQWODVVHQZXUGHZHQLJVWHQVZDULKPGHU2IIL]LHUGHUVHLQHP
5DFKHJHOVWH]XP2SIHUILHO VHLWODQJHYHUKDW(LQLJH
EHKDXSWHQGDDXFK(LIHUVXFKWPLWLP6SLHOHJHZHVHQVHL
*OHLFKYLHODP 'H]HPEHUIUKJHVFKDKGLH7DW$UQVWHGWVHOEVW
PDFKWHGLH0HOGXQJGDYRQXQGZXUGHNDXPDXVGHP*HIlQJQLV
HQWODVVHQDXIVQHXHGDKLQDEJHIKUW'LHYRUJHVHW]WHPLOLWlULVFKH
%HK|UGHQDKPHVZLHVHOEVWYHUVWlQGOLFKVHKUHUQVWVDKYRQ
DOOHQ5FNVLFKWHQDEXQGOLHLKQLQ.HWWHQOHJHQ(UPDFKWH
MHGRFKGDV8QP|JOLFKHP|JOLFKXQGIKUWHWURW]GLHVHU.HWWHQ
XQGVRQVWLJHU%HKLQGHUXQJHQHLQHOHEKDIWH.RUUHVSRQGHQ]GLH
QLFKWEOREUXFKVWFNZHLVZLHGLHYRUKHUJHKHQGHVRQGHUQLQ
LKUHU7RWDOLWlWPLUYRUOLHJW,KUFKDUDNWHULVWLVFKHU=XJLVWHLQ
XQJHKHXUHV0DYRQ6HOEVWVXFKWXQG/HLFKWVLQQ$QGLHVHP
/HLFKWVLQQQLPPWHLQLJHUPDHQDXFKGHU)UHXQG$GDOEHUWYRQ /
WHLODQGHQVLFKGLH%ULHIHULFKWHQ%LV]XOHW]WVSUHFKHQVLHYRQ
%DOO9HUHLQHQ&RWLOORQRUGHQXQG/LHEHVJHVFKLFKWHQ$EHUGDVLVW
QLFKWGDV6FKOLPPVWH6FKOLPPHULVWGHU*HIKOVPLVFKPDVFKGDV
HQWVHW]OLFKH'XUFKHLQDQGHUYRQ6HQWLPHQWDOLWlWXQG2EV]|QLWlW
LQZHOFKHU+LQVLFKWGLHVH%ULHIHYLHOOHLFKWHLQ]LJGDVWHKHQXQG
JHUDGH]XHLQSV\FKRORJLVFKHVVLFKHUOLFKHLQ]HLWELOGOLFKHV
,QWHUHVVHEHDQVSUXFKHQGUIHQ2IWZHFKVHOWGHU,QKDOWYRQ=HLOH
]X=HLOH/LHEH]X0XWWHUXQG*HVFKZLVWHUQ$QIOJHZLUNOLFKHU
+HU]HQVQHLJXQJ$QUXIXQG*HEHWH]X*RWW*HGLFKWH)OHKHQXP
(UK|UXQJ)UHXQGVFKDIWVYHUVLFKHUXQJHQ DXFKHKUOLFKJHPHLQWH 
5DFKHJHOEGH9HUJLIWXQJVSOlQH6DPPHWURFN%OXPHQVWUlXH
3LNVFKOLWWHQXQG*LWDUUH:LW]HOHLHQXQG=\QLVPHQ LQGLHVHP
0HQJHPXVJHKWHVIRUWELV]XUOHW]WHQ6WXQGHELVDQV6FKDIRWW
9RQ5HXHNHLQH6SXUHVLVWDOVREHUHLQIDFKHLQLKPIHLQGOLFKHV
7LHUEHUGHQ+DXIHQJHVFKRVVHQKDEH:DVLKQEHVFKlIWLJWLVW
QXUGLH)UDJH.RPPLFKEDOGZLHGHUIUHL"8QGZLHKEVFKZLUG
HVGDQQVHLQ(LQHERGHQORVH5FNVLFKWVORVLJNHLWLQMHGHP:RUW
XQGQXULPPHUDXI$XJHQEOLFNHGlPPHUWLQLKPGLH9RUVWHOOXQJ
YRQGHP(UQVWVHLQHU/DJH(LQHZDKUH+|OOHQOHNWUHGHUHQ
.HUQVWFNHVLFKGHU0LWWHLOXQJVP|JOLFKNHLWHQW]LHKHQDEHUGHUHQ
DQVWlQGLJHUH6WHOOHQDXFKYROONRPPHQDXVUHLFKHQXPGLH

+lOLFKNHLWMHQHUKDOEHQXQHKUOLFKHQXQGYHUORJHQHQ=HLWGHU
GUHLLJHU-DKUH]XGHPRQVWULHUHQ
(PLOYRQ$UQVWHGWVHUVWHU%ULHIDXVGHP*HIlQJQLV
'H]HPEHU
0HLQOLHEHU$GDOEHUW0LW'LUXQWHUKDOWHLFKPLFKDPOLHEVWHQ
GHQQ'XELVWPHLQ9HUWUDXWHU'DKHUVROOVW'XHWZDVYRQMHQHP
0RUGHK|UHQ'XUHLVWHVWGRFK)UHLWDJDEHQGDEDQMHQHP7DJH
GHPGHUVFK|QVWH$EHQGPHLQHV/HEHQVIROJWH,FKVSUDFKPLW
'HLQHU0XWWHUXQGlXHUWHLKUPHLQ%HGDXHUQEHUGLH5HLVH
&ODUDZDUVRJXWVROLHEHQVZUGLJZLHLFKVLHQLHVDKLFK
EHUOLHPLFKJDQ]GHU)UHXGHREJOHLFKLFKVFKRQHLQHWUEH
$KQXQJKDWWH/LHXWHQDQWV.HOHU3XWOLW]*DXYDLQZDUHQDXFK
GDPLWOHW]WHUHPWDXVFKWHLFKQRFKGLH&RWLOORQGDPH &ODUD
JHJHQ0RGHVWH XQGZLUZDUHQVHKUYHUJQJW(PPD%DQW]GLH
6FKLOOHUGLHHLQH)DOOHU 6LGRQLH XQGPHKUHUHKEVFKH0lGFKHQ
)ORUD ZDUHQGD1DFKGHP%DOOHIXKU&ODUDQDFK+DXVHXQGLFK
EHJOHLWHWH)ORUD6RQQDEHQGJHKHLFKLQGLH'LYLVLRQVVFKXOH
6RQQWDJDXI3DUDGHIUDJW:HQ]HOPLFKRELFK'RQQHUVWDJQHXQ
8KUDEHQGV]X+DXVHJHZHVHQVHL",FKVDJHMD'DPHLQWHU
HVLVWHLQHXQJHKHXUH)UHFKKHLWYRQ,KQHQGDV]XEHKDXSWHQ
(U]HLJWPLFKDQEHLGH2EHUVWHQPDFKHQPLFKVFKOHFKWXQGLFK
HUKDOWHZLHGHUPDOYLHUXQG]ZDQ]LJ6WXQGHQ$UUHVW(VNRFKWH
IUFKWHUOLFKLQPLU,FKZROOWH]X6FKORPNDVJHKHQZR&ODUDZDU
DXIGHP%HDPWHQYHUHLQ$OOHVZDUYRUEHLLFKPXWHLQGHU6WXEH
EOHLEHQ.XU]H=HLWQDFKGHU3DUDGHNRPPW:HQ]HOZLHGHU]XPLU
XQGPDFKWPLFKVFKOHFKWGDPHLQH6WXEHQLFKWVRLQ2UGQXQJ
VHLZlKUHQGGRFKPHLQ%XUVFKHDXI:DFKHZDU1LFKWGLH:RUWH
VHOEVWVRQGHUQGLH$UWXQGGHU7RQZLHVLHJHVDJWZXUGHQ
KDEHQPLFKVRLQ:XWJHVHW]W'D]XNDPGDPLUPHLQ2QNHO HV
ZDUGLHVGHUVSlWHUNRPPDQGLHUHQGH*HQHUDOYRQ:HUGHU VDJWH
HUZUGHVLFKJHQ|WLJWVHKHQGHQ.|QLJXPPHLQH(QWODVVXQJ
]XELWWHQ,FKZDUZWHQG+lWWHQXUHLQ0HQVFKIUHXQGOLFKPLW
PLUJHVSURFKHQVRZlULFKDXIDQGHUH*HGDQNHQJHNRPPHQ
+lWWHVW'XPLUGRFK]XU6HLWHJHVWDQGHQ.XU]LFKIDWHGHQ
(QWVFKOXPHLQHP /HEHQHLQ(QGH]XPDFKHQ3LVWRO3XOYHU

%OHLDOOHVZDUEDOGDQJHVFKDIIWXQGGLH:DIIHJHODGHQ'DGDFKW
LFKDQPHLQH0XWWHUDQPHLQH)UHXQGHXQG.DPHUDGHQDQ'LFK
XQGYRUDOOHPDQPHLQHOLHEH&ODUD2KQH$EVFKLHG NRQQWHLFK
QLFKWYRQ(XFKVFKHLGHQ,FKZDURIIHQJHVDJW]XVFKZDFKPLFK
VFKRQYRQGHU:HOWORV]XUHLHQ'DIXKUPLUGHU*HGDQNHGXUFK
GHQ.RSIHUPXVWHUEHQ'LHVHU*HGDQNHKDWPLFKQLFKWZLHGHU
YHUODVVHQ'DLFKEHU]HXJWZDUGDLFKPHLQH/LHEHQQLFKWPHKU
VSUHFKHQZUGHVRQDKPLFKVFKULIWOLFKYRQGHQGUHLPLUDP
WHXHUVWHQDXIGLHVHU:HOW$EVFKLHG(VVLQGGLHVGLH%ULHIHDQ
'LFK&ODUDXQGPHLQH0XWWHU0HLQ7DJHEXFKKDWWHLFK
JHVFKORVVHQXQGHLQHPHLQHU/RFNHQVROOWHVW'XQHEVWGLHVHP
%ULHIHUKDOWHQ$P0RQWDJIUK XPIRUW]XIDKUHQ NDP:HQ]HO]X
PLUXQGIXKUPLFKDQZDUXPLFKQLFKWLQGHU6FKXOHVHL",FK
VDJWHLKPZHLOLFK$UUHVWKDEH6FKRQGHQYRULJHQ1DFKPLWWDJ
KDWWHLFKLKQHUZDUWHWXQGGLHJHODGHQH3LVWROHLQ%HUHLWVFKDIWHU
NDPQLFKW-HW]WDQWZRUWHWHLFKLKPGDLFKJOHLFKNRPPHQ
ZUGHZRUDXIHUHLOLJPHLQ=LPPHUYHUOLHGDHUZRKOPHLQH
ZWHQGHQ%OLFNHVDK,FKVSUDQJQDFKGHP6SLQGHKROWHGLH
:DIIHXQGVWU]WHLKPQDFK$XIIQI]HKQELV]ZDQ]LJ6FKULWWH
VFKRLFKGDV3LVWRODEXQGWUDILKQGDHUVLFKJHUDGHXPGUHKWH
LQGLHOLQNH$FKVHOTXHUGXUFKGLH%UXVWVRGDGLH.XJHO
QDFKGHPVLHGHQUHFKWHQ$UPQRFK]HUVFKPHWWHUWKDWWHGLFKW
XQWHUGHU+DXWVLW]HQEOLHE(UJLQJQXQQRFKHLQLJH6FKULWWH
WDXPHOQG]XUFNXQGVWU]WHGDQQYRUZlUWVDXIV*HVLFKW,FK
PHOGHWHPLFKVRJOHLFKVHOEVWDOV0|UGHUXQGZXUGHQDFKGHU
:DFKHJHEUDFKW$PIROJHQGHQ7DJHKDWWHLFKDQGHU/HLFKH
9HUK|UGHU.|USHUZXUGHVH]LHUWXQGGLH%UXVWJDQ]
DXIJHVFKQLWWHQ.HLQH0LHQHKDEHLFKYHU]RJHQEORXP]X
EHZHLVHQGDGLHVHU$QEOLFNPLFKQLFKWVFKUHFNWH'LHHUVWHQ
7DJHPHLQHU(LQNHUNHUXQJZDUHQIUPLFKIUFKWHUOLFKQXUDOOH
YLHUXQG]ZDQ]LJ6WXQGHQHUKLHOWLFKZDUPHV(VVHQELVLFKGDQQ
YRQPLWOHLGLJHQ0HQVFKHQJHVSHLVWZXUGH'XKDVWKLHUHLQ
RIIHQHVZDKUHV%HNHQQWQLVHLQHUVFKUHFNOLFKHQ7DWQXUGLH/LHEH
]X(XFK,KU/LHEHQKLHOWPLFKDQGLHVHP/HEHQIHVW'HQQLFK
]RJGRFKGLH)HVWXQJGHP7RGHYRUXQGGDLFKQLFKW
KLQJHULFKWHWZUGHGDYRQZDULFKGDPDOVIHVWEHU]HXJW-HW]WLVW
HVIUHLOLFKDQGHUVGHQQLFKVHKHQLFKWQXUGLH0|JOLFKNHLW
VRQGHUQVRJDUGLH:DKUVFKHLQOLFKNHLWHLQ$EHUODGDVJXWVHLQ

HVNDQQDOOHVQRFKEHVVHUZHUGHQDOVZLUGHQNHQ)UMHW]WIUHX
LFKPLFKQXUGDPHLQHOLHEH0XWWHUKLHULVWXQGGDLFKPLFKPLW
'LUXQWHUKDOWHQNDQQ'HQQREJOHLFKPLU:HLW]HXQG/DQGYRJW
VRYLHO*XWHVHUZHLVHQVRNDQQLFKGRFKQLFKWGDV IUVLHIKOHQ
ZDVPHLQ+HU]IU'LFKHPSILQGHW0LWZHOFKHU*HIDKULFK
VFKUHLEHJODXEVW'XJDUQLFKWGHQQDQPHLQHU6WXEHQWULQ
ZHOFKHUHLQH6FKHLEHLVWVWHKWGHU3RVWHQXQGLFKKDEHQXUHLQHQ
NOHLQHQ:LQNHOZRHUPLFKQLFKWEHREDFKWHQNDQQ:HQQLFKQXU
EDOGYRQKLHUZHJNRPPH=ZDUZHUGHLFKGDQQ'LUXQGPHLQHU
&ODUDHQWIKUWGRFKPHLQ+HU]EOHLEWEHL(XFKXQGJHZLZHUGH
LFK'LFKVWHWVYRQPHLQHP%HILQGHQEHQDFKULFKWLJHQ1XUPXLFK
ELWWHQGDDXFK'XPLFKUHFKWDXVIKUOLFKEHQDFKULFKWLJVWXQG
PLUVFKUHLEVWZDVLKUIUGHQ6LOYHVWHUEDOOYRUKDEW'XZHLWJDU
QLFKWZLHJOFNOLFKHVPLFKPDFKWYRQ'LUXQG&ODUDHWZDV]X
K|UHQGDKHUVHLQLFKWNDUJPLW'HLQHP6FKUHLEHQHVVROO'LU
NHLQHQ6FKDGHQYHUXUVDFKHQ*UHPHLQHQJXWHQ+HLQULFK
$XJXVW-HDQHWFDEHUYRUDOOHQJUHVLHGLHLFKVRKHLOLHEH
6DJHLKUGDDOOH3XOVHQXUIUVLH VFKODJHQGDNHLQ$XJHQEOLFN
YHUJHKWLQZHOFKHPLFKQLFKWDQVLHGHQNH$FKHVKHLWPLW
5HFKW6H4XHOOHPHLQHU/HLGHQHZLJHZLJOLHELFKGLFK
GHQQMHQHUXQYHUJHOLFKH$EHQG )UHLWDJGHQ 'H]HPEHU LVW
GLH+DXSWXUVDFKH$EHULFKNODJHNHLQHQ0HQVFKHQDQQXUPLFK
DOOHLQXQGPHLQHIUFKWHUOLFKH9HUEOHQGXQJ,FKNDQQPLW5HFKW
VDJHQLFKRSIHUWHPLFKIUDQGHUHGHQQPLUEOHLEHQYRQGHU
7DWQXUGLH+HIHQPHLQH.DPHUDGHQJHQLHHQGDV*XWH1XU
EOHLEPLUWUHXHUIUHXHPLFKPLWHLQHPUHFKWODQJHQ6FKUHLEHQ
XQGJUH&ODUDYRQ'HLQHPLPPHUQRFKYHUOLHEWHQ
9HWWHU(PLO
=ZHLWHU%ULHI(PLOYRQ$UQVWHGWVDQVHLQHQ9HWWHU$GDOEHUWYRQ /
-DQXDU
0HLQOLHEHU$GDOEHUW9RQ+HU]HQ*OFN]XPQHXHQ-DKU'XELVW
GRFKPHLQEHVWHU-XQJHXQGZLUVWHVEOHLEHQGDKHUZLOOLFK'LU
DXFKYHUWUDXHQ,VWPHLQ7RGQLFKW]XXPJHKHQVRVWHKWPLUGHU
:HJGHU)OXFKWLPPHUQRFKRIIHQ,FKKDEHVFKRQLPVWLOOHQ
JHDUEHLWHWXQG'XZLUVWPLFKJHZLGDEHLQLFKWLP6WLFKODVVHQ
$OVLFKJHVWHUQJHJHQVLHEHQ'HLQNUlIWLJHV2KRHUVFKDOOHQ
XQGGLH6FKHOOHQOlXWHQK|UWH ZDULFKVFKRQLP%HJULIIDOV0DVNH

DXIGHQ6LOYHVWHUEDOO]XNRPPHQ1XUGHU*HGDQNHDQGLH
%HPKXQJHQPHLQHUJXWHQ0XWWHU KLHOWPLFKGDYRQDE'DHV
PLUJHOXQJHQZlUHZLUVW'XZRKOQLFKWEH]ZHLIHOQGHQQLFKJDE
'LUVFKRQ%HZHLVHGHU$UWhEHU'HLQHQ %ULHIKDEHLFKHLQH
XQDXVVSUHFKOLFKH)UHXGHJHKDEW6FKUHLEHPLUMDZDV&ODUD
PDFKWZLHVLHYRQPLUGHQNWREVLHVLFKPHLQHUQRFKHULQQHUW
*ODXEHPLUQLFKWVVWUDIWPLFKPHKUDOVGDV9HUQDJHOQPHLQHU
)HQVWHUDEHULFKPXJHVWHKHQHVZDULQGHQHUVWHQ7DJHQDXFK
]XDXIIDOOHQG$OOH0lGFKHQJLQJHQDQPHLQHP)HQVWHUYRUEHU
XQGVFKDXWHQKHUDXI0LUZDUVRUDVHQG]XPXWHGRFKKDEHLFK
PLFKN|VWOLFKGDEHLDPVLHUW'HQQ'XNHQQVWPLFKMDZHQQLFK
KEVFKH0lGFKHQVHKH$EHUQXUHLQHHUIUHXWPLFKZDKUKDIW
ZHQQVLHPLFKHLQHV%OLFNHVZUGLJW6FKRQRIWKDWWHLFKGDV
9HUJQJHQVLH]XVHKQ$FKZHQQLFKVLHQXUQRFKHLQPDO
VSUHFKHQN|QQWH2 JXWHUWUHXHU)UHXQGZHQQ'XHLQNOHLQHV
/LHEHV]HLFKHQIUPLFKHPSIDQJHQN|QQWHVWHVVROOWHPLUPHLQH
.HWWHQWUDJHQMDYHUJHVVHQKHOIHQ0HLQHJXWHOLHEH0XWWHU
DUEHLWHW7DJXQG1DFKWIUPLFKXQGLKUHQ%HPKXQJHQ
YHUGDQNHLFKVRYLHO$FKZHQQLFKLKUGRFKJHQXJGDIUGDQNHQ
N|QQWH:HQQ'XZWHVWZLHHVLQPLUJlUWXQGNRFKWZHQQ
GDVVRIRUWJHKWPLWPHLQHU%HKDQGOXQJZHUGLFKQlFKVWHU7DJH
YHUUFNW'HQNH'LUDOOHYLHUXQG]ZDQ]LJ6WXQGHQZLUGEHLGLHVHU
.lOWHQXUHLQPDOHLQJHKHL]WZHQQLFKVFKODIHQJHKHGDUILFK
PLFKQLFKWDXV]LHKHQXQGZDVGHUJOHLFKHQ6FKLNDQHQPHKUVLQG
GLHPDQVLFKDXVGHQNW.HLQH%LQGHNHLQH+RVHQWUlJHUVFKQDOOH
QLFKWVGDUILFKKDEHQGDLFKDQGHUH 6DFKHQKDEHGDVZLVVHQ
VLHQLFKW$EHUQXQZLOOLFKDOOHVJHUQHUWUDJHQ,FKEHVLW]HHLQH
OLHEHWUHXH0XWWHUHLQHJXWH6FKZHVWHUJHSUIWHWUHXH)UHXQGH
XQGYLHOOHLFKWDXFKGDV+HU]HLQHV0lGFKHQVGDVPHLQJDQ]HV
6HLQDXVPDFKW,FKELQQLFKWYHUODVVHQGHQQPDQQLPPWVLFK



6HLQH0XWWHUHLQHQRFKVHKUVFK|QH)UDXZDUYRQ6RUDXQDFK)UDQNIXUW
JHNRPPHQXPYRQKLHUDXV6FKULWWH]XU5HWWXQJLKUHV6RKQHV]XWXQRGHU
ZHQLJVWHQVHLQH6W UDIPLOGHUXQJGXUFK]XVHW]HQ%HLGHPJURHQ,QWHUHVVH
GDVGLH6WDGWQDPHQWOLFKGLH)UDXHQZHOWDQGHP+HUJDQJHQDKPNDPPDQ
LKUYLHOIDFKHQWJHJHQXQGXQWHUVWW]WHVLHPLW5DWXQG7DW$XFKPLW*HOG
GHQQVLHZDUXQEHPLWWHOW(LQHYRQLKUHU+DQGJHVFKULHE HQH4XLWWXQJOLHJWPLU
YRU'LHVHOEHODXWHW9LHU'RSSHO /RXLVGRU]XUKOIUHLFKHQ9HUZHQGXQJIU
PHLQHQXQJOFNOLFKHQ6RKQYRQHGOHQ0HQVFKHQIUHXQGHQDQRQ\PHUKDOWHQ]X
KDEHQEHVFKHLQLJHLFKKLHUPLWXQGVDJHGHQHGOHQ*HEHUQPHLQHQKHLHVWHQ
JHUKUWHVWH Q'DQN)UDQNIXUW 'H]HPEHU9HUZLWZHWHYRQ$UQVWHGW
JHERUHQHYRQ$OGREUDQGLQL

PHLQHUWlWLJDQ:HQQQXUQLFKWJHUDGHPHLQH5LFKWHUDXFKPHLQH
)HLQGHZlUHQ$EHUODGDVJXWVHLQLKUHQ=ZHFNHUUHLFKHQVLH
QLFKWGHQQREJOHLFKLFKGHP7RGHPLW 7URW]LQV*HVLFKWVHKHVR
]LHKHQPLFKGRFKDOOH3IHUGHGHU(UGHQLFKW]XP6FKDIRWW'DIU
VDJHLFK'LUJXWXQG'XNHQQVWPLFKDOWHWUHXH6HHOH'HU)UDX
NDQQVW'XXQEHGLQJWHV9HUWUDXHQVFKHQNHQVLHLVWWUHXZLH*ROG
XQGREVFKRQVLHVHKUEHREDFKWHWZLUG:HLEHUOLVWJHKWEHUDOOHV
8QGLFKELQ*RWWVHL'DQNDXFKQLFKWDXIGHQ.RSIJHIDOOHQ%DOG
PHKU/HEHIURKJHQLHH'HLQH=HLWPDQLVWEORHLQPDOMXQJ
*UHPHLQH)UHXQGHXQGPHLQHKHLJHOLHEWH&ODUDXQGVDJHLKU
ZLHXQDXVVSUHFKOLFKLFKVLHOLHEHXQGZLHLFKQXUVWHWVDQVLH
GHQNH/HEHZRKO
$GDOEHUWYRQ/DQ(PLOYRQ$UQVWHGW
-DQXDU
0HLQOLHEHU$UQVWHGW9RQ&ODUDVROOXQGZLOOLFK'LUVFKUHLEHQ-D
VLHOLHEW'LFKQRFKPLWGHU/LHEHZLHVLH'LFKVWHWVJHOLHEWKDW
XQG'HLQH/RFNHWUlJWVLHEHVWlQGLJDXILKUHP+HU]HQ6LHOHEW
QXUIU'LFKDXIGHP%HDPWHQYHUHLQVSUDFKHQZLUQXUYRQ'LU
XQGKHXWQRFKJHKHLFK]XLKUXPVLH]XHLQHP%ULHIH]X
YHUP|JHQ(VZDUDP6\OYHVWHUZHQLJORVDXIGHP9HUHLQQXU
XQJHIlKU]HKQELV]Z|OIWDQ]EDUH'DPHQLFKKDEHPLW&ODUDGHQ
&RWLOORQJHWDQ]WXQGZLHJHVDJWQXUYRQ'LUJHVSURFKHQ$OVLFK
QDFK)UDQNIXUW]XUFNNDPK|UWHLFKJOHLFKGD'XLP*HIlQJQLV
XQJHKHXHUEHFRXUWZRUGHQZlUHVWDEHU'XKDVWDXFKZLUNOLFKGLH
JDQ]H'DPHQZHOWDXI'HLQHU6HLWH:HQQ'HLQH5LFKWHU'DPHQ
ZlUHQVRZUGHVW'XJHZLIUHLJHVSURFKHQXQGQRFKREHQHLQ
*HQHUDO'HLQHPYLVjYLVWUDXHLFKQLFKWVSULFKQLFKWGDYRQGD
LFKPLW'LUNRUUHVSRQGLHUH:HQQ'XKHUDXVN|QQWHVWIDVWJODXE
LFKLFKZUGH'LFKZHJEHNRPPHQhEHUOHJH'LUGLH6DFKHXQG
VFKUHLEHPLUGDUEHU,QGHU6WDGWJHKWGDV*HUHGHLFK
NRUUHVSRQGLHUWHPLW'LUXQGVROOWHGHVKDOEIHVWJHQRPPHQ
ZHUGHQHVLVWDEHUQLFKWVXQGLFKPDFKHPLUDXFKQLFKWVGDUDXV
1LPP'LFKQXULQDFKWGD'XQLFKWVFKOHFKWGDEHLZHJNRPPVW
GHQQGHUDOWH2EHUVWYRQ:HUGHUVLHKWPLUK|OOLVFKDXIGLH)LQJHU
XQGVLW]WMHW]WGHQJDQ]HQ7DJDP)HQVWHU6RZHLWVFKULHELFK
KHXWHYRUPLWWDJMHW]WNDQQLFK'LUDXFKHWZDVYRQ&ODUD
HU]lKOHQ,FKIXKUVLHKHXWH3LNVFKOLWWHQXQGLFKKRIIHYRQPHLQHU
hEHUUHGXQJVNXQVWGDV%HVWH(VZUGHPLFKJOFNOLFKPDFKHQ

ZHQQVLH'LUHLQSDDU=HLOHQVFKULHEH0HLQOLHEHU$UQVWHGWELVW
'XLQ'HLQHP%ULHIHDXFKJDQ]RIIHQJHJHQPLFKJHZHVHQ"+DVW
'XZLUNOLFKJDQ]DOOHLQGHQ(QWVFKOXJHIDW",FKQHKPH]ZDU
QLFKWDQGD'XHLQH9HUELQGXQJPLWDQGHUQLQGLHVHU+LQVLFKW
JHKDEWKDVWDEHUZHQQHVZLUNOLFKVRVHLQVROOWHVRUHWWHXQV
'HLQWHXUHV/HEHQ'XKDVWYLHOOHLFKW'HLQ(KUHQZRUWJHJHEHQHV
LVWVRQXQJXWLQ$PHULNDZHQQ'XORVNlPHVWZHLQLHPDQG
HWZDV GDYRQXQG'XVWHKVWVRJXWDOV(KUHQPDQQGDZLHMHGHU
DQGUH*ODXEHPLUPHLQHHLQ]LJH%LWWH]X*RWWLVWMHW]W'HLQ
/HEHQXQGZHQQDOOHGLH*HEHWHHUK|UWZHUGHQZHOFKHGDIU
]XP+LPPHOHPSRUVWHLJHQVRZLUVW'XJHZLHUO|VW9HU]ZHLIOH
QXUQLFKWVWHOOH'LFKZDKQVLQQLJDEHUZHUGHHVQLFKW.DQQLFK
'LULQVRQVWHWZDVGLHQHQVRVSULFKHVDXV$OOHVZDVLFKWXQ
NDQQWXLFKJHZLPLW)UHXGHQ7XQXUNHLQHQEHUHLOWHQ6FKULWW
'HLQ(QWVFKOXQLFKW DXIGHP6FKDIRWW]XVWHUEHQLVW'LUYRQ
*RWWHLQJHJHEHQ,FKN|QQWHQLFKWOHEHQZHQQLFK'LFKKLQULFKWHQ
VlKH
'HLQ$YRQ/
(PLOYRQ$UQVWHGWDQ$GDOEHUWYRQ/
-DQXDU
0HLQJXWHUOLHEHU$GDOEHUW0HLQH)OXFKWDXVGHP.HUNHUDXIGLH
'XKLQZHLVWLVWNLQGHUOHLFKWEHGHQNHDEHUGDQQZHLWHU,FKELQ
KLHUHQWEO|WYRQDOOHQ0LWWHOQ]XU5HLVHEUDXFKWPDQ*HOGDXFK
PWLFKYRQ.RSIELV)XDQGHUVJHNOHLGHWZHUGHQ'LH6DFKHLVW
DOVRNRVWVSLHOLJXQGLFKNDQQYRQ'LUVROFKHV2SIHUJDUQLFKW
DQQHKPHQ5HLHQDEHUDOOH6WUlQJHVRPX5DWJHVFKDIIW
ZHUGHQDXFK*HOGHVPDJNRPPHQZRKHUHVZLOOXQGZHQQLFK
PLFKGHP6DWDQYHUVFKUHLEHQVROOWH,FKZDUWHPLW6FKPHU]HQDXI
GLH5FNNHKUPHLQHU0XWWHU ZDKUVFKHLQOLFKYRQ%HUOLQZRVLH
GHP.|QLJHLQ*QDGHQJHVXFKEHUUHLFKHQZROOWH YRQGHU KlQJW
YLHODE)lOOWGDV5HVXOWDWJOFNOLFKDXVVREOHLELFKYHUQQIWLJ
ZRQLFKWVRZHUGLFKZDKUVFKHLQOLFKZDKQVLQQLJXQGGDQQIDQJ
LFKGDPLWDQGDLFKDOOHVNXU]XQGNOHLQVFKODJH,FKZHUGH
PHLQH5ROOHVFKRQVSLHOHQ'XPXWPLUMHGHVPDOVFKUHLEHQ
ZDQQ'XPHLQHQ%ULHIHUKDOWHQKDVWXQGGDV'DWXPGDUDXI
VHW]HQ,FKVFKLFNH'LU'HLQH%ULHIHPLW'XKHEVWVLHPLUDXI
GDZHQQLFKVLHIRUGHUH'XVLHPLUJHEHQNDQQVW9HUZDKUHGLH

YRQPLUJHVFKULHEHQHQVRGDZHQQPDQEHL'LUQDFKVXFKHQ
VROOWHPDQNHLQHQILQGHW,FKVFKLFNH'LUKLHUHLQHQ%ULHIDQ
PHLQHOLHEH&OPLWLFKEHUODVVHHV'HLQHP*XWDFKWHQ
GHQVHOEHQDE]XJHEHQRGHUQLFKW=XJOHLFKOLHJWKLHUGLH
=HLFKQXQJ]XGHP6FKOVVHOPHLQHU.HWWHQEHL]XU)OXFKWPX
LFKVLHO|VHQKDEHLFKDEHUGHQ6FKOVVHO QLFKWVRPXLFKGDV
6FKOR]HUEUHFKHQZDVPLFKYHUUDWHQP|FKWH.DQQVW'XPLU
QLFKWGLHVHQ6FKOVVHOPDFKHQODVVHQ",QGLHVHP)DOOH
EHQDFKULFKWLJHPLFKZHQQHUIHUWLJLVW'DV:HLWHUHVROOVW'X
GDQQK|UHQ$FKZHQQLFK'LUGRFKPLW:RUWHQVFKUHLEHQ
N|QQWHZHOFKH)UHXGHLFKEHU'HLQHQ%ULHIHPSIDQG,P
9HUWUDXHQDXIGLHVHQ%ULHIVFKULHELFKDQ&ODUD0|FKWHVLHPLU
GRFKDQWZRUWHQ6LHLVWPHLQ*HGDQNHEHL7DJXQG1DFKW,P
7UDXPHXPJDXNHOWVLHPLFK/LHJHLFKDEHQGVVRZDFKHQGDXI
PHLQHU3ULWVFKHVRLVWHVRIWDOVVWlQGHVLHYRUPLUXQGOlFKHOWH
PLFKIUHXQGOLFKDQ

6HKQHQGEUHLWLFKPHLQH$UPH
1DFKGHU7HXUHQ6FKDWWHQELOG
$FKLFKNDQQHVQLFKWHUUHLFKHQ
8QGGDV+HU]EOHLEWXQJHVWLOOW
:HQQ'XOLHEHU9HWWHUPLUYRQLKUHLQHQ%ULHIVHQGHQN|QQWHVW
LFKZUGHYLHOOHLFKWVFKRQDXV/LHEHZDKQVLQQLJ(VLVWGRFKHLQ
N|VWOLFK'LQJGDZLUXQVVRXQWHUKDOWHQN|QQHQ-DMDGLH/LHEH
XQGGLH1RWVLQGHUILQGHULVFKXQGZHUZHLZLHHVVWQGHZHQQ
GLHVQLFKWZlUH%HQDFKULFKWLJHPLFKGRFKRIIHQZDVGLH/HXWHVR
EHUPHLQH%HVWUDIXQJVSUHFKHQ2EGHU(QWVFKOXLQPLURGHU
EHLDQGHUQJHUHLIWLVWXQGRELFKIUHLZLOOLJRGHUGXUFKGDV/RV]XP
0|UGHUZXUGHGDUEHUODPLFKVFKZHLJHQXQGDXFK'X
VFKZHLJHJHJHQDQGUH1XQOHEHZRKOVFKUHLEHEDOGXQGVHLQLFKW
VRNXU]PLW'HLQHQ:RUWHQ'XVFKUHLEVWIQI=HLOHQXQGLFK'LU
LPPHUHOOHQODQJH%ULHIH/DMDGHQ6FKOVVHOPDFKHQVLHKH'LFK
DEHUPLWGHP6FKORVVHUYRUHUPX'LFKHQWZHGHUJHQDXRGHU
JDUQLFKWNHQQHQ
'HLQ(PLO

,,,
8PGLH0LWWH-DQXDUEULFKWGLH.RUUHVSRQGHQ]DEXPHUVW]ZHL
0RQDWHVSlWHUZLHGHUDXIJHQRPPHQ]XZHUGHQ2EKLHU%ULHIH
IHKOHQRGHUREHLQIDFKGLH:DFKVDPNHLWHLQHJU|HUHJHZRUGHQ
ZDUOlWVLFKDXVGHU.RUUHVSRQGHQ]VHOEVWQLFKWHQWQHKPHQ
'LHVHZLUGLPPHUlXHUOLFKHUXQG]XP 7HLODXFK]\QLVFKHUMH
QlKHUGLH.DWDVWURSKHUFNWZDVXQHUNOlUOLFKZlUHZHQQPDQ
QLFKWDQQHKPHQPWHGLH+RIIQXQJDXI%HJQDGLJXQJKDEHLKQ
ELV]XOHW]WEHJOHLWHW,FKODVVHQXQZLHGHUGLHPLWGHP 0lU]
DXIVQHXEHJLQQHQGHQ%ULHIHVSUHFKHQ

$GDOEHUWYRQ/DQ(YRQ$UQVWHGW
0lU]
/LHEHU$UQVWHGW*RWWVHL'DQNHQGOLFKPDOZLHGHUHWZDVYRQ
'HLQHUOLHEHQ+DQG0HLQH)UHXGHEHLP$QEOLFN'HLQHUOHW]WHQ
=HLOHQZDUXQDXVVSUHFKOLFK'XYHUODQJVWHLQHQDXVIKUOLFKHQ
%HULFKWXQGLFKYHUVXFKHV0LW'HLQHUOLHEHQ0XWWHUXQG'HLQHU
VFK|QHQ'LUVHKUlKQOLFKHQ6FKZHVWHUZDUHQZLUDP$EHQGYRU
'HLQHU$EUHLVH GLHVLVWXQYHUVWlQGOLFK UHFKWYHUJQJW EHL
/DQGYRJWV'HLQ6FKZHVWHUFKHQZDUHWZDVDQJHWUXQNHQ XQG
GDKHUVHKUOLHEHQVZUGLJXQGKHLWHU$XFK YRQ&ODUDVRYHUODQJVW
'XVROOLFK'LUVFKUHLEHQ1XQLFKGDUI'LUGHU:DKUKHLWJHPl
YHUVLFKHUQGDVLH'LFKOLHEWXQGLPPHUOLHEHQZLUG8QVUH
*HVSUlFKHKDEHQQLHHLQHQDQGHUQ*HJHQVWDQGDOV'LFKXQG'X
HUIOOVWLKUHJDQ]H6HHOH1XUHLQPDOKDWVLH PLFKJHlUJHUWDOV
LFKLKU'HLQHQ%ULHIJDEKDWVLHGLHVHQ%ULHIDQ.LUFKQHUJH]HLJW
1HXOLFKDXIGHP%HDPWHQYHUHLQHKDEHQZLUXQV]LHPOLFK
DPVLHUWGLH6WHOOHGLFKWDQGHU7UZR'XPLW&ODUDGDVOHW]WH
0DOJHVHVVHQZLUGMHW]WLPPHUYRQXQVHLQJHQRPPHQZHLOVLH
LKUGLHOLHEVWHLVW,QGHU/RJHZDULFKDXFKQHXOLFK)UDQ]LVNDZLUG
MHW]WYRQHLQLJHQ'UDJRQHUIlKQULFKHQEHFRXUW]XJOHLFKPDFKWVLH

*HGLFKWHDQ'LFK (VLVWDOOHVZHGHUJHKDXHQQRFKJHVWRFKHQ
GRFKHVVLQGMD9HUVH:RKHUZHLW'XGDLFKMHW]WHLQHQNXU]HQ
VFKZDU]HQ6DPWURFN KDEH"7DQ]HQXUIOHLLJVFKRWWLVFKGDPLW'X
GRFKHWZDV%HZHJXQJKDVW6FKUHLEHPLUDXIGLH5FNVHLWHGLHVHV
%ULHIHV'HLQWUHXHU9HWWHU $ /
'HLQWUHXHU9HWWHU$/
$UQVWHGWDQWZRUWHWHGHQVHOEHQ7DJQRFK 0lU] XQGVFKULHE
ZLHSURSRQLHUWZDUDXIGLH5FNVHLWHGHV%ULHIHV
0HLQOLHEHUJXWHUVFKZDU]U|FNLJHU9HWWHU'D'XHLQHQ
VFKZDU]HQ6DPWURFNKDVWKDEHLFKOlQJVWJHZXWDEHUGDV LVW
QHXGDLFK'LFKYLHOOHLFKWQlFKVWHQVGDULQVHKHQ ZHUGH,FK
KDEHQlPOLFK+RIIQXQJDOV6WDDWVJHIDQJHQHUQDFK0DJGHEXUJ
]XNRPPHQLVWGDVDEHUGHU)DOOVRZHUGHLFKPLW([WUDSRVW
IRUWJHEUDFKW'DN|QQHQZLUXQVGDQQP|JOLFKHUZHLVHVHKHQXQG
VSUHFKHQPDQPXQXUDOOHVDXVVSHNXOLHUHQXQGSILIILJVHLQ:DV
KDWGHQQ.LUFKQHU]XGHP%ULHIHJHVDJW",KUZHUGHWPLFK
EULJHQVVHKUYHUlQGHUWILQGHQ0HLQ+DDUXPKOOWPLFKZLHHLQ
0DQWHOXQGPHLQ%DUWKlQJWELV]XU(UGHGHQQHVVLQGMHW]W
UXQGHIXQI]HKQ:RFKHQGDLFKHLQJHVSHUUWZXUGH,Q]ZHLELV
GUHL-DKUHQKRIILFKZLHGHUIUHL]XVHLQNDQQXQGGDUILFKGDQQLQ
XQVHUHP+HHUHQLFKWIRUWGLHQHQVRLVW5XODQGRGHU*ULHFKHQODQG
PHLQ$V\O$EHUHUVWYHUOHEHLFKHLQLJH=HLWEHL'LU1lFKVWHQ
)UHLWDJNRPPW9HWWHU)ULW]ZLHGHU]XPLUGDN|QQWHVW'XPLU
HWZDV+HU]VWlUNHQGHV]XVFKLFNHQHLQH)ODVFKH:HLQRGHUHLQHQ
JXWHQ/HFNKHURGHU/HFNKLQ$EHUHVPXLQHLQHU)ODVFKHVHLQ


,QGLHVHQ%ULHIZDUDXFKHLQNDXP]ZHL)LQJHUEUHLWHU=HWWHOPLW)UlXOHLQ
)UDQ]LVNDVMQJVWHUDQYRQ$UQVWHGWJHULFKWHWHU'LFKWXQJHLQJHVFKORVVHQ
'LHVHODXWHWH

(ZLJZLUGGLH)UHXQGLQ'LFKOLHEHQ
0LW'LUVWHUEHQZLOOVLHEHL'LUUXKQ
,PPHUPDJGLH:HOWPLFKDXFKGDUXPYHUGDPPHQ
/HEHQNDQQLFKRKQH'LFKQLFKWPHKU
1XUXP HLQH =HLOHYRQ,KUHU+DQGELWWHW)UDQ]
'DUXQWHUKDWWHYRQ$UQVWHGWPL W%OHLVWLIWJHVFKULHEHQlXHUVWGXPP 

GLHGHU9HWWHULQGLH7DVFKHVWHFNHQNDQQ)UDQ]LVNDGLFKWHW1XQ
LFKDXFKXQGPHLQ1HXHVWHVLVWHLQ/LHG$QGHQ$UUHVW

$OVLFK'LFK]XPHUVWHQPDOHUEOLFNWH
'LHVHQ$XJHQEOLFNYHUJHLFKQLH
$OVLFKPLFKDXI'HLQH3ULWVFKHGUFNWH
:XUGHPLULFKZHLHVVHOEVWQLFKWZLH
'XVLHKVWLFKELQDXFK HLQ'LFKWHU'HLQ(PLO6XLWLHULQ.HWWHQ
)QI7DJHVSlWHUGHUVHOEHDQGHQVHOEHQ
0lU]
0HLQOLHEHU$GDOEHUW0HLQ8UWHLOZLUGXQGPXEDOGNRPPHQ
XQGZLUGKRIIHQWOLFKQLFKWVRVWUHQJDXVIDOOHQ'DKHU*HGXOG%LQ
LFKHUVWDQPHLQHP%HVWLPPXQJVRUWVRHUKlOWVW'X GLHHUVWH
1DFKULFKW1XQDEHUZDVPDFKW&ODUD"'HQNWVLHPHLQHUQRFK
RGHUELQLFKYHUJHVVHQ/DPLFKQLFKWYHUJHEHQVDXI$QWZRUW
ZDUWHQ*UHVLHXQGVDJHLKUGDPHLQ+HU]QXUIUVLH
VFKOlJWGDLFKGXUFKVLHOHEHXQGDWPH,FKKRIIHQRFKDXI
IURKH7DJHXQGUXIHGHVKDOEDXI:LHGHUVHKHQ*UH&ODUD
*HVXQGELQLFKXQGILGHOZLHLPPHUREJOHLFKPLUGLH)OJHO
EHVFKQLWWHQVLQG
'HLQ(PLO
$GDOEHUWYRQ/DQ(PLOYRQ$UQVWHGW
0lU]
0HLQJXWHUOLHEHU$UQVWHGW'HLQOLHEHV%ULHIFKHQKDEHLFK
HUKDOWHQ'XIUDJVWGDULQXQWHUDQGHUQZLH&ODUDV9DWHUXQGLKUH
0XWWHUYRQ'LUGHQNHQ"(UVWHUHUXUWHLOWZLHIDVWDOOH0lQQHUDOVR
OLHEORV GLHOHW]WHUHMHGRFKEHGDXHUW'LFKYRQ+HU]HQ'XIUlJVW
DXFKZHUMHW]W&ODUDEHFRXUW"'LH/HXWHPHLQHQLFKWlWHHVDEHU
HVLVWQLFKWZDKUXQVHU*HVSUlFKGUHKWVLFKLPPHUQXUXP'LFK
'XVFKUHLEVWDXFK'HLQH/RFNHQZlUHQMHW]W'HLQ0DQWHOXQG
'HLQ%DUWUHLFKHELV]XU(UGH-XQJHGDPXW'XMDDOOHUOLHEVW
DXVVHKHQGRFKELWWHLFK'LFKRSIHUHHWZDVGDYRQXQGVFKLFNHHV
PLUDEHUHLQHQUHFKWJURHQ:XVFKGHQQDOOH:HOWZLOOHLQHYRQ

'HLQHQ/RFNHQKDEHQ+HXWH]XP.DUIUHLWDJLVWQLUJHQGHWZDVORV
DEHUDP2VWHUPRQWDJELQLFKDXIGHPGULWWHQ&OXE
'HLQ$YRQ/
(PLOYRQ$UQVWHGWDQ$GDOEHUWYRQ/
0lU]
0HLQOLHEHU$GDOEHUW+HXWLVWGHU*HEXUWVWDJPHLQHU0DPDLFK
GXUIWHLKUGLUHNWNHLQHQ*UXNHLQHQ*OFNZXQVFKVHQGHQXQG
PXWHHVGXUFKHLQHQ0DQQWXQODVVHQGHPLFKQLFKWJHZRJHQ
ELQGXUFKPHLQHQ+DXSWPDQQ)UKHUWUDWLFKDQGHU+DQG
PHLQHU*HVFKZLVWHUXQGPHLQHVJXWHQVHO 9DWHUVYRUPHLQHU
0XWWHU5XKHEHWWXQGEHVFKHQNWHVLHPLW%OXPHQXQGDQGHUHQ
.OHLQLJNHLWHQVDJWHDXFKDOVGHUbOWHVWHHLQKEVFKHV*HGLFKW
KHU-HW]WGDUILFKLKUQLFKWHLQPDOVFKUHLEHQ%HL*RWWGDV
VFKPHU]WWLHIGDVNUlQNWPLFKGRFKZHJPLWWUEHQ*HGDQNHQ
:LHGHUNRPPHQEULQJW)UHXGH:HLLFKGRFKGDOLHEHQGH
+HU]HQPLUHQWJHJHQVFKODJHQ,FKVHQGH'LUDXI'HLQHQ:XQVFK
HLQH/RFNHVRJXWLFKVLHKDEH*LEDEHUGDYRQQLFKWMHGHPRGHU
DXFKQLFKWMHGHU%UDXFKVW'XPHKUVRVWHKWPHLQ.RSI]X
'LHQVWHQGRFKELWWHLFK'LFKXPGLH1DPHQGHU([SHNWDQWHQ
+DEH'DQNIUGLH)ODVFKH+DVW'XQLFKWHLQDOWHV6SLHO.DUWHQ]X
PHLQHU8QWHUKDOWXQJHVZLUG7RGXQG/HEHQJHVSLHOW0RUJHQ
DOVRVLHKVW'X&O$FKVH4XHOOHPHLQHU/HLGHQHZLJHZLJ
OLHELFKGLFK%HREDFKWHVLHJXW:HQQVLFKLUJHQGHLQIUHPGHU
6FKQLSSVFKQDSSDQVLHPDFKHQVROOWHVLHKLFKVFKZ|UH'LU
PHLQH +DQGJULIIH]XP]ZHLWHQ0DOHQDFKGHU0RUGZDIIHXQG
GLHVHV =LHOZUGHVLHQRFKZHQLJHUIHKOHQ$FKLFKELQHLQ
VFKUHFNOLFKHU0HQVFKLQPHLQHU(LQVDPNHLWJHZRUGHQXQGGHQNH
QXUDQEOXWLJH5DFKH'XYHU]HLKVWPLUGDLFKVRUHGH$EHU'X
ZHLWOJHQLVW QLFKWPHLQH3DVVLRQ$XIHLQIU|KOLFKHV
:LHGHUVHKQ*RWWVHJQH 'LFK:LHLPPHU'HLQ9HWWHU(PLOYRQ $
$GDOEHUWYRQ/DQ(PLOYRQ$UQVWHGW
/LHEHUJXWHU$UQVWHGW,FKKDEHHEHQMHW]WNHLQHJXWHQ
1DFKULFKWHQIU'LFKEHNRPPHQGHU.|QLJVROOGDV
NULHJVJHULFKWOLFKH8UWHLOGHP.DPPHUJHULFKWEHUJHEHQXQG
GLHVHVGDV8UWHLOEHVWlWLJWKDEHQ'RFKKDUUHXQGKRIIH

9LHOOHLFKWGD'LUGRFKQRFKGLH*QDGHRIIHQVWHKW:HQQ'LU'HLQ
8UWHLOSXEOL]LHUWLVWNDQQVW'XYHUODQJHQGLH ]XVHKHQXQG]X
VSUHFKHQZHOFKH'XJHUQKDVWXQGLFKJODXEHLFKZHUGHGRFK
HLQHUGHUHUVWHQVHLQ+RIIHQWOLFKDEHULVWDOOHVQXU)DPD
(PLOYRQ$UQVWHGWDQ$GDOEHUWYRQ/
/LHEHU$GDOEHUW/DGDVJXWVHLQ,P)DOOGHU1RWZHLLFK]X
VWHUEHQ,FKEHVFKZ|UH'LFKEHLDOOHPZDV'XOLHEVWOD'LUHLQ
VFKQHOOZLUNHQGHV*LIWIUPLFKEHUHLWHQGHQQLFKELQIHVW
EHU]HXJWGDGXPLFKQLFKWZLOOVWULFKWHQVHKQ:HQQHVGDQQ
1RWDP0DQQLVWVFKLFNVW'XPLUGLH3OYHUFKHQRGHUGLH0L[WXU
XQGLFKODFKHGHP6FKDIRWW+RKQ'XZLUVWPLUGLHVQLFKW
DEVFKODJHQ9ROWR " VXELWR
'HLQ(YRQ$
'HUVHOEHDQGHQVHOEHQ
$SULO
0HLQOLHEHU9HWWHU$GDOEHUW'XDQWZRUWHVWPLUQLFKWGDVLVWQLFKW
UHFKWGHQNH'LUGRFKPHLQH8QJHGXOG,FKUHFKQH]XP DXI
HLQHQODQJHQ%ULHIYRQ'LU,FKKDEHMHW]WGLH(UODXEQLV
5HLVHEHVFKUHLEXQJHQ]XOHVHQXQGELQGHVKDOEEDOGLQGHQ
6DQGZVWHQ$IULNDVEDOGLQ$PHULNDVUHL]HQGHQ*HILOGHQ.|QQW
LFKGRUWLQ:LUNOLFKNHLWPLW'LUVHLQ:LHODXWHQGLH1DFKULFKWHQ
EHUPLFK"=XP7RGHZLUGHVZRKOQRFKQLFKWJHKHQLFKKDEHMD
QRFKQLFKWVJHPDFKWLP/HEHQXQGVROOWHVFKRQVWHUEHQ$EHU
VRUJHQXULPPHUIUHLQHNOHLQH3KLROHPLW5HWWXQJDXVGHU1RW
:LHLVWHV'LUDP)UHLWDJHUJDQJHQ":DVPDFKW0RGHVWH/RXLVH
)ORUD$JQHVXQGYRUDOOHPZDVPDFKWVLH"6FKUHLEH EDOG
'HLQHPDOWHQ9HWWHU
1DFKVFKULIW'DV:HWWHULVWIXUFKWEDUXQGWREWXQGKHXOW(V
ZUGHVLFKEHVVHUQZHQQLFKIUHLZlUH'HLQ$HPLOLXV%XULGDQ
+DXSWPDQQGHUVFKZDU]HQ%DQGH
$GDOEHUWYRQ/DQ(PLOYRQ$UQVWHGW

$SULO
/LHEHU$UQVWHGW+DUUHQXQG+RIIHQKDWRIWHLQJHWURIIHQ,FKUXI
HV'LUKHXWH]X'HLQH6DFKHVROOMHW]WZLHIROJWVWHKHQ'HU.|QLJ
KDW]XVHLQHU%HUXKLJXQJGDV ZDKUVFKHLQOLFKDXI7RGODXWHQGH 
8UWHLOGHP2EHUDXGLWRULDW EHUJHEHQGLHVHVKDWVLFKGLH
=HLFKQXQJGHV*DQJHVLQZHOFKHP'X:HQ]HOHUVFKRVVHQKDVW
VFKLFNHQODVVHQXQGKDWQDFK.HQQWQLVQDKPHGLHVHU=HLFKQXQJ
GHQ$XVVSUXFKJHWDQGDHLQ=LHOHQLQGLHVHP*DQJHQLFKW
P|JOLFKJHZHVHQVHL:RUDXI'XQXQVRKHLWHVXQGLQ
JOHLFK]HLWLJHU%HUFNVLFKWLJXQJ'HLQHU-XJHQG]X]ZDQ]LJ-DKU
)HVWXQJYHUXUWHLOWVHLVW1XQZHLGHU.|QLJQLFKWZDVHUWXQVROO
'DVXUVSUQJOLFKH8UWHLOOLHJW]XVHLQHU8QWHUVFKULIWGD(UZLUGHV
DEHUKRIIHQWOLFKQLFKWXQWHUVFKUHLEHQ (VIROJHQQXQZLHGHU
JDQ]JHPWOLFK%DOO XQG*HVHOOVFKDIWVQDFKULFKWHQDOOHUOHLNOHLQHU
.ODWVFK5HQGH]YRXVXQG]XOHW]W%HPHUNXQJHQEHU7UHXHXQG
8QWUHXH 'XGDUIVWQLFKW]XYLHOYRQ&ODUDIRUGHUQXQGGDUIVW
QLFKWYHUJHVVHQGDVLH'HLQHHUVWH/LHEHQLFKWZDUXQG'HLQH
OHW]WHKRIIHQWOLFKQLFKWVHLQZLUG,FKJODXEHEHVWLPPWZHQQ'X
VFK|QHUH0lGFKHQVlKHVWZUGHVW'X&ODUDYHUJHVVHQ8QG
]XOHW]W:DVPLUDQJHQHKPLVWLVWGDVGD'X
5HLVHEHVFKUHLEXQJHQ]XOHVHQKDVW6XFKHQXUHLQKEVFKHV
3OlW]FKHQLQMHQHQ5HJLRQHQ DXVLFK]LHKHPLW'LUVRZHLWGHU
+LPPHOEODXLVW
'HLQ$GDOEHUW
(YRQ$UQVWHGWDQ$GDOEHUWYRQ/
0HLQOLHEHU$GDOEHUW(LQUXKLJHV3OlW]FKHQLQMHQHQ5HJLRQHQ
DXI]XVXFKHQLVWZRKOOHLFKWGRFKRE'XPLWPLUGRUW)UHXGXQG
/HLGWHLOHQZLOOVWGDV EHGHQNH0DQYHUOlWQLFKWJHUQRKQH1RW
(OWHUQ+DEXQG*XW1HLQZlKOH'LUHLQKEVFKHVMXQJHV:HLE
KDEH.LQGHUXQGZHQQLFK GDQQYLHOOHLFKWDXVMHQHQ5HJLRQHQ
RKQH)XRGHU$UP]XUFNNHKUHVRJHZlKUHGHPDOWHQ
]HUVFKRVVHQHQDEHUJHZLQRFKILGHOHQ.USSHO HLQ3OlW]FKHQDQ
'HLQHP+HUG'RFKGDVOLHJWLQZHLWHU)HUQH9RUOlXILJQXUGDV
GDLFKLQGHUJDQ]HQ:HOWPHLQ)RUWNRPPHQ]XILQGHQKRIIH
GHQQZHQQVFKRQLFKQLFKWVDOV%OXW]XYHUJLHHQJHOHUQWKDEHVR
EUDXFKWPDQGRFK/HXWHGLHVLFKIU*HOGXQGJXWH:RUWH

WRWVFKLHHQODVVHQDOOHURUWHQVRJDUEHLGHQ:LOGHQXQG1HJHUQ
(VXPDUPW'LFK'HLQ9HWWHU(PLO
$GDOEHUWYRQ/DQ(YRQ$UQVWHGW
/LHEHU$UQVWHGW1RFKHLQVDEHUHWZDV(UQVWKDIWHV,FKJODXEHMD
LFKELQJHZLGDZLUHLQDQGHUJXWVLQGXQGXQVYRQ+HU]HQ
OLHEHQ9HUVSULFKPLUVRZLHLFK'LUMHW]WKLHUYHUVSUHFKHGDZLU
QHLQHVLVW]XSKDQWDVWLVFKODGHQ6DW]
XQDXVJHVFKULHEHQ:HQQZLUXQVOHEHQGLJZLHGHUVHKQZLOOLFK'LU
PQGOLFKVDJHQZDVLFKHLJHQWOLFKZROOWH'DGLHVYLHOOHLFKWGLH
OHW]WHQ%ULHIHVLQGGLHZLUZHFKVHOQVRQRFKHLQHQ9RUVFKODJ
:HQQ'XYHUXUWHLOWZLUVWLVWGDVHLQ]LJH0LWWHO'LFKQLFKWDXIGDV
6FKDIRWWEULQJHQ]XODVVHQ'XEHLW'LUGLH3XOVDGHUQGXUFK(V
LVWGHUEHVWH7RGXQGPDQVROOVDQIWHLQVFKODIHQ:HQQ'XOHEHQ
EOLHEHVW XQGZLH'XVFKUHLEVWDOV.USSHOZLHGHUNlPVWVRZROOW
LFKGDVOHW]WH6WFNFKHQ%URWPLW'LUWHLOHQ/HEHZRKO'HLQ
$GDOEHUW
(YRQ$UQVWHGWDQ$GDOEHUWYRQ/ /HW]WHU%ULHI
/LHEHU$GDOEHUW'DQNWDXVHQG'DQNIU6SHLVXQG7UDQNXQGIU
'HLQH1DFKULFKWHQ$EHUZDVPHLQVW'XPLWGHPZDV'X
XQDXVJHVSURFKHQOlW"'XPDFKVWPLFKQHXJLHULJ)UHXQGZDV
ODQJHZlKUWZLUGJXWODQXUVHLQXQGZHQQLFKDXFK
 -DKUHDXI)HVWXQJNRPPHGDV VFKDGHWQLFKWVGDQQOHEHQ
ZLUGRFKQRFKHLQPDOYHUJQJW]XVDPPHQXQGJHGHQNHQ
YHUJDQJHQHU0LJHVFKLFNH

=LWWUHQLFKW]DJHQLFKW
6HLQLFKWXQJHGXOGLJ
:DVGXQLFKWEH]DKOHQNDQQVW
%OHLEGHQ/HXWHQVFKXOGLJ
'HLQ9HWWHU(PLOYRQ$

0LWGLHVHPGHP&RPPHUVEXFKVWDWWGHP*HVDQJEXFK
HQWQRPPHQHQ7URVWHVYHUVHJLQJHUDXVGHU:HOW:DV'XQLFKW
EH]DKOHQNDQQVWEOHLEGHQ/HXWHQVFKXOGLJ

$POLHEVWHQ XQGGLHVVROOLKPXQYHUGDFKWVHLQ ZlUHUGHQ


/HXWHQVHLQHQ7RGVFKXOGLJ JHEOLHEHQ$EHUHVZDUDQGHUV
EHVFKORVVHQXQGHUPXWHPLWVHLQHP/HEHQ]DKOHQ'HU.|QLJ
ZLHVFKRQHLQJDQJVKHUYRUJHKREHQEHVWlWLJWHDP $SULOGDV
VFKRQDP -DQXDUYRP.ULHJVJHULFKWJHIlOOWH8UWHLOXQGHOI7DJH
VSlWHUHUIROJWHGLH+LQULFKWXQJ'HP%HULFKWHLQHV$XJHQ]HXJHQ
HQWQHKPLFKGDUEHUGDV)ROJHQGH
)lKQULFKYRQ$UQVWHGWZXUGH GHQ$SULOIQI8KU
PRUJHQVDXIHLQHQPLW]ZHL3IHUGHQEHVSDQQWHQElXHUOLFKHQ
.RUEZDJHQJHVHW]WXQGEHJOHLWHWYRQHLQHUNOHLQHQ$EWHLOXQJ
VHLQHV5HJLPHQWV /HLEUHJLPHQW LQHLQHPUDVFKHQ6FKULWWHPSR
QDFKGHPIUGLH+LQULFKWXQJEHVWLPPWHQ3ODW]HKLQDXVJHIDKUHQ
,KPJHJHQEHUUFNZlUWVVDHQ]ZHL8QWHURIIL]LHUH'HU:HJZDU
QLFKWDOO]XZHLWXQGODJDXIGHQ)UDQNIXUWHU:LHVHQGLFKWDP
VRJHQDQQWHQ0HLVWHUZHUN$P(QGHGHUKLHUGLH'DPPYRUVWDGW
GXUFKVFKQHLGHQGHQ6RQQHQEXUJHU6WUDHZDUHLQ6DQGKJHO
DXIJHZRUIHQXQGYRUGHPLQ1lKHGDYRQDXIJHVWHOOWHQ5LFKWEORFN
VWDQGGHU6FKDUIULFKWHU$OV$UQVWHGWDOOGLHVHU9RUEHUHLWXQJHQ
YRQVHLQHP6LW]KHUDQVLFKWLJZXUGHJDEHUVLFKHLQHQ5XFNXQG
VDJWH]XGHQ8QWHURIIL]LHUHQHUZHUGLKQHQ]HLJHQZLHHLQ
SUHXLVFKHU6ROGDWVWHUEHQPVVH*OHLFKGDQDFKDQJHNRPPHQ
VSUDQJHUUDVFKYRP:DJHQWUDWDQGHQ6FKDUIULFKWHUKHUDQXQG
IUDJWHGLHVHQZDVHU]XWXQKDEHXPLKPVHLQ$PW]X
HUOHLFKWHUQ:RUDXIGLHVHUDQWZRUWHWHGDHUGHQ$WHP
DQKDOWHQVROOH1DFK9HUOHVXQJGHU2UGUHZXUGHGDQQGDV8UWHLO
UDVFKYROOVWUHFNWXQGGHU.|USHUHLQJHVDUJWXQGDQ2UWXQG6WHOOH
EHJUDEHQ
,QHLQHP]ZHLWHQ %ULHIHGHUYRQVHLQHPQRFKOHEHQGHQ9HWWHUDQ
PLFKJHULFKWHWZXUGHKHLWHV$OVGHU=XJYRUEHUNDPODJLFK
LP)HQVWHUPHLQHVHOWHUOLFKHQ+DXVHVXQGHPSILQJHLQOHW]WHV
IUHXQGOLFKHV.RSIQLFNHQ(LQPLUXQYHUJHOLFKHU0RPHQW:RUWH
GHV$EVFKHXVEHUYRQ$UQVWHGWV7DWKDELFKQLHYHUQRPPHQ
DEHUYLHO7UlQHQVLQGGHPELOGKEVFKHQ0HQVFKHQQDFKJHZHLQW
ZRUGHQMDHLQHPLUEHNDQQWHlOWUH'DPHGLHMHQHQ
+LQULFKWXQJVWDJPLWHUOHEWKDWJHUlWQRFKMHW]WLQHLQQHUY|VHV
=LWWHUQZHQQVLHGHVVHOEHQJHGHQNW

,FKPHLQHUVHLWVIJHKLQ]XGDV*DQ]H QHEHQPDQFKDQGUHP
ZDVVLFKGDUDXVOHUQHQOlW NDQQDOVHLQPHUNZUGLJHUXQG
EHlQJVWLJHQGHU%HZHLVYRQGHUEHUFNHQGHQ0DFKWHLQHU
GlPRQLVFKVLQQOLFKHQ3HUV|QOLFKNHLWJHOWHQ$QGHPVLHJUHLFKHQ
(LQIOXVVHGLHVHU3HUV|QOLFKNHLWVFKHLWHUWHQDOOHPRUDOLVFKHQ
%HGHQNHQ(LQHPXQJHZ|KQOLFKKEVFKHQ0HQVFKHQ]XOLHEH
YHUZLVFKHQVLFKGLH%HJULIIHYRQ5HFKWXQG8QUHFKWXQGHLQ
9HUEUHFKHUZXUGHLQ+HOG'LH)UDXHQDOWXQGMXQJJLQJHQ
QDWUOLFKPLWJXWHP%HLVSLHOYRUDQ$QGHUHUVHLWVN|QQHQZLU
HLQ]HOQHQ%ULHIHQGHUYRUVWHKHQGPLWJHWHLOWHQ.RUUHVSRQGHQ]
ZHQLJVWHQVGDV DOV7URVWHQWQHKPHQGDHVQHEHQGLHVHP
LQQHUKDOEGHU)UDQNIXUWHU)UDXHQZHOWHSLGHPLVFKDXIWUHWHQGHQ
)lKQULFK(QWKXVLDVPXVDXFK0lQQHU JDEGLHGDV'LQJDOVGDV
DQVDKHQZDVHVZDUDOVGLHVFKQ|GHVFKlQGOLFKH7DWHLQHV
UHLFKEHJDEWHQDEHUGXUFKDXVE|VHQXQGYRQ$QIDQJDQGHQ
ILQVWUHQ0lFKWHQYHUIDOOHQHQ0HQVFKHQ
(UKDWWHQXUHLQHQ 0LWVFKXOGLJHQGLH+DOEKHLW=HUIDKUHQKHLWXQG
9HUZLUUXQJGHU=HLWLQGHUHUOHEWH1LFKWVZDULQQHUOLFKLQ
2UGQXQJHLQ%RYLVWDOOHV KRKOXQGIDXOXQGHLQELWWHUHV/lFKHOQ
EHUNRPPWGHQGHUMHQH7DJHQRFKPLWGXUFKNRVWHWKDWZHQQHU
YRQLKQHQZLHYRQHLQHUKLQJHVFKZXQGHQHQJXWHQDOWHQ=HLW
RGHUJDUZLHYRQHLQHPYHUORUHQJHJDQJHQHQ3DUDGLHVH
EHULFKWHQK|UW

/LHEHQEHUJ
.DSLWHO

/LHEHQEHUJ
ELV]XP%HVLW]DQWULWWGHU+HUWHIHOGV
$QGHU *UHQ]HGHU*UDIVFKDIW5XSSLQDEHUPLWLKUHP
+DXSWEHVLW]VWDQGHVFKRQGHU8FNHUPDUNDQJHK|ULJOLHJWGLH
JURHPHKUDOV  0RUJHQXPIDVVHQGH+HUUVFKDIW
/LHEHQEHUJ
hEHUGLH9RUJHVFKLFKWHYRQ'RUIXQG6FKOR/LHEHQEHUJGLHGHU
+HUUVFKDIWGHQ1DPHQJDEHQLVWZHQLJEHNDQQW$OOHU
:DKUVFKHLQOLFKNHLWQDFKZDUHVLQGHUZHQGLVFKHQ=HLWHLQYRQ
GHQ8NUDQHUQDXVHUVHKHQHU9HUWHLGLJXQJVSXQNWGHUGDQQDOVGLH
GHXWVFKH6DFKHJHVLHJWKDWWHHEHQGLHVHUZLHGHUDOV6WW]SXQNW
GLHQWH'DIUVSUHFKHQQRFKHLQSDDU2UWVEH]HLFKQXQJHQ
,QVRQGHUKHLWHLQHPLWWHQDXIHLQHUVFKPDOHQ/DQG]XQJHGLHVLFK
LQHLQHQ:DOGVHHGLH*URH/DQNHKLQHLQHUVWUHFNWHUKHEW
VLFKGHUQDFKGUHL6HLWHQKLQYRQ:DVVHUXPJHEHQH%XUJEHUJ
GHVVHQYLHUWH6HLWHQDFK$UWHLQHVKHUDQIKUHQGHQ3DVVHVOHLFKW
]XYHUWHLGLJHQZDU'LH9HUWHLGLJHUGHVVHOEHQZDUHQ]XOHW]W
'HXWVFKHZLHGHU1DPH%XUJEHUJDQGHXWHWDEHU'HXWVFKH
GLHVHKUZDKUVFKHLQOLFKHLQEORHV(UEHKLHUDQJHWUHWHQKDWWHQ
$XVJUDEXQJHQZUGHQXQVFKZHU*HZLKHLWGDUEHUJHEHQ
8PGLH0LWWHGHV-DKUKXQGHUWVILQGHQZLU/LHEHQEHUJLP
%HVLW]HGHU%LVFK|IHYRQ%UDQGHQEXUJGLHVLFKGHVVHOEHQMHGRFK
XPHEHQGLHVH=HLWHQWlXHUWHQ8QG]ZDUNDPHVLQ
*HPHLQVFKDIWPLWGHPJHVDPWHQ/DQGH/|ZHQEHUJDQGLH
%UHGRZV%HLGLHVHQEOLHEHVELVZRGDQQGDVXQWHUGHQ
'UDQJVDOHQGHV'UHLLJMlKULJHQ.ULHJHVDEVROXWYHUZVWHWH*XWLQ
.RQNXUVJHULHWXQGGXUFK-REVW*HUKDUGYRQ+HUWHIHOGHLQHQ
&OHYHVFKHQHEHQGDPDOVLQGLH0DUNHQJHNRPPHQHQ(GHOPDQQ
HUVWDQGHQZXUGH9RQMHQHP=HLWSXQNWDEVHKHQZLUHVELV]XP
(UO|VFKHQGHV*HVFKOHFKWV  DOVRGXUFKPHKUDOV]ZHL
-DKUKXQGHUWHKLQXQYHUlQGHUWLP%HVLW]HGHU+HUWHIHOGV

'LHVH YRP-DKUKXQGHUWDQLQ]DKOUHLFKHQFOHYHVFKHQ
8UNXQGHQLPPHUZLHGHUNHKUHQGJHQDQQW ZDUHQYRQ$QIDQJ DQ
KHUYRUUDJHQGLQGHU*HVFKLFKWHGHV1LHGHUUKHLQVHUUDQJHQDEHU
HUVWHLQHDOOJHPHLQHUH%HGHXWXQJDOVVLHXQWHU6WHSKDQ
YRQ+HUWHIHOGLQ%H]LHKXQJ]XGHP+DXVH%UDQGHQEXUJ WUDWHQ
,QHEHQGLHVHP-DKUHVWDUEGHUOHW]WH+HU]RJYRQ&OHYHEHL
ZHOFKHU*HOHJHQKHLW6WHSKDQYRQ+HUWHIHOGGDV&OHYHVFKH/DQG
IUGHQ.XUIUVWHQ-RKDQQ6LJLVPXQG*URYDWHUGHV*URHQ
.XUIUVWHQLQ%HVLW]QDKP(UVFKOXJ|IIHQWOLFKGDV
EUDQGHQEXUJLVFKH:DSSHQDQGLH7RUHGHU6WDGWRKQH5FNVLFKW
DXIGLHJURH*HIDKU GHUHUVLFKGDEHLDXVVHW]WH6HLQ9HUVXFK
HLQHQJOHLFKHQ$NWLQ'VVHOGRUIYRU]XQHKPHQVFKHLWHUWHDQGHP
:LGHUVWDQGHGHUGRUWEHUPlFKWLJHQ$QKlQJHUGHV+DXVHV3IDO]
1HXEXUJ
6WHSKDQ YRQ+HUWHIHOGKDWWHZLHEHJUHLIOLFKGXUFKGLHVH
3DUWHLHUJUHLIXQJIUGDV+DXV%UDQGHQEXUJLQ:LHQ$QVWR
JHJHEHQXQGDOVHLQLJH-DKUHVSlWHUVSDQLVFKH7UXSSHQLQV
&OHYHVFKHHLQGUDQJHQVXFKWHQVLHVLFKGHVEUDQGHQEXUJLVFKHQ
3DUWHLJlQJHUVDXIVHLQHP5LWWHUVLW]H.RON]XEHPlFKWLJHQ,QGHU
7DWJHODQJHVDXFKHLQHUNOHLQHQ YRQ;DQWHQDXVDEJHVDQGWHQ
7UXSSHQPDFKWLKQ]XEHUUXPSHOQXQGQXUPLWJHQDXHU1RW
HQWNDPHUHLQHU$EWHLOXQJGLHVFKRQELVDXIGHQ6FKORKRI
JHGUXQJHQZDU(UYHUEDUJVLFKLQHLQHPEHQDFKEDUWHQ6XPSIH
YRQGHPDXVHU=HXJHZDUZLHVHLQH%XUJ.RONYRQ*UXQGDXV
]HUVW|UWZXUGH
6WHSKDQYRQ+HUWHIHOGVWDUE
6HLWHQVGHV.XUIUVWHQ-RKDQQ6LJLVPXQGZDUHUVFKRQYRUKHULQ
$QHUNHQQXQJVHLQHU9HUGLHQVWHXPGDV+DXV%UDQGHQEXUJ]XP
NXUIUVWOLFKHQ*HKHLPUDWHUQDQQWZRUGHQ(EHQVRZDUHQHLQLJH
VHLQHU6|KQHVFKRQEHL/HE]HLWHQGHV9DWHUVLQ
EUDQGHQEXUJLVFKH'LHQVWHJHWUHWHQ

.DSLWHO

/LHEHQEHUJXQWHUGHQGUHLHUVWHQ
+HUWHIHOGVYRQELV
-REVW*HUKDUGYRQ+HUWHIHOGYRQELV
2EHUMlJHUPHLVWHU6DPXHOYRQ+HUWHIHOG QDFKHLQHP
QHXQ]HKQMlKULJHQ,QWHUUHJQXP YRQELV
.DPPHUKHUU/XGZLJ&DVLPLUYRQ+HUWHIHOGYRQELV
'LH+HUWHIHOGVKDWWHQLQGHU3HUVRQ6WHSKDQYRQ+HUWHIHOGVGHP
UHJLHUHQGHQ+DXVH %UDQGHQEXUJHLQHQZLFKWLJHQ'LHQVWJHOHLVWHW
DEHU]XGHP/DQGH %UDQGHQEXUJDOVVROFKHPZDUHQVLHELVGDKLQ
LQNHLQH%H]LHKXQJHQJHWUHWHQ$XFKGDV NDPXQG]ZDUXQWHU
HLQHPGHU6|KQH6WHSKDQV
-REVW*HUKDUGYRQ+HUWHIHOGELV
'LHVHU-REVW*HUKDUGYRQ+HUWHIHOGHUZDUEZLHVFKRQ
KHUYRUJHKREHQXPGDV-DKUHLQHUVHLWVGXUFK 7DXVFK
DQGHUHUVHLWVGXUFK.DXIHLQJURHV*XWVDUHDOGDVDXVGHQVHLW
OlQJHUHURGHUNU]HUHU=HLWLQ'HYDVWDWLRQEHUJHJDQJHQHQ
)HOGPDUNHQYRQ+lVHQ XQG/LHEHQEHUJ *UHQ]HYRQ5XSSLQXQG
8FNHUPDUN XQGDXVKXQGHUW+XIHQHEHQIDOOVZHUWORVGDOLHJHQGHP
+DYHO%UXFKODQGEHL/LHEHQZDOGHEHVWDQG
$XVGLHVHP:HUWORVHQHLQHQ:HUW]XVFKDIIHQODJLKPRE8QGHU
ZDUGHU0DQQVLFKGLHVHU$XIJDEH]XXQWHU]LHKHQ
:DVHUIU+lVHQXQG/LHEHQEHUJJHWDQGDUEHUOLHJHQNHLQH
EHVWLPPWHQ0LWWHLOXQJHQYRUDEHUGLH$UWXQG:HLVHZLHHUGLH
KXQGHUW+XIHQ+DYHO%UXFKODQG LQ$QJULIIQDKPPXDOV
HSRFKHPDFKHQGIUGLH.XOWXUJHVFKLFKWHGHU0DUNEH]HLFKQHW
ZHUGHQ(U]RJQlPOLFKFOHYLVFKKROOlQGLVFKH/DQGDUEHLWHUKHUDQ
XQGJUQGHWHQDFKYRUJlQJLJHU(UULFKWXQJYRQ'HLFKHQXQG
'lPPHQHLQHDXI9LHK]XFKWXQG0RONHUHLJHULFKWHWH.RORQLHGHU
HUGHQ1DPHQ1HXKROODQG JDE
(UJDEGDGXUFKXQGGDVZDUGDVZLFKWLJHGDVHUVWH%HLVSLHOYRQ
8UEDUPDFKXQJZHUWORVHU%UXFKJHJHQGHQHLQ%HLVSLHOGDVVSlWHU

DP5KLQDQGHU2GHUXQG:DUWKHEHIROJWXQGHLQH4XHOOH
QDWLRQDOHQ:RKOVWDQGHVJHZRUGHQLVW
(UZXUGH ZLHVHLQEHUKPWHUHU1HIIHPLWGHPHUQLFKW]X
YHUZHFKVHOQLVW LQ$QHUNHQQXQJVHLQHU9HUGLHQVWH]XP
2EHUMlJHUPHLVWHUHUQDQQW
,P+HUUHQKDXVH]X/LHEHQEHUJGDVHUZHQLJVWHQV]HLWZHLOLJ
EHZRKQW]XKDEHQVFKHLQWEHILQGHWVLFKHLQJXWHV%LOGQLVYRQ
LKPLQEHWUHIIGHVVHQGDKLQJHVWHOOWVHLQPDJREHVVFKRQEHL
VHLQHQ/HE]HLWHQRGHUHUVWJHJHQ$XVJDQJGHV -DKUKXQGHUWV
JHPDOWZXUGH0LUHUVFKHLQWGDVOHW]WHUHZDKUVFKHLQOLFKHU
(LQHP]ZHLWHQ%LOGH-REVW*HUKDUGVEHJHJQHQZLUDXIHLQHP
JURHQILJXUHQUHLFKHQ7DEOHDXGDVVLFKLP2UDQLHQEXUJHU
:DLVHQKDXVH ZRKLQHV]XQLFKW]XEHVWLPPHQGHU=HLWDXVGHP
2UDQLHQEXUJHU6FKORVVHJHVFKHQNWZXUGH YRUILQGHW,FKKDEH
GLHV7DEOHDXLQGHP.DSLWHO2UDQLHQEXUJ %DQG ,,,PHLQHU
:DQGHUXQJHQ DXVIKUOLFKHUEHVFKULHEHQ(VHQWKlOWDXHU
GHQ3RUWUDLWVYRQ.XUIUVWXQG.XUIUVWLQGLH%LOGQLVVHGHV
*HKHLPUDWV2WWRYRQ6FKZHULQGHV2EHUPDUVFKDOOV&KULVWRSK
2WWRYRQ5RFKRZGHV2EHUVWHQYRQ/D&DYHXQGGHV
2EHUMlJHUPHLVWHUVYRQ+HUWHIHOG(LQHGLHVHUYLHU)LJXUHQIKUW
HLQHKDOEVSRQWRQDUWLJH:DIIHZRUDXIKLQGHUGHUGLHVH:DIIH
WUlJWYRQGHQ%LOGHUHUNOlUHUQRKQHZHLWHUHVDOV2EHUVW/D &DYH
IHVWJHVHW]WZRUGHQLVWDEHUJHUDGHGLHVHU:DIIHQWUlJHULVWVHKU
ZDKUVFKHLQOLFK-REVW*HUKDUGYRQ+HUWHIHOG'HUDQJHEOLFKH
6SRQWRQLVWQlPOLFKQLFKWVZHLWHUDOVHLQ-DJGVSLHGHUVLFKDXFK
DXIVHLQHP/LHEHQEHUJHU3RUWUDLWYRUILQGHW
-REVW*HUKDUGVWDUE
2EHUMlJHUPHLVWHU6DPXHOYRQ+HUWHIHOGELV
6DPXHO YRQ+HUWHIHOGXQWHUDOOHQVHLQHV1DPHQVXQG
*HVFKOHFKWVGHUEHUKPWHVWHZDUHLQ1HIIH-REVW*HUKDUGVXQG
IROJWHVHLQHP2KHLPHUVWLP%HVLW]HYRQ/LHEHQEHUJ$XFK
XPGLHVH=HLWZDUHUQRFKPLQGHUMlKULJ
6DPXHOYRQ+HUWHIHOGZXUGHJHERUHQ(UWUDWPLWIQI]HKQ
-DKUHQLQGLH'LHQVWHGHV.XUSULQ]HQ)ULHGULFKGHUQDFKPDOVDOV
GHUHUVWH.|QLJYRQ3UHXHQGHQ7KURQEHVWLHJ'HUMXQJH
+HUWHIHOGZDUHLQHUVHLQHU-DJGSDJHQXQGELOGHWHDOVVROFKHUHLQH

VROFKH)HUWLJNHLWLQGHPGDPDOVQRFKJDQ]XQJHZ|KQOLFKHQ
6FKLHHQLP/DXIXQGLP)OXJHDXVGDHUEHLGHQlOWHUHQ-lJHUQ
LQGHQ9HUGDFKWGHU=DXEHUHLNDP(UVWDOVHUGLHIHLHUOLFKH
9HUVLFKHUXQJJHJHEHQGDDOOHVQDWUOLFK]XJHKHWUDXWHPDQ
LKPXQGOLHVLFKYRQLKPI|UPOLFKLQGHU)HUWLJNHLWGHV,P)OXJH
6FKLHHQVXQWHUULFKWHQ$OV=LHOHGDEHLGLHQWHQUROOHQGH
.HJHONXJHOQ
6DPXHOYRQ+HUWHIHOGIROJWHGHP.XUIUVWHQEULJHQVQLFKWQXU
DXIVHLQHQ-DJGHQVRQGHUQDXFKDXIGHQ.ULHJV]JHQGHVVHOEHQ
JHJHQ)UDQNUHLFKXQGZRKQWHQDPHQWOLFKGHUEHNDQQWHQ
%HODJHUXQJYRQ%RQQEHL,P-DKUHZXUGHUFOHYHVFKHU
-lJHUPHLVWHUDEHUZLHYRULKPVHLQ2KHLP-REVW*HUKDUG
2EHUMlJHUPHLVWHULQGHQEUDQGHQEXUJSUHXLVFKHQ/DQGHQ
EHUKDXSW
8PHEHQGLHVH=HLWRGHUGRFKQLFKWYLHOVSlWHUZDUHVDXFKGD
HUGLHGXUFKHEHQGLHVHQ2KHLPEHJRQQHQH.RORQLVDWLRQYRQ
1HXKROODQGEHHQGHWH
'LHVZLHVFKRQDQJHGHXWHWEHUDXVHUVSULHOLFKH:HUNHQWJLQJ
QLFKWGHU$XIPHUNVDPNHLW.|QLJ)ULHGULFK:LOKHOPV ,GHUGLH
%HGHXWXQJGHUDUWLJHU$UEHLWHQHUNHQQHQGEDOGQDFKVHLQHP
5HJLHUXQJVDQWULWWGHQ2EHUMlJHUPHLVWHUPLWGHU(QWZlVVHUXQJ
XQG8UEDUPDFKXQJGHVJURHQ+DYHOOlQGLVFKHQ/XFKHV
EHDXIWUDJWH'LHVLQQUHLFKH0HWKRGHGXUFKZHOFKH6DPXHOYRQ
+HUWHIHOGGDV*HIlOOGHVDQVFKHLQHQGLPPHUZDDJHUHFKWXQG
JHUDGH]XEHZHJXQJVORVGDVWHKHQGHQ:DVVHUVHQWGHFNWH
YHUGLHQWHLQHUEHVRQGHUHQ(UZlKQXQJ%HLKRKHP:DVVHUVWDQG
XQGDQZLQGVWLOOHQ7DJHQEHIXKUHULQHLQHPNOHLQHQ.DKQGDV
EHUVFKZHPPWH/XFKXQGVWUHXWH3DSLHUVFKQLW]HO DXV'LH
5LFKWXQJLQZHOFKHUGLH3DSLHUVFKQLW]HOPLWGHU6WU|PXQJ
IRUWVFKZDPPHQJDELKPGLH5LFKWXQJGHVULFKWLJHQ*HIlOOHVDQ
XQGPLW+LOIHGLHVHVHEHQVRHLQIDFKHQZLHVLQQUHLFKHQ9HUIDKUHQV
HQWGHFNWHHUGHQK|FKVWHQ3XQNWGLH:DVVHUVFKHLGH GHULQ)UDJH
NRPPHQGHQ*HZlVVHU:REHLVLFK
VHLQHPXQZLOONUOLFK
DXIGUlQJWZHOFKH6XPPHQMHW]WZRKOIUGLH$XIILQGXQJGLHVHV
3XQNWHVOLTXLGLHUWZHUGHQZUGHQ$XIGHP%RGHQGHUGXUFK
$E]XJVJUlEHQLQQHUKDOEGHV/XFKODQGHVJHZRQQHQZRUGHQZDU
HUVWDQGGDVHLQWUlJOLFKH$PW.|QLJVKRUVWGDVVRZLFKWLJIUGLH
JDQ]H9LHKZLUWVFKDIWGHU0DUNJHZRUGHQLVW

6SlWHUKLQOHLWHWHGHU2EHUMlJHUPHLVWHUXQWHUVWW]WGXUFKGHQ
JHVFKLFNWHQ%DXPHLVWHU.ULHJV XQG'RPDLQHQUDW6WRO]HQ
lKQOLFKH8UEDUPDFKXQJHQLQ2VWSUHXHQXQG/LWDXHQ
,QJOHLFKHU:HLVHVFK|SIHULVFKYHUIXKUHUDXIVHLQHPHLJHQHQ
*UXQGXQG%RGHQ(UJDE/LHEHQEHUJ VHLQHJHJHQZlUWLJH*HVWDOW
+HUUHQKDXV.LUFKH'RUIDOOHVGDWLHUWDXVVHLQHU=HLW
,QVRQGHUKHLWJLOWGLHVYRQGHPHEHQVRGXUFKVHLQH*U|HZLH
GXUFKVHLQHQ6WLODXVJH]HLFKQHWHQ3DUN,FKNRPPHVSlWHUGDUDXI
]XUFN
6DPXHOYRQ+HUWHIHOGVWDUEDP-DQXDU]X/LHEHQEHUJ
XQGZXUGHGHQGHVVHOEHQ0RQDWVLQGHPGDVHOEVW
EHILQGOLFKHQ*HZ|OEHEHLJHVHW]W,FKHQWQHKPHGLHVH'DWHQLP
*HJHQVDW]]XGDYRQDEZHLFKHQGHQ$QJDEHQGHP/LHEHQEHUJHU
.LUFKHQEXFKHGDV]XJOHLFKDXFKVHLQHJHVDPWHQ%HVLW] XQG
(KUHQWLWHOJLEW(UZDUGDQDFK5LWWHUGHV6FKZDU]HQ$GOHURUGHQV
2EHUMlJHUPHLVWHU*HKHLPHU2EHUILQDQ].ULHJV XQG
'RPDLQHQUDWFOHYLVFKHU-lJHUPHLVWHU'URVW]X&UDQHQEXUJ
:DOGJUDI]X1HUJHQD(UEKHUUDXI+HUWHIHOG:HH]H.RON
/LHEHQEHUJ+lVHQ*XWHQ*HUPHQGRUI&OHYLVFKH+lXVHU
%HUJVGRUI*UQHEHUJ%RHW]ODHU$SSHOGRUQXQG:HQQXQG
-XULVGLNWLRQVKHUU]X+RHQQHSHOXQG1LHGHU0RHUPWHU
:LHYRQ-REVW*HUKDUGVREHILQGHWVLFKDXFKYRQLKPHLQJXWHV
%LOGQLVLP/LHEHQEHUJHU+HUUHQKDXVH
.DPPHUKHUU/XGZLJ&DVLPLUYRQ+HUWHIHOGELV
$XVVHLQHU(KHPLWGHU$QQD0DULH,VDEHOODYRQ:\OLFK]X
%RHW]ODHUZDUHQGHP2EHUMlJHUPHLVWHU6DPXHOYRQ+HUWHIHOGGUHL
6|KQHJHERUHQZRUGHQ)ULHGULFK:LOKHOP/XGZLJ&DVLPLUXQG
)ULHGULFK6DPXHO8QWHUVLHZXUGHGDVJURH(UEHYHUWHLOW
)ULHGULFK:LOKHOP GHUlOWHVWH HUKLHOW+HUWHIHOGXQG.RON
)ULHGULFK6DPXHO GHUMQJVWH HUKLHOW+lVHQXQG*XWHQ
*HUPHQGRUI
/XGZLJ&DVLPLU GHUPLWWOHUH HUKLHOW%RHW]ODHUXQG/LHEHQEHUJ

1XUGHU/HW]WJHQDQQWHZHLOHUQHEHQDQGHUHPDXFKGLH
/LHEHQEHUJHU (UEVFKDIWDQWUDWLVWIUXQVYRQ%HODQJWURW]GHPHU
QXUHWZDHLQ9LHUWHOVHLQHV/HEHQV HUEUDFKWHVELVDXIDFKW]LJ
-DKUH DXIGLHVHUPlUNLVFKHQ%HVLW]XQJ]XEUDFKWH
/XGZLJ&DVLPLUZXUGHJHERUHQXQGWUDWLQGDV
5HJLPHQW*HQVGDUPHVZDUDOVRQRFK]ZHL-DKUHODQJHLQ
5HJLPHQWVNDPHUDG+DQV+HUPDQQVYRQ.DWWHQDFKGHPHU
YRUKHUGHQ(UVWHQ6FKOHVLVFKHQ.ULHJPLWJHPDFKWKDWWHVFKLHGHU
DXVGHP'LHQVW$EHUPDOVVLHEHQ-DKUHVSlWHUZXUGHU
.DPPHUKHUUEHLGHUYHUZLWZHWHQ.|QLJLQ6RSKLH'RURWKHH
0XWWHU)ULHGULFKVGHV*URHQXQGEOLHELQGLHVHU6WHOOXQJELV]X
GHUHQ7RGH
,QGLHVHPOHW]WJHQDQQWHQ-DKUH]RJHUVLFKDXVGHU6WDGWDXI
VHLQH%HVLW]XQJHQ]XUFN]XQlFKVWQDFK/LHEHQEHUJDXIGHPHU
DOOH9HUEHVVHUXQJHQIRUWVHW]WHGLHVHLQ9DWHUHLQ0HQVFKHQDOWHU
YRUKHUEHJRQQHQKDWWH6HLQH1HLJXQJHQZLHGLH1HLJXQJHQ
EHLQDKDOOHUGHP)ULGHUL]LDQLVFKHQ+RIHQDKHVWHKHQGHU3HUVRQHQ
ODJHQYRUZLHJHQGQDFKGHUOLWHUDULVFKHQ 6HLWHKLQXQGGLH
%FKHUVFKlW]HGLHVLFKWURW]PDQFKHUGXUFK.ULHJXQG:HWWHU
HUIDKUHQHQ8QELOOELVGLHVH6WXQGHQRFKLP/LHEHQEHUJHU6FKOR
HUKDOWHQKDEHQVLQGDOOHU:DKUVFKHLQOLFKNHLWQDFKDXIGLH
/XGZLJ&DVLPLUVFKH=HLW]XUFN]XIKUHQ(UZDUHVGHUXPGLHVH
6FKlW]H]XEHUJHQHLJHQVHLQ%LEOLRWKHNJHElXGHDXIIKUHQOLH
GDVIUHLOLFKZHLO]XQLHGULJXQGIHXFKWJHOHJHQVHLQHP=ZHFNH
QXUXQYROONRPPHQHQWVSUDFK
QDFKHLQHPHWZD]ZDQ]LJMlKULJHQ$XIHQWKDOWHLQ
/LHEHQEHUJEHUVLHGHOWH/XGZLJ&DVLPLUZLHGHUDQGHQ5KHLQ
XQG]ZDUQDFK%RHW]ODHUGDVLQ]ZLVFKHQGXUFKGHQ7RGVHLQHU
0XWWHUGHUJHERUQHQYRQ:\OLFKDQGLH+HUWHIHOGVJHNRPPHQ
ZDU+LHUHUOHEWHHUQRFKGLH$QIlQJHGHU)UDQ]|VLVFKHQ
5HYROXWLRQXQGVWDUEKRFKEHWDJWDP 'H]HPEHU
'HUJU|HUH7HLOGHVEHLP7RGHVHLQHV9DWHUVGHV
2EHUMlJHUPHLVWHUV6DPXHO YRQ+HUWHIHOGLQGUHL7HLOH
JHJDQJHQHQ%HVLW]HVKDWWHVLFKDOV/XGZLJ&DVLPLUVWDUEZLHGHU
LQ+lQGHQGLHVHVOHW]WHUHQYHUHLQLJW

(EHQGLHVHUZDUVHLWDQHLQHMQJHUH7RFKWHUGHV5HIXJLpV
-DNRE YRQ%HVFKHIHU YHUPlKOWZRGXUFKHUHLQ6FKZDJHUGHV
*URNDQ]OHUVYRQ&RFFHML JHZRUGHQZDU
$XVGLHVHUVHLQHU(KHPLW/XLVH6XVDQQHYRQ%HVFKHIHUOHEWH
EHLP7RGH/XGZLJ&DVLPLUVDXHUHLQHUGXUFKLKUH6FK|QKHLWXQG
LKUH6FKLFNVDOHEHUKPWJHZRUGHQHQ6FKZHVWHUQXUQRFK
)ULHGULFK/HRSROG YRQ+HUWHIHOG/DQGUDWGHV&OHYLVFKHQ.UHLVHV
EHLGHPZLUDXVIKUOLFKHU]XYHUZHLOHQKDEHQZHUGHQ

.DSLWHO

/LHEHQEHUJXQWHU)ULHGULFK/HRSROGYRQ
+HUWHIHOGELV
)ULHGULFK/HRSROGYRQ+HUWHIHOGJHERUHQVWDQGEHUHLWVLQ
VHLQHPIQI]LJVWHQ/HEHQVMDKUHDOVHUGHQ)DPLOLHQEHVLW]PLW
DOOHLQLJHU$XVQDKPHYRQ+lVHQXQG*XWHQ*HUPHQGRUIHUHUEWH
(UZDUEHLGHQ*HQVGDUPHVHLQJHWUHWHQDOVRLQGDVVHOEH
5HJLPHQWLQGHPVHLQ9DWHUZlKUHQGGHV(UVWHQ6FKOHVLVFKHQ
.ULHJHVJHVWDQGHQXQGKDWWHGLH6FKODFKWHQEHL/LHJQLW]XQG
7RUJDXPLWJHPDFKW(UIDQGDEHUZRUEHUHUVLFKLQVSlWHUHQ
-DKUHQRIWPDOVlXHUWHZHQLJ*HIDOOHQDP'LHQVWXQGQDKP
EHUHLWVGHQ$EVFKLHGXPDXI:XQVFK GHVGDPDOVQRFKLQ
/LHEHQEHUJZHLOHQGHQ9DWHUVGLH%HZLUWVFKDIWXQJGHUUKHLQLVFKHQ
*WHU]XEHUQHKPHQ
(LQLJH-DKUHVSlWHUYHUPlKOWHHUVLFKZLHVHLQ*URYDWHUGHU
2EHUMlJHUPHLVWHU6DPXHOYRQ+HUWHIHOGPLWHLQHU:\OLFK
+HUPLQH/XLVH DXVZHOFKHU(KHLKPHLQH7RFKWHUJHERUHQ
ZXUGH$OH[DQGULQHVSlWHUH*UlILQ'DQFNHOPDQQ
'DVZDU%DOGGDUDXIHUIROJWHVHLQH(UQHQQXQJ]XP/DQGUDW
GHV&OHYHVFKHQ.UHLVHVZHOFKH6WHOOXQJHUEHL$XVEUXFKGHU
)UDQ]|VLVFKHQ5HYROXWLRQQRFKLQQHKDWWH
=LHPOLFKXPHEHQGLHVH=HLWEHJLQQHQDXFKGLHGLHVHU
ELRJUDSKLVFKHQ6NL]]H]XJUXQGHOLHJHQGHQ%ULHIH
'LHJURH=DKOGHUVHOEHQHU|IIQHWHLQVFKZDU]JHUlQGHUWHV
6FKUHLEHQYRP:HLKQDFKWVWDJHZRULQVHLWHQVGHV
6FKUHLEHUV)ULHGULFK/HRSROGYRQ +GHU)UDX-XVWL]PLQLVWHUYRQ
'DQFNHOPDQQJHERUHQHYRQ%UHGRZGDV$EOHEHQGHVDOWHQ
/XGZLJ&DVLPLUYRQ+HUWHIHOGLQHLQHUDOOHUUHVSHNWYROOVWHQ$Q]HLJH
JHPHOGHWZLUG=XJOHLFKDEHUEHJHJQHQZLULQHLQHU1DFKVFKULIW
GHU9HUVLFKHUXQJ0RQVLHXUYRWUHILOVWURXYHUDLFLXQHUpFHSWLRQ
FRPPHOHSHXWDWWHQGUHOHILOVGHSDUHQWVTXHQRXVDLPRQVHW
KRQRURQVXQGVLQGLQ(ULQQHUXQJDQGLHVH1DFKVFKULIWQLFKW
ZHLWHUEHUUDVFKWHLQLJH0RQDWHVSlWHUYRQGHU9HUOREXQJGHV
MXQJHQ'DQFNHOPDQQPLWGHUHEHQHUVWVLHE]HKQMlKULJHQ

$OH[DQGULQH YRQ+HUWHIHOG]XK|UHQ$EHUPDOVHLQ-DKUVSlWHU
HUIROJWGDQQGLH7UDXXQJGHVMXQJHQ3DDUHVXQG]ZDULQGHU
/LHEHQEHUJHU .LUFKH0DUN%UDQGHQEXUJZRKLQVLFKGLH+HUWHIHOGV
YRP5KHLQGLH'DQFNHOPDQQVYRQ6FKOHVLHQDXV]XNXU]HP
$XIHQWKDOWHEHJHEHQKDWWHQ
(VVFKHLQWIDVWGDVFKRQEHLGLHVHU)DPLOLHQEHJHJQXQJHLQ
hEHUVLHGOXQJVSODQLQV0lUNLVFKHJHIDWZXUGHDEHUVHLQH
$XVIKUXQJXQWHUEOLHEXQGHUVWDOV]ZHL-DKUHVSlWHUGDVJDQ]H
OLQNH5KHLQXIHUXQWHUIUDQ]|VLVFKH+HUUVFKDIWJHNRPPHQZDU
OHJWHGHUVHKUDQWLIUDQ]|VLVFKH)ULHGULFK/HRSROGYRQ+HUWHIHOG
VHLQ/DQGUDWVDPWQLHGHUXQGVFKULHEXQWHUP 1RYHPEHU
:HQQGLHSROLWLVFKHQ9HUKlOWQLVVHVLFKQLFKWVHKU EDOGlQGHUQVR
ZHUGLFKXQPLWWHOEDUQDFKGHU:LHGHUKHUVWHOOXQJPHLQHU)UDX
GHQ5KHLQDXIJHEHQXQGPLFKLQ/LHEHQEHUJZHQLJVWHQV
YHUVXFKVZHLVHQLHGHUODVVHQ'DVXQPLWWHOEDUQDFK
:LHGHUKHUVWHOOXQJPHLQHU)UDXEH]RJVLFKDXIHLQXPHEHQGLHVH
=HLWHLQJHWUHWHQHVIUHXGLJHVXQGNDXPQRFKHUKRIIWHV(UHLJQLV
HLQ6RKQ ZDUGHP+DXVHJHERUHQZRUGHQ JHUDGH]ZDQ]LJ-DKUH
VSlWHUDOVGLHVFKRQYHUKHLUDWHWH7RFKWHU XQGZLUNOLFKZHQLJH
0RQDWHQDFKGHUDOV%HGLQJXQJJHVWHOOWHQ:LHGHUKHUVWHOOXQJ
HUIROJWH-XQLGHUDQJHNQGLJWH9HUVXFK HLQHU
hEHUVLHGOXQJ
(VLVWPHKUDOVZDKUVFKHLQOLFKGDDXVGLHVHP9HUVXFKHVFKRQ
GDPDOVHLQGDXHUQGHU$XIHQWKDOWJHZRUGHQZlUHZHQQQLFKWGHU
XQHUZDUWHWH7RGGHU)UDXYRQ+HUWHIHOGDOOHGDUDXIJHULFKWHWHQ
3OlQHZLHGHUJHNUHX]WKlWWH)UDXYRQ +VWDUEDQHLQHUUDVFKLQ
6FKZLQGVXFKWEHUJHKHQGHQ/XQJHQDIIHNWLRQLP)UKMDKUH
XQGZXUGHZHQLJH7DJHVSlWHUYRQLKUHU%HUOLQHU6WDGWZRKQXQJ
DXVQDFK/LHEHQEHUJEHUJHIKUWXPLQGHUGRUWLJHQ*UXIWXQWHU
GHU.LUFKHEHLJHVHW]W]XZHUGHQ,KU7RGHUVFKWWHUWHGHQ*DWWHQ
WLHIXQGHUVFKULHEXQWHUP $SULODQVHLQH7RFKWHU$OH[DQGULQH
'HLQHOLHEHQ=HLOHQKDEHQPLFKEHUHLWVKLHULQ/LHEHQEHUJ
JHWURIIHQLQGHVVHQ$EJHVFKLHGHQKHLWLFKKHLPLVFKHUELQDOVLQ
GHUJURHQ6WDGW$QIDQJVNHKUWHPLUIUHLOLFKGHU6FKPHU]
YHUGRSSHOW]XUFNDOVLFKGLH=LPPHUZLHGHUVDKGLHGLH 7HXUH
YRULKUHP+HLPJDQJHEHZRKQWHEDOGDEHUZXUGLFKPHLQHV
6FKPHU]HV+HUUXQG]ZDUJHUDGHGDGXUFKGDLFKPLFK
DEZHLFKHQGYRQGHPZDVDQGHUHZRKOLQJOHLFKHU/DJH]XWXQ
SIOHJHQPLWDOOHPXPJDEZDVGHUWHXUHQ7RWHQHLQVWOLHEXQG
ZHUWJHZHVHQ,FKNUDPHWlJOLFKLQLKUHP6FKUHLE XQG1lKWLVFK

LQLKUHQ:lVFK XQG.OHLGHUVFKUlQNHQXPKHUVWHOODOOH
1LSSVDFKHQDQLKUHQUHFKWHQ3ODW]XQGVHKHYHUJLOEWH%OlWWHUXQG
%ULHIHGXUFKGLHPLUDOWHJOFNOLFKH=HLWHQLQV*HGlFKWQLVUXIHQ
8QGZDUXPDOOGLHVQLFKW":DUXPHVYHUPHLGHQ"8PJHNHKUWHV
LVWPLUDOVREPLUHLQXQHQGOLFKHU7URVWGDUDXVHUIO|VVH0HLQH
5XKHZLHGHU]XILQGHQLVWPLUIUHLOLFKQRFKQLFKWJHJOFNWDEHUHV
LVWGHU9HUOXVWGHUPLFKGDUDQKLQGHUWQLFKWGDV*HZLVVHQ,FK
KDEHPLUNHLQH9RUZUIH]XPDFKHQXQGGDVKlOWXQGWUlJWPLFK
XQGZLUGPLUEHUODQJRGHUNXU]DXFKPHLQH*HVXQGKHLW
ZLHGHUJHEHQGLHIUGHQ$XJHQEOLFNEHLQDKHPHKUQRFKGXUFK
GDVODQJH.RPPHQVHKHQGHV(UHLJQLVVHVDOVGXUFKGDV(UHLJQLV
VHOEVWHUVFKWWHUWZRUGHQLVW8QGDQDQGHUHU6WHOOH:LVVH
.LQGHVVLQG3IOLFKWHQGLHPLFKKDOWHQ$POLHEVWHQDEHUUXKWLFK
PLWLQGHU/LHEHQEHUJHU*UXIW
$OOHSKLORVRSKLVFKH%HWUDFKWXQJLQGHUHUYRUKHUVRIHVW]X
VWHKHQYHUPHLQWKDWWHUHLFKWHQLFKWDXVLKPMHQH)UHXGLJNHLWGHU
6HHOHZLHGHU]XJHEHQGLHELVGDKLQZLHGHUKHUYRUWUHWHQGVWH=XJ
VHLQHU1DWXUVRVHLQHLJHQVWHV*OFNJHZHVHQZDU
8QGGRFKYLHOOHLFKWGDHUGLHVH)UHXGLJNHLWVLFK
ZLHGHUJHZRQQHQKlWWHZHQQXQVHUJHVDPWHV|IIHQWOLFKHV/HEHQ
HLQDQGHUHVJHZHVHQZlUH $EHUGHUJDQ]H=XVFKQLWWPLILHOLKP
(VZDUGLH=HLWGHUhSSLJNHLWHQXQGGHU*HLVWHUHUVFKHLQXQJHQ
GHU5LHW]XQGGHV5RVHQNUHX]HUWXPVXQGYLHOHVHLQHU%ULHIH
JHEHQXQVZHQLJVWHQV$QGHXWXQJHQEHUGHQ*HJHQVDW]LQGHP
HULQQHUOLFK]X+RIXQG+DXSWVWDGWVWDQG
(VKDWQXQZLUNOLFKVRVFKUHLEWHUDP 0lU]GDV
NLUFKOLFKH$XIJHERWGHV*UDIHQ6WROEHUJ6WROEHUJXQGGHU*UlILQ
YRQGHU0DUN 7RFKWHUGHU5LHW]/LFKWHQDX VWDWWJHIXQGHQ$Q
GHPVHOEHQ$EHQGHZXUGLQGHU6WDGWZRKQXQJGHU/LFKWHQDX
.RP|GLHJHVSLHOWXQGHLQH2SHUNDP]XU$XIIKUXQJhEHUGDV
%UDXWSDDUZLUGLQ]ZLVFKHQDOOHUOHLJHVSURFKHQ'HU*UDIGHVVHQ
9DWHUYRUGHP%DQNUXWWHVWHKWHUIUHXWVLFKNHLQHVJXWHQ5XIHV
(UJODXEWDEHUZRKOLQGHU%UDXWGDV+XKQPLWGHQJROGHQHQ(LHUQ
]XKDEHQ XQGUHFKQHWQDWUOLFKDXIGLH%|UVHGHV.|QLJV$OVHLQ
=HLFKHQIUGLH6WLPPXQJGLHJHJHQGLH/LFKWHQDXKHUUVFKWPDJ
'LUGDVGLHQHQGDLQGHUVHOEHQ6WXQGHZRGLH
7KHDWHUDXIIKUXQJVWDWWIDQGLQLKUHP&KDUORWWHQEXUJHU 3DODLVHLQ
(LQEUXFKDXVJHIKUWZXUGH'LHEHGLHNHLQH'LHEHZDUHQ
VSHUUWHQGHQ.DVWHOODQHLQXQGEHJDQQHQQXQHLQ:HUNY|OOLJHU

=HUVW|UXQJ6SLHJHOXQG3RU]HOODQHZXUGHQ]HUVFKODJHQ
7DSLVVHULHQXQG9RUKlQJH]HUULVVHQ%HWWHQXQGhEHU]JH
EHVFKPXW]W DOOGDVRKQHGDDXFKQXUHLQH1DGHOHQWZHQGHW
ZRUGHQZlUH'DJHJHQOLHPDQ.DUWHQ]XUFNDXIGHQHQGLH
KHIWLJVWHQ%HVFKLPSIXQJHQXQG6FKPlKZRUWHJHJHQGLH
/LFKWHQDXVWDQGHQ$OOHVRIIHQEDUHLQ$NWGHU5DFKH'LH3ROL]HL
IRUVFKWGHQ([]HGHQWHQQDFKRKQHVLHELVMHW]WILQGHQ]XN|QQHQ
$EHUZHKLKQHQZHQQVLHJHIXQGHQZHUGHQ'HQQGHU.|QLJLVW
EHJUHLIOLFKHUZHLVHYROO(QWUVWXQJEHUHLQHQ+HUJDQJGHUVLFK
XQPLWWHOEDUJHJHQLKQVHOEHUULFKWHW
(LQHPDEOHKQHQGHQ7RQHGHU$UWEHJHJQHQZLUEHUDOOXQGVR
NDQQHVQLFKWEHUUDVFKHQGDGHU6FKUHLEHUGLHVHUXQG
lKQOLFKHU%ULHIHQRFKHLQPDODQGHQ5KHLQ]XUFNJLQJXPJHJHQ
DOOH+RIOXIWJHVLFKHUW]XVHLQ,Q/LHEHQEHUJDEHUOLHHUQLFKW
EORHLQHQ3lFKWHU]XUFNGHU$UWLJNHLWXQG'HYRWLRQPLW
:DKUQHKPXQJHLJQHU9RUWHLOHJHVFKLFNW]XYHUELQGHQZXWH
VRQGHUQUlXPWHGLHOHHUVWHKHQGHQ=LPPHUDXFKGHP2EHUVWHQ
YRQ&RFFHML 1HIIHQGHV*URNDQ]OHUV HLQHLQHPDOWHQ
6RQGHUOLQJHGHUEHUDOOZRGLH%ULHIHVHLQHU(UZlKQXQJWXQXP
VHLQHUHQRUPHQ*UDQGH]]DZLOOHQDOV6D0DMHVWpOH&RORQHOGH
&RFFHMLYRUJHVWHOOW]XZHUGHQSIOHJW

)ULHGULFK/HRSROGZDUQXQZLHGHULQVHLQHUFOHYHVFKHQ+HLPDW
GLHZHQQQLFKWV%HVVHUHVVRQDKPHUDQLKPZHQLJVWHQV
=XUFNJH]RJHQKHLWXQG6WLOOHELHWHQVROOWH'RFKHVJHVWDOWHWH
VLFKDQGHUVXQGZHQQHUVLFK DXVGHU+RIOXIWKHUDXVXQGLQGLH
5XKHKLQHLQJHVHKQWKDWWHVRPXWHHUEDOGZDKUQHKPHQGD
GLHVH5XKHMHQVHLWVGHV5KHLQVQRFKZHQLJHUDQ]XWUHIIHQZDUDOV
GLHVVHLWV,QGHPIUDQ]|VLVFKJHZRUGHQHQ/DQGHPHKUWHQVLFKGLH
7UDFDVVHULHQXQGDOVHUHLQHV7DJHVHLQLKPDQJHWUDJHQHV
(KUHQDPWDXVGHPVLFKVSlWHUHLQ6pQDWHXUGHO
(PSLUH
HQWZLFNHOWKDEHQZUGH]XUFNJHZLHVHQKDWWHZDULKPNODU
HUNHQQEDUGDVHLQHV%OHLEHQVXQWHUGHQQHXIUDQ]|VLVFKHQ
*HZDOWKDEHUQQLFKWOlQJHUVHLQN|QQH
'LHVHV(UNHQQHQZDUHVGHQQDXFKZDVLKQQDFK
/LHEHQEHUJ]XUFNNHKUHQOLHXQG]ZDUQLFKWPHKU
YHUVXFKVZHLVHVRQGHUQXPJHNHKUWPLWGHPYRQQXQDQIHVWHQ
(QWVFKOXHLQIUDOOHPDODXIPlUNLVFKHU(UGHEOHLEHQ]XZROOHQ

(UULFKWHWHVLFKGHPJHPlDXFKHLQXQGLQWHQGLHUWHVRIRUW
DOOHUKDQG5HIRUPHQKLHOWHVDEHUGRFKIUNOXJHKHHU]X
ZLUNOLFKHUbQGHUXQJGHUYRUJHIXQGHQHQ=XVWlQGHVFKULWWGLHVH
=XVWlQGHYRUKHUVRUJOLFK]XEHREDFKWHQ(LQ-DKUHUVFKLHQLKP
GD]X=HLWJHQXJQDFKGHVVHQ$EODXIHUGHQQDXFKZXWHZDV ]X
WXQVHL'LH:LUWVFKDIWHUVFKLHQLKPDOWPRGLVFKXQG
YHUQDFKOlVVLJWZHVKDOEHULKUH)KUXQJVHOEHUEHUQDKP,FK
KDEH6FKUH\HUVRVFKULHEHUDQ$OH[DQGULQH 'DXVGHU3DFKW
HQWODVVHQXQGLKP 7DOHUIU6XSHULQYHQWDULXPXQG9RUUlWH
JH]DKOW(UNRQQWHNHLQHQEHVVHUHQ=HLWSXQNWILQGHQZHLODOOHV
MHW]WLQGRSSHOWHP:HUWHVWHKW
$EHUGLHV(QWODVVHQGHV3lFKWHUVDXVGHU3DFKWZDUQXUHLQV
$XFKLQVHLQHUHLJQHQXQPLWWHOEDUHQ8PJHEXQJJHILHOLKPQLFKW
DOOHVXQGHU]HLJWHVLFKJHZLOOWDXFKKLHUHLQH5HIRUPHLQWUHWHQ
]XODVVHQ
$OVHUVWHV2SIHUILHOGLH+RKHQGRUIIHLQDGOLJHV)UlXOHLQGDV
VFKRQ]X/HE]HLWHQGHU)UDXYRQ+HUWHIHOGGHP+DXVH]XJHK|UW
XQGVLFKQDPHQWOLFKXQPLWWHOEDUQDFKGHP7RGHGHUVHOEHQ
XQHQWEHKUOLFK]XPDFKHQJHVXFKWKDWWH1LFKWRKQH]HLWZHLOLJHQ
(UIROJ$XVLKUHPZHLWHUQ/HEHQDEHUHUODXEWVLFKGHU6FKOXGD
VLHGDEHLYRQ]LHPOLFKVHOEVWVFKWLJHQ0RWLYHQJHOHLWHWZXUGH
'HUDOWH)UHLKHUUGXUFKVFKDXWHGLHVXQGVFKWWHWHGDUEHUVHLQ
+HU]DXV,FKIKOHPLFKGHU+RKHQGRUIIZHJHQLKUHUIUKHUHQ
'LHQVWHZLUNOLFKYHUSIOLFKWHWHVEOHLEWDEHUGDEHLGDHVVFKZHU
PLWLKU]XOHEHQLVW,PPHULVWVLHNUDQNZLOOHVDEHUQLFKW
ZDKUKDEHQXQGJHIlOOWVLFKLQGLHVHP+HOGHQVLQQ8QGDQDQGUHU
6WHOOH,FKPDJQLFKWJHUDGH]XEHKDXSWHQGDHVLKUDQJXWHP
+HU]HQIHKOWDXFKZHLVLHVLFKLQ*HVHOOVFKDIWJXWJHQXJ]X
EHQHKPHQ$EHUDQDOOHPDQGUHQJHEULFKWHVLKUXQG(LQVLFKW
ULFKWLJH0HQVFKHQEHXUWHLOXQJXQG8QWHUVFKHLGXQJVNUDIWZLUGVLH
QLHEHNRPPHQ,QGHU7DWLKUQHUY|VDXIJHUHJWHVDOWMQJIHUOLFK
YHUVFKUREHQHV:HVHQLQGDVVLFKYLHOOHLFKWDXFKVWLOOH+RIIQXQJHQ
PLVFKWHQ ZHQQGLHVHQLFKWGLH:XU]HODOOHVhEHOVZDUHQ 
PDFKWHVFKOLHOLFKHLQOlQJHUHV=XVDPPHQOHEHQPLWLKU
XQP|JOLFKXQGVLHZXUGH]XEHQDFKEDUWHQ3UHGLJHUVOHXWHQLQ
3HQVLRQJHWDQDXVZHOFKHU$EJHVFKLHGHQKHLWVLH]HKQ-DKUH
VSlWHUQRFKHLQPDOHUVFKHLQWLQ]ZLVFKHQLQY|OOLJK\VWHULVFK
SLHWLVWLVFKH9HUUFNWKHLWYHUIDOOHQ

(VEOLHEDEHUQLFKWEOREHLGHU+RKHQGRUIIXQGLP6SlWVRPPHU
ZDUEHUKDXSWHLQDXVQHXHQ(OHPHQWHQEHVWHKHQGHU.UHLV
JHVFKDIIHQGHUQXQGXUFKYLHOH-DKUHKLQDXVGDXHUWH
*HQDXHUDQJHVHKHQZDUGLHVHU.UHLVHLQGRSSHOWHUXQG]ZDUHLQ
lXHUHUXQGHLQLQQHUHU'HUlXHUHEHVWDQGDXVGHP
:LUWVFKDIWVSHUVRQDOHGHVVHQLQGHQ%ULHIHQLPPHUQXUNXU]XQG
ZLHJHOHJHQWOLFK(UZlKQXQJJHVFKLHKWZlKUHQGGLH*HVWDOWHQGHV
LQQHUHQ=LUNHOVDXIMHGHU%ODWWVHLWHZLHGHUNHKUHQXQG]XOHW]WLQ
DOOHU/HLEKDIWLJNHLWYRUXQVVWHKHQ(VZDUHQGLHV'HPRLVHOOH
1HXPDQQGHUDOWH7DFNPDQQGHUMXQJH5HLFKPDQQXQG+HUU
+DXVOHKUHU*UHLI$OWHYLHUHUIUHXWHQVLFKGHU$XV]HLFKQXQJQLFKW
EOR+DXVVRQGHUQDXFK7LVFKJHQRVVHQ]XVHLQ(EHQVR
JHVWDOWHWHVLFKLKU(LQYHUQHKPHQXQWHUHLQDQGHUDXIVEHVWH
'HPRLVHOOH1HXPDQQGLHMHW]WGDV+DXVUHJLHUWHZDUDOOHVQXU
NHLQH'DPHZRGXUFKVLHJHUDGHGHV 9RU]XJHVJHQRQDFKGHP
VLFKGHUDOWH)UHLKHUUGXUFK-DKUHKLQDPPHLVWHQJHVHKQWKDWWH
,FKKDEHMHW]WHLQH'HPRLVHOOH1HXPDQQHQJDJLHUWVRVFKUHLEW
HUDQ$OH[DQGULQH 'NHLQHHOHJDQWH*RXYHUQDQWHGHQQVLH
ZHLQLFKWVYRQ )UDQ]|VLVFKDEHUDXVHLQHPJXWHQ%UJHUKDXVH
VRUJOLFKXPVLFKWLJIOHLLJ8QGEDOGGDUDXI$QGLH6SLW]HGHU
gNRQRPLHKDELFKMHW]WGLH1HXPDQQJHVWHOOWGLHGDVDOOHV
YHUVWHKWZHLOVLHYRU-DKUHQVFKRQDXIGHP$PWH%ODQNHQIHOGH
GLH:LUWVFKDIWJHOHUQWKDWXQGPLWDQ]XJUHLIHQZHL8QGDXFK
ZLUNOLFK PLWDQJUHLIW'DPVVHQGHQQGLH0lJGHIROJHQ6LW]HW
DEHUGLH+DXVKlOWHULQDXIGHP/HKQVWXKOVRVHW]HQVLFKGLH
0lJGHDXIGHQ6WURKVDFN$OOHVZDVYRQ9HUWUDXHQDXVGLHVHQ
=HLOHQVSULFKWEHVWlWLJWHVLFKXQGGLH1HXPDQQWUHXZLH*ROG
XQGYRQVHOEVWVXFKWVORVHU(UJHEHQKHLWZXUGLQDOOHQ6DFKHQGHV
+DXVHVXQGGHU)DPLOLH%HLVWDQGXQG%HUDWHULQ,Q(KUHQGLHQHQG
EHJOFNWHVLHGDV+DXVGHPVLHGLHQWHZREHLVLFK
VIUHLOLFKDXFK
ZLHGHU]HLJWHGDHLQVROFKHVIUHLHVXQGVHOEVWVXFKWVORVHV)U
DQGHUHGD6HLQLP/DXIHGHU-DKUH]XU+HUUVFKDIWEHUGLHVH
DQGHUHQIKUW$OOHVKDWWH5HVSHNWYRULKU(LQPDOZDUIHLQHGHU
MXQJHQ'DPHQHLQ6WFNFKHQ%DQGDXVGHP)HQVWHUXQGGLH
1HXPDQQDOVVLH
VDXIJHVXFKWEUDFKWHVPLWGHU5HSULPDQGH
]XUFN6RZDVZLUIWPDQQLFKWDXIGLH6WUDH
,KUDQ$QVHKHQ]XQlFKVWVWDQGGHUDOWH7DFNPDQQYRQ3URIHVVLRQ
HLQ=XFNHUElFNHUGHULQVHLQHU-XJHQGZHLWH5HLVHQLQ
EHUVHHLVFKH/lQGHUJHPDFKWKDWWH1DPHQWOLFKZDUHUGDV

(QW]FNHQGHVQXQ]HKQMlKULJHQ.DUO YRQ+HUWHIHOGXQGKDWWH
GDEHLGDV9RUUHFKWVHLQHZXQGHUEDUHQ$EHQWHXHUEHL7LVFKH]XP
EHVWHQJHEHQ]XGUIHQ2EHU]XGHPDOWHQ)UHLKHUUQDXFKLQ
JHVFKlIWOLFKHQ%H]LHKXQJHQVWDQG YLHOOHLFKWDOVHLQH$UW
.RPPLVVLRQlU LVWDXVGHQ%ULHIHQQLFKWEHVWLPPWHUNHQQEDU(U
OHEWHPHLVWLQ/LHEHQEHUJLQHLQHPLQGHU%LEOLRWKHNLKP
HLQJHULFKWHWHQ=LPPHUXQGJLQJDOOMlKUOLFKDXINXU]H=HLWQDFK
%HUOLQXPGDVHOEVWHLQ=XFNHUEURW]XEDFNHQDXIGHVVHQ
+HUVWHOOXQJHUVLFKYRU]JOLFKYHUVWDQG
$Q7DFNPDQQVFKORVLFKGHUMXQJH5HLFKPDQQHLQ6WXGHQWGHU
DXV0DQJHODQ0LWWHOQVHLQH6WXGLHQXQWHUEURFKHQKDWWH'HUVHOEH
EHNOHLGHWHGDV$PWHLQHV3ULYDWVHNUHWlUVXQGZDUWFKWLJXQG
JHVFKHLWDEHUOHLGHUDXFKPHODQFKROLVFKHQ7HPSHUDPHQWV$Q
DOOHPYHU]ZHLIHOQGDQ9DWHUODQG/HEHQXQGVLFKVHOEVWHUVFKR
HUVLFKVSlWHUDXVURPDQWLVFKP\VWLVFKHQ*UEHOHLHQ
(LQHY|OOLJHQWJHJHQJHVHW]WH1DWXUZDUHQGOLFK+HUU+DXVOHKUHU
*UHLI(UQDKPQLFKWVVFKZHUXQGZXWHVLFKLQDOOHV]XVFKLFNHQ
DPOHLFKWHVWHQLQ3ULQ]LSLHQGLHGHQVHLQLJHQZLGHUVSUDFKHQ
YRUDXVJHVHW]WGDHUEHUKDXSW3ULQ]LSLHQKDWWH-HGHQIDOOV
LQGHVVHQZDUHVHEHQGLHVHVHLQH1DFKJLHELJNHLWJHZHVHQZDVLKQ
GHPDOWHQ+HUUQYRQ$QIDQJDQHPSIRKOHQKDWWH=XPHLQHU
)UHXGHVR VFKUHLEWGHUOHW]WHUHJODXELFKMHW]WGHQUHFKWHQ
0DQQJHIXQGHQ]XKDEHQ8QG]ZDULVWGLHVGHU+HUU&DQGLGDWXV
*UHLIGHUZHLOHUQRFKMXQJXQGLQNHLQHPDQGHUQ+DXVH
JHZHVHQLVWPLUSDVVHQGXQGJHQHLJWHUVFKHLQWVLFKQDFKPHLQHU
0HLQXQJ]XULFKWHQ (ULVWPLULQGLHVHP6WFNHOLHEHUDOVVROFKH
GLHVFKRQLQDQGHUQ+lXVHUQDOOHUOHL*ULOOHQDXIJHIDWKDEHQ
8QGDQDQGHUHU6WHOOH0LW*UHLIJHKWHVXQGLFKELQQDFKZLH
YRUPLWLKP]XIULHGHQ(ULVWQLFKWVRSUlWHQWL|VZLHVHLQ
9RUJlQJHU:LVVHOLQNXQGKDWPHKU*XWPWLJNHLW$XFKOlXIWHU
QLFKWVRGHP:LW]HQDFK
'DVZDUGHUQHXJHVFKDIIHQH.UHLVXQGPLW%HKDJHQXQG)UHXGH
NRQQWHUXP:HLKQDFKWHQDQVHLQHQ6FKZLHJHUVRKQ
VFKUHLEHQ,FKKDEHQXQPHLQ3HUVRQDOLQ2UGQXQJ
,QGHU7DWHVJLQJDOOHVDP6FKQUFKHQXQGHVKlWWHVLFKYRQ
XQJHWUEWJOFNOLFKHQ7DJHQVSUHFKHQODVVHQZHQQQLFKWGHU
9HWWHULQ+lVHQJHZHVHQZlUH

:HUDEHUZDUGLHVHU9HWWHU"
+lVHQVHOEVWLVW1DFKEDUJXWXQGJHK|UWHGDPDOVHLQHPQDKHQ
DEHUVWDUNYHUVFKXOGHWHQ$QYHUZDQGWHQ(VVFKHLQWGDGLHVHU
HLQHQ7HLOVHLQHV/HEHQVLQGHU9RUVWHOOXQJ]XJHEUDFKWKDWWH
IUKHURGHUVSlWHUGHU(UEHGHVJHVDPWHQ+HUWHIHOGVFKHQ
%HVLW]HVZHUGHQ]XPVVHQDXVZHOFKHU9RUVWHOOXQJHUVLFK
SO|W]OLFKJHULVVHQVDKDOVGHPVFKRQDOWHUQGHQ)ULHGULFK/HRSROG
YRQ +XQHUZDUWHWHLQ6RKQJHERUHQZXUGH'HQ8QPXWGDUEHU
]XEH]ZLQJHQZDULKP GHP9HWWHU QLFKWJHJHEHQXQGDOVHU
JOHLFK]HLWLJVHLQHSHNXQLlUHQ%HGUlQJQLVVHZDFKVHQVDKHUVDQQ
HUVLFKGDV0lUFKHQGDGHUVSlWJHERUQH6RKQGHVDOWHQ
/LHEHQEHUJHU)UHLKHUUQLQ:DKUKHLWHLQ(QNHO GHVVHOEHQXQG]ZDU
GHUlOWHVWH6RKQ$OH[DQGULQHQVYRQ'DQFNHOPDQQVHL0LWDQGHUQ
:RUWHQDOVRHLQXQWHUJHVFKREHQHV.LQGXQWHUJHVFKREHQHLQ]LJ
XQGDOOHLQLQGHU$EVLFKWLKPGHP9HWWHUHLQLKP]XVWHKHQGHV
(UEH]XHQWUHLHQ(LQVROFKHV0lUFKHQHU]lKOWXQG
ZHLWHUYHUEUHLWHW]XVHKQZDUDQXQGIUVLFKVFKRQVFKOLPP
JHQXJDEHUGHU+lVHQHUJLQJZHLWHUXQGZXWHVHLQHP
hEHOZROOHQDXFKSUDNWLVFKH)ROJHQ]XJHEHQLQGHPHU*HOGHU
DXIQDKPXQG]ZDUXQWHUEHVWlQGLJHP+LQZHLVGDUDXIGDLKP
DOOHU0DFKLQDWLRQHQXQG,QWULJHQXQHUDFKWHWEHUNXU]RGHUODQJ
GDV/LHEHQEHUJHU(UEHGRFK]XIDOOHQPVVH'LHVVFKXIbUJHUQLV
EHUbUJHUQLVDXFKZRKO6RUJHQXQGEHGURKWHGHQDOWHQ+HUUQ
JHQDXLQGHQ ]ZHL6WFNHQLQGHQHQHUDPHPSILQGOLFKVWHQZDU
LQVHLQHP9HUP|JHQXQGVHLQHU(KUH'HUWROOH0HQVFKYRQ
+lVHQVRVFKUHLEWHULVWZLHGHULQYROOHU%HZHJXQJ8QWHUGHU
+DQGZHQGHWHUVLFKQDFK0QVWHUXQG&OHYHXQGYHUVLFKHUWGD
HUDOOHLQLJHU+HUUPHLQHU*WHUVHL'LHDQGLHHUVFKUHLEW
HUNXQGLJHQVLFKEHLPLUREHVLQGHV%ULHIVFKUHLEHUV.RSIHULFKWLJ
VWHKH"6LHZROOHQDEHUQLFKWJHQDQQWVHLQ6RQVWKlWWLFKGHQ
1DUUHQVFKRQOlQJVWEHLP.DPPHUJHULFKWSURYR]LHUW8QGDQ
DQGHUHU6WHOOH'HUWROOH0HQVFKLQ+lVHQGHUVHLWVLHEHQ
0RQDWHQLQ%HUOLQDXI.UHGLWOHEWIlQJWZLHGHUDQ]XUDVHQ9RU
DFKW7DJHQKDWHUPLUHLQLJH%RJHQYROO8QVLQQJHVFKULHEHQXP
HWZDVDXVPLUKHUDXV]XORFNHQZDVVHLQH3UR]HOXVWUHL]HQ
N|QQWH,FKKDELKPDEHUNXU]NDOWXQGEHUKDXSWVR
JHDQWZRUWHWGDHUGHQ%ULHINHLQHP*HULFKWVKRIHYRUOHJHQ
ZLUG
bXHUXQJHQlKQOLFKHU$UWNHKUHQDQYLHOHQ6WHOOHQZLHGHUXQG
ZHQQHUVFKOLHOLFKDXFKGLHVHUXQEHTXHPHQ6WHFKEUHPVH+HUU

ZXUGHVRJHVFKDKHVGRFKHUVWQDFKGHPLKQGLH6WLFKH
GHUVHOEHQDXIVHPSILQGOLFKVWHYHUOHW]WKDWWHQ
8PHEHQGLHVH=HLW]RJDXFKQRFKHLQQHXHVbUJHUQLVKHUDXIXQG
]ZDUGHU3UR]HGHUJHJHQGLH*LIWPLVFKHULQ*HKHLPHUlWLQ
8UVLQXVJHIKUWZXUGH'LH+HUWHIHOGVZDUHQLQ]XUFNOLHJHQGHQ
-DKUHQPLWGLHVHU)UDXEHNDQQWJHZRUGHQQLFKWHLJHQWOLFKLQWLP
DEHUGRFKVRGDGHUDOWH)UHLKHUUEHUVLHVFKUHLEHQNRQQWH
:HQQ)UDX*HKHLPUlWLQ8UVLQXV]XPLUNRPPWVRVROOHVPLU
DQJHQHKPVHLQ'HQQREJOHLFKVLHVLFKPLWLKUHU*HVFKZlW]LJNHLW
]LHPOLFKOlFKHUOLFKPDFKWVRNHQQHLFKVLHGRFKDOVHLQH)UDXEHL
GHUGDV*XWHEHUZLHJW8QGQXQZDUHEHQGLHVH)UDXZHJHQ
GHQNEDUVFKZHUVWHU9HUEUHFKHQDQJHNODJW$XFKQXULQHLQHP
DOOHUREHUIOlFKOLFKVWHQ9HUNHKUPLWLKUJHVWDQGHQ]XKDEHQPXWH
SHLQOLFKHPSIXQGHQZHUGHQXQGGXUFK-DKUXQG7DJKLQLVWQXQ
GHU8UVLQXV)DOOHLQLPPHUZLHGHUNHKUHQGHVXQGPLWHLQHU
JHZLVVHQ*rQHEHKDQGHOWHV%ULHIWKHPD'LH*HVFKLFKWHPLWGHU
8UVLQXVVRKHLWHVLP$SULOLVWOHLGHUVRJDUVWLJZLHQXU
P|JOLFK,FKZHLMHW]WGDVLHVFKRQIUKHU LQ6WHQGDO LQGHP
5XIHVWDQG]XPDXVHQ'HUYRQVHLQHU9HUJLIWXQJ
ZLHGHUKHUJHVWHOOWH%HGLHQWHVROOGDUEHUDOOHUOHL.XULRVD
DXVJHVDJWKDEHQ8QGLP2NWREHUGHVVHOEHQ-DKUHV'DGLH
8UVLQXVDXI/HEHQV]HLWHLQJHVWHFNWZLUGZLUVW'XZLVVHQ:DV
GLHVHVJDUVWLJH:HLEDXHUGHP(UZLHVHQHQDXFKQRFKDQ
DQGUHPDEVFKHXOLFKHQ9HUGDFKWHJHJHQVLFKKDWLVWNDXP]X
JODXEHQ8QGGDQQhEHUGHU8UVLQXV
'UHLVWLJNHLWNDQQLFK
PLFKQLFKWJHQXJZXQGHUQ:LHNDQQVLH
VQXUZDJHQDQVWlQGLJH
3HUVRQHQXPLKUHQ%HVXFK]XELWWHQDOOHVEORXPLKQHQHWZDV
YRQLKUHU8QVFKXOGYRU]XNODJHQ"8P9HUVXFKH]XPDFKHQKDEH
VLHGDV*LIWJHJHEHQ6RVDJWVLH*XWDEHUZDUXPKDWVLHQLFKW
DOOHUSHUV|QOLFKVWHLQH8Q]H*LIWJHQRPPHQ"'DVZlUHGDV
ZHLWDXV%HVWHJHZHVHQ8QGHQGOLFK DP 0lU] 'LH
8UVLQXVZDUEHUDOOXQGDXFKEHLPLUYHUJHVVHQ9RUJHVWHUQKDE
LFKPLFKLKUHUZLHGHUHULQQHUQPVVHQDOVLFKDXVGHU
+DPEXUJHU=HLWXQJLKUH$EIKUXQJQDFK*ODW]HUVDK6LHKDWWH
ZLH'XZLVVHQZLUVWDSSHOOLHUW'DV8UWHLOLVWDEHUHLQIDFK
EHVWlWLJWZRUGHQXQGVLHKDWQXQDXVJHVSLHOW
'DVVLQGGLHOHW]WHQ:RUWHGLHVLFKEHUGLHVHFDXVHFpOqEUH
ILQGHQ

'LH*HKHLPUlWLQKDWWHYLHObUJHUQLVPLWVLFKJHIKUWIDVWVRYLHO
ZLHGHU9HWWHULQ+lVHQDEHUWURW]GLHVHUXQGlKQOLFKHU
=ZLVFKHQIlOOHZDUHQHVLPJDQ]HQGRFKJOFNOLFKH7DJHGLHVH
7DJHQDFKGHUhEHUVLHGHOXQJDPJOFNOLFKVWHQZHQQGLH
'DQFNHOPDQQVDXI%HVXFKHLQWUDIHQ(OWHUQXQG.LQGHU
+DXVOHKUHUXQG%RQQH*HVHOOVFKDIWHULQXQG'LHQHUVFKDIWHQ'D
YHUNHKUWHVLFKGHQQIUHLOLFKGLH5XKHGHV+DXVHVLQLKU*HJHQWHLO
DEHURKQHGDGHUDOWH)UHLKHUULQVHLQHPVWDUNDXVJHSUlJWHQ
)DPLOLHQVLQQHLQHQ$QVWRGDUDQJHQRPPHQKlWWH=X
EHVRQGHUHU)UHXGHZXUGLKPGDEHLGDVLPPHUZDFKVHQGJXWH
9HUKlOWQLV]ZLVFKHQ6RKQXQG(QNHOGLH EHLQDKJOHLFKDOWULJ DP
9RUPLWWDJHGLHVHOEHQ6FKXOVWXQGHQDP1DFKPLWWDJHGLHVHOEHQ
6SLHOVWXQGHQKDWWHQ8QGZHQQGLH7LVFKJORFNHOlXWHWHVR
EHZDKUKHLWHWHVLFK
VDQMHGHPQHXHQ7DJHMHOlQJHUGLH7DIHO
GHVWREHVVHUGLH/DXQH
'DVJDQ]H/HEHQDEHUREHVQXQ VWLOOHURGHUEHZHJWHUYHUOLHI
WUXJGHQ6WHPSHOHLQHUYROONRPPHQHQ3DWULDUFKDOLWlWDQGHUXQV
QLFKWVEHJUHLIOLFKHUHUVFKHLQWDOVGDVLHGHUDOWH)UHLKHUUJHJHQ
HLQ|IIHQWOLFKHVRGHUJHVHOOVFKDIWOLFKHV/HEHQQLFKWDXVWDXVFKHQ
PRFKWHGDVLKPZLGHUVWDQGXQGLQVHLQHU6LWWHQ XQG
*HVLQQXQJVORVLJNHLWDXFKZLGHUVWHKHQPXWH'HQQHVZDUHLQH
ZLUNOLFKJUXQGVFKOHFKWH=HLWXQG0LUDEHDXKDWWHULFKWLJ
SURSKH]HLWDOVHUGDVGDPDOLJH3UHXHQHLQHYRUGHU5HLIHIDXO
JHZRUGHQH)UXFKWJHQDQQWKDWWHGLHEHLPHUVWHQ6WXUP
DEIDOOHQZHUGH:HQQHVQXQIUHLOLFKDXFKQLFKWZDKUVFKHLQOLFK
LVWGDXQVHU/LHEHQEHUJHU(LQVLHGOHUlKQOLFKHGHQ3ROLWLNHU
EHNXQGHQGH6FKOVVH]RJVRZDUHUGRFKDQGUHUVHLWVHLQVR
VFKDUIHU%HREDFKWHUXQVHUHU6FKZlFKHQEHUKDXSWGDLKPHLQ
LQWLPHU9HUNHKUPLWGHQ0HQVFKHQHLJHQWOLFKVFKRQXPGLHVHU
VFKDUIHQ%HREDFKWXQJZLOOHQXQP|JOLFKJHPDFKWZXUGH:DVDQ
HLWOHUXQGVHOEVWVFKWLJHU5HJXQJLQGHQ+HU]HQVWHFNWHODJRIIHQ
YRULKPXQGXQWHUGHQYLHOHQ+XQGHUWHQVHLQHU%ULHIHVLQG
ZHQLJHGLH QLFKWDQLUJHQGHLQHU6WHOOHYRQGLHVHU
DOOHUHLQGULQJHQGVWHQ(UNHQQWQLVHLQ%HLVSLHOJlEHQ(UNDQQWHGHQ
JDQ]HQ$GHODPEHVWHQGHQPlUNLVFKHQVFKOHVLVFKHQXQG
QLHGHUUKHLQLVFKZHVWIlOLVFKHQXQGZHQLJH)DPLOLHQDEJHUHFKQHW
GLHZLHGLH5HFNHVGLH5HXGLH/HVWRFTVLKPHLQHQ
XQEHGLQJWHQXQGJHUQGDUJHEUDFKWHQ5HVSHNWDEQ|WLJWHQULFKWHWH
VLFKGHU6WDFKHOVHLQHU6DWLUHVR]LHPOLFKJHJHQDOOHVZDVGDPDOV
GLH*HVHOOVFKDIWDXVPDFKWH8QGLFKIUFKWHPLW)XJXQG

5HFKW(LQLJH=LWDWHP|JHQDXFKQDFKGLHVHU6HLWHKLQVHLQH
6FKUHLEHZHLVHFKDUDNWHULVLHUHQ
,Q%HUOLQKDELFKJHVWHUQGHQ*HQHUDOYRQ.|KOHUJHVSURFKHQ(U
LVWZRKOXQGYHUJQJWXQGWXWHLQH0DKO]HLWIU]ZHL-HGHQIDOOV
PDFKWHUGHQ(LQGUXFNDOVREHUVHLQH3HQVLRQQRFKDXIODQJHKLQ
]XJHQLHHQZQVFKH
*HVWHUQZDUGHQQDXFKGHU.DPPHUJHULFKWVUDW5RLWVFK KLHU(U
JHILHOPLULQVHLQHQ$QVLFKWHQJDQ]JXWHUVFKLHQPLUDEHULQGHP
EHVWlQGLJHQ$MXVWLHUHQVHLQHV+DDUVXQGVHLQHU+DOVNUDXVHYRQ
VHLQHU)LJXUHWZDVHLQJHQRPPHQ
,QGLHVHQ7DJHQKDELFKHLQHQ0DMRUYRQ6FKXFNPDQQGHUHLQ
/DQGZHKUEDWDLOORQNRPPDQGLHUWEHLPLUJHKDEW(ULVWHLQ%UXGHU
GHV*HKHLPHQ6WDDWVUDWVJOHLFKHQ1DPHQVXQGHLQHZDKUH
.DULNDWXUNXU]GLFNlQJVWOLFKVWHWVLQ9HUIDVVXQJHLQ]XVFKODIHQ
XQGlXHUVWGlPOLFK
(WZDV6RQGHUEDUHUHVDOVGLH7RGHVDQ]HLJHGLHPLUGHU)UHLKHUU
YRQ/Rs QDFKGHP$EOHEHQVHLQHU)UDX]XJHVFKLFNWKDWKDELFK
ODQJHQLFKWLQ+lQGHQJHKDEW'HU'UXFNGHU$QQRQFH IDVWLQ
0|QFKVVFKULIW LVWDEVXUGHGHU,QKDOWQRFKDEVXUGHU'LH
7LWXODWXUHQSDVVHQQXUDXIGLH(LWHONHLWGLHVHV+HUUQXQGVWHOOHQ
HLQ0DFKZHUNKHUZLHPDQ
VLQXQVHUQ=HLWHQQLFKWPHKU
HUZDUWHQVROOWH9LHOOHLFKWKDW+HUU*HKHLPUDW)RFNHDXFKVRHLQ
8QGLQJEHNRPPHQ%HIUDJLKQGRFKPLWEHVWHP*UXYRQPLU
REPDQGDUDXIDQWZRUWHQPVVH"6DJWHUMDVRN|QQWLFK
YLHOOHLFKWDQIDQJHQ/H6LHXUGH+HUWHIHOGQL6pQDWHXUQL&RPWH
QL&KHYDOLHUQL*UDQG&URL[DYXDYHFGRXOHXUHWF
(LQH*HVFKLFKWHGLHKLHUYLHO$XIVHKHQPDFKWLVWIROJHQGH'X
ZHLWGDGLH.RVDNHQGHQZHVWIlOLVFKHQ*HVDQGWHQ+HUUQYRQ
/LQGHQDXIJHIDQJHQXQGXQWHUGHQ3DSLHUHQGHVVHOEHQHLQH
EHGHQNOLFKHSROLWLVFKH.RUUHVSRQGHQ]GHU7|FKWHUGHV0LQLVWHUV
YRQGHU*ROW]PLWHEHQGLHVHPYRQ/LQGHQJHIXQGHQKDEHQ'LH
*UlILQYRQ/WWLFKDX VRKHLWJODXELFKHLQHGHU7|FKWHU VROO
GLHVFKXOGLJVWHVHLQ'HU/LQGHQLVWKLHUDOVHLQlXHUVWVFKOHFKWHU
0HQVFKEHNDQQWDOVHLQ6SLHOHUGHUGDV)DOVFKVSLHOHQYHUVWDQG
8QGGHUE|VH*HLVWPXXQVHUHLQHQSODJHQPLWVROFKHP 0DQQLQ
9HUELQGXQJ]XVWHKHQ

(VKHLW*UDI+VHLQRFKDXIVHLQHP*XWHEHL0DJGHEXUJ
%|VH=XQJHQHUJlQ]HQHUVHLGRUWKLQJHJDQJHQXPVHLQH
7RFKWHUDQHLQHQ)UDQ]RVHQ]XYHUKHLUDWHQGHUOlQJHUH=HLWDXI
VHLQHP*XWLQ4XDUWLHUJHOHJHQKDW,FKPRFKWHVDQIlQJOLFKQLFKW
JODXEHQREJOHLFKLQGHU7DWQLFKWVYHUORUHQZlUHZHQQGLHVH
6WlUNHGXUFKGLHVHQ=ZLVFKHQIDOOYHUDQODWJDQ]QDFK3DULV
YHU]|JH
-W]JLEWVLFKHLQ5LGLNOGXUFKVHLQH)RUVWEHUHLVXQJHQ,Q
GHU1HXPDUNLVWHU HEHQVRZLHKLHU GXUFKGLHJURHQ)RUVWHQ
UHFWHKLQGXUFKJHIDKUHQXQGKDWHLJHQWOLFKQLFKWVJHVHKHQ(LQ
YHUQQIWLJHU0DQQDXVGHUGRUWLJHQ*HJHQGVFKULHEPLU+HUU
YRQ -JHQLHUWVLFKQLFKW 7DOHU*HKDOW]XQHKPHQXPLP
*DORSSGXUFKGLH:lOGHU]XIDKUHQPLW3IHUGHQGLHHUQLFKW
EH]DKOW6FKRQLQ2VWSUHXHQODFKWHQVLHLKQZHJHQVHLQHU
'RPDLQHQ%HUHLVXQJHQDXVGLHDXFKLP*DORSSJHVFKDKHQ
$OOHVZDVYRQ8QWHUVXFKXQJHQJHJHQHLQ]HOQH0LQLVWHU JHIDEHOW
ZLUGLVWQLFKWZDKU'HU+RIPDUVFKDOO LQWHUHVVLHUWLQGHUJDQ]HQ
$QJHOHJHQKHLWDPPHLVWHQXQGKlQJWLQHLJHQWPOLFKHU:HLVHPLW
GHU(UQHXHUXQJGHV0HXEOHPHQWVLP&KDUORWWHQEXUJHU6FKORVVH
]XVDPPHQ,VWEULJHQVMHW]WDSSODQLHUW+LQWHUGLH:DKUKHLW
NRPPWPDQQLH
'LH*HVFKLFKWHPLWGHP+RIPDUVFKDOOYRQGHULFK'LUQHXOLFK
VFKULHELVWQXQZLUNOLFKEHLJHOHJW:HQLJVWHQVEHILQGHWHUVLFK
QDFKZLHYRUEHL+RIH6HLWHQVGHV.|QLJVZDULKPDXIJHJHEHQ
ZRUGHQHLQHQ7HLOGHV&KDUORWWHQEXUJHU6FKORVVHVQHX]X
PHXEOLHUHQXQGGLHDOWHQ0RELOLHQXQWHUGLH'LHQHUVFKDIW]X
YHUWHLOHQ'DKDWHUVLFKQXQDOV'LHQHUVFKDIWPLWJHUHFKQHWXQG
ZLHPDQVDJWGDV%HVWHIUVLFKJHQRPPHQ
'D'XGHQ&DURODWKHU +HUUQVRODQJZHLOLJJHIXQGHQKDVW
EHUUDVFKWPLFKQLFKW'LHVHVOLHJWLP*HVFKOHFKW
(VVFKHLQWIDVWDOVREGHU*URNDQ]OHU DXIGLH)DXOHQ]HUXQG
8QUHFKWOLFKHQ-DJGPDFKHQZHUGHGHQQEHUGLH6FKODIIKHLW
VHLQHV9RUJlQJHUVOlWHUVLFKDXV$OOHVZlUHJXWZHQQHUQXU
QLFKWGLH)UDXKlWWHGLHGLHVFKOHFKWHQ0DQLHUHQHLQHU'DPHGH
OD+DOOHPLWGHU$QPDXQJHLQHU(PSRUJHNRPPHQHQYHUHLQLJW
6LHZHLVRZHQLJZDV VLH]XWXQKDWGDVLHEHLVSLHOVZHLVDXI
GHP*HEXUWVWDJVEDOOEHL0LQLVWHUYRQGHU*ROW]]XGHPDXFKVLH

JHEHWHQZDUVLFKZHGHUGHU3ULQ]HVVLQYRQ2UDQLHQQRFKGHU
3ULQ]HVVLQYRQ+HVVHQKDWYRUVWHOOHQODVVHQ6LHIUDJWQLHPDQGHQ
XQGEHNPPHUWVLFKXPNHLQHQ$QVWDQG,VWDOVRHLQNRPSOHWWHV
2ULJLQDO
,FKNRPPHQRFKHLQPDODXI-W]]XUFN6REDOGLFKZLHGHU
LQ%HUOLQELQZHUGLFKPLFKHLQJHKHQGHUQDFKLKPHUNXQGLJHQ
6HLQ(KUJHL]KDWLKQLQGDVQHXH6\VWHPKLQHLQJHORFNWXQGHU
PXPLWDOOHUOHL 0HQVFKHQ8PJDQJKDOWHQGLHPLUQLFKWJHIDOOHQ
1XUHLQ 6WDDWVNDQ]OHUSRVWHQLVW]XKDEHQZHQQ+DUGHQEHUJVWLUEW
RGHUJHVFKXSSWZLUG8QGZHQLJVWHQVHLQKDOEHV'XW]HQGGHU
XQWHUQ)DLVHXUVPDFKW$QVSUXFKDXIGLHVH6WHOOH
6ROlXIWGLH.ULWLNRKQHVLFKEULJHQVZLHGLHYRUVWHKHQGH
%OXPHQOHVHYHUPXWHQODVVHQN|QQWHOHGLJOLFKDXIGLH
6WDQGHVJHQRVVHQ ]XEHVFKUlQNHQ$OOHV ZLUGKHUDQJH]RJHQDXFK
+RIXQG*HLVWOLFKNHLW
,Q*HVFKPDFNVVDFKHQVRVFKUHLEWHUDQ$OH[DQGULQH 'LVW
QLFKW]XVWUHLWHQ(EHUKDUG'DQFNHOPDQQILQGHWEHLGHQ
+RIIHVWOLFKNHLWHQDQGHQHQHUMHW]WWHLOQLPPWDOOHVZDVHU
YHUODQJW,FKPHLQHVWHLOVELQIUHLOLFKLPPHUVRGXPPJHZHVHQ
QLFKWVDOV8QEHKDJHQXQG/DQJHZHLOHGDEHL]XIKOHQ
,FKELQJDQ]'HLQHU0HLQXQJPHLQHOLHEH7RFKWHULQDOOHPZDV
'XPLUEHU3DVWRU+HLOLJHQG|UIHU VFKUHLEVW(UZDULPPHUHLQ
6DOEDGHUGHQDEHU2QNHO.DONVWHLQSURWHJLHUWHZHLOHU
ZHQLJVWHQVHLQUXKLJHU0DQQZDU$OOHUGLQJVYRQVHLQHU
.DQ]HOEHUHGVDPNHLWKDWWHVHOEVWGHUVHOLJH2QNHONHLQHVHKUKRKH
9RUVWHOOXQJ
$XFKDOOHUKDQG3URYLQ]LDOHLJHQWPOLFKNHLWHQHQWJLQJHQVHLQHP
VFKDUIHQ$XJHQLFKWXQGVRVFKULHEHUDQ$OH[DQGULQH'X
ZXQGHUVW'LFKGDGLH6FKOHVLHU 'HLQHP0DQQHZHJHQVHLQHU
QHXHUKDOWHQHQ:UGHGLH&RXUPDFKHQ,FK ZXQGHUHPLFKQLFKW
'DVLVWVR/DQGHVDUW$OVVLHQRFKXQWHUGHP:LHQHU+RI
JHlQJVWLJWZXUGHQPXWHQVLHVLFKYRUDOOHQ|VWHUUHLFKLVFKHQ
*URSUDKOHUQQHLJHQ1DFKKHUNDPHQVLHXQWHUGLH)XFKWHOGHV
SUHXLVFKHQ)LQDQ]PLQLVWHUV'DYHUGRSSHOWHVLFKGDV1HLJHQ
HLQPDODXV)XUFKWGDVDQGHUH0DODXV,QWHUHVVH8QGVRLVWHV
LKUH*HZRKQKHLWJHZRUGHQVLFKYRUDOOHQGLHLKQHQGLUHNWRGHU
LQGLUHNWQXW]HQRGHUVFKDGHQN|QQHQ]XEHXJHQ

,QVROFKHQXQGlKQOLFKHQ%HWUDFKWXQJHQHUJHKHQVLFKGLH%ULHIH
ELVVLHNXU]YRUGHU-HQDHU6FKODFKWDXIIDVW'UHLYLHUWHOMDKUKLQ
DEEUHFKHQ$EHUDQLKUH6WHOOHWULWWMHW]WHLQXPIDQJUHLFKHV
0HPRLUHGHPLFKQXQPHKUIROJHQGHIUGLH*HVFKLFKWHMHQHU
7DJHQLFKWXQZLFKWLJH6FKLOGHUXQJHQWQHKPH
'LH3OQGHUXQJ/LHEHQEHUJVDPXQG2NWREHU
$P2NWREHUZDUHVDOVGLH]XP+RKHQORKHVFKHQ &RUSV
JHK|UHQGHQ+XVDUHQYRP5HJLPHQW3ULQ](XJHQYRQ
:UWWHPEHUJVDPW]ZHL&RPSDJQLHQ)XMlJHUDXILKUHP
IOXFKWDUWLJHQ5FN]XJXQYHUPXWHWLQ/LHEHQEHUJHLQWUDIHQ
2IIL]LHUHXQG*HPHLQHZDUHQ lXHUVWHUPGHWXQGPLYHUJQJW
EHUGLHHOHQGH)KUXQJGHU$UPHHGLH3IHUGHJHGUFNWXQG
VFKOHFKWLP6WDQGH
(LQ5LQGZXUGHJHVFKODFKWHWXQGEHKXIVGHU6ROGDWHQYHUSIOHJXQJ
XQWHUGLH'RUIJHPHLQGHYHUWHLOW6LHEHQ-lJHURIIL]LHUHYLHU]LJ
0DQQXQGGLH:DFKHQEOLHEHQEHLPLUDXIGHP+RIH
'HQGHV0RUJHQVXPVHFKV8KUPDUVFKLHUWHQ-lJHUXQG
+XVDUHQQDFK/LHEHQZDOGHGLH]XU$YDQWJDUGHJHK|UHQGHQ
EULJHQ5HJLPHQWHUDEHUGLHPHLVWLQ*HUPHQGRUI*UDQVHHHWF
JHVWDQGHQKDWWHQJLQJHQDXI=HKGHQLFN
2KQJHIlKUXP]HKQ8KUNDPHLQ7URPSHWHUYRQGHU
IUDQ]|VLVFKHQ9RUKXWDXIGHQ+RIJHVSUHQJW(LQ+XVDUDEHUGHU
LKQEHJOHLWHWHVFKULHPHLQHQYRUGHP+DXVHVWHKHQGHQ/HXWHQ]X
+LHUKHUXQGKLHEQDFKLKQHQDOVVLHVLFKLQV+DXV]XUFN]LHKHQ
ZROOWHQ,FKJLQJLKPQXQHQWJHJHQXQGIUDJWHLKQDXI
IUDQ]|VLVFKZDV]XVHLQHQ'LHQVWHQVHL":LHHLQ5DVHQGHU
VSUDQJHUMHW]WYRP3IHUGHXQGVFKULH9LWHYLWH /RXLV,FK
HUZLGHUWH6LOEHUJHOGKlWWLFKQRFKDEHUYRQ*ROGVHLNHLQH
5HGHZRUDXIHUQXUZLHGHUVFKULH9LWHYLWHVRQVWNRPPHQGLH
.DPHUDGHQPLUDQGHUZlUWV ]XYRU (VZDUDOVKLHOWHUHVIU
VHLQH%HVWLPPXQJEHUDOOGHUHUVWH'LHE]XVHLQ ,FK|IIQHWH
QXQPHLQ6FKUHLEVSLQGXQGHUQDKPDOOHVZDVGDULQZDU
 7DOHUVFKWWHWHGLH7DOHULQHLQHQ.RUQVDFNXQGSDFNWHVLFK
PLWVHLQHP.DPHUDGHQGDYRQ
%DOGNDPHQDQGHUH+XVDUHQ(VZXUGHLKQHQ:HLQXQG%URW
JHUHLFKWXQGVLHQDKPHQPLUPHLQHQJDQ]HQ3IHUGHEHVWDQGGHQ

LFKPLWEDUHP*HOGHZLHGHUDXVO|VHQPXWH6RVWDKOHQVLHPLU
 7DOHUXQGGDV]XPWlJOLFKHQ*HEUDXFKLP%XIIHWVWHKHQGH
6LOEHU]HXJ$OVLFKLKQHQ]XP6FKOXVVHVDJWH*HEWPLU
ZHQLJVWHQVHLQH%HVFKHLQLJXQJGDGLH3IHUGHZLHGHUJHNDXIW
VLQGVRQVWQHKPHQHXUH1DFKIROJHUVLHGRFKODFKWHQVLH
KHU]OLFKXQGGHUHLQHHLQYHUVFKPLW]WHU (OVlVVHUVDJWHPLU,FK
ZLOOGLUHLQHQ6DXYH*DUGHVFKUHLEHQJLEQXU3DSLHU,FKKROWH
GHQQDXFK3DSLHUXQGHUVFKULHE6DXYH*DUGHSDUOH*pQpUDOGH
OD6HOOH'DVDJWHHUPDFKHGDVDQGDVZLUGYLHOOHLFKW
KHOIHQ.DXPDEHUZDUHUIRUWVRNDPHLQ6FKZDUP+XVDUHQ
'UDJRQHUXQG.QHFKWHGLHPHLQHP3IHUGHVWDOO]XHLOWHQXQGGLH
GDULQEHILQGOLFKHQ]ZDQ]LJ3IHUGHPLWQDKPHQ
,FKVDKGHPDOOHP]XXQGZROOWHZHQLJVWHQVXPGLH5FNJDEH
HLQHV3IHUGHVELWWHQDOVHLQ2IIL]LHUGHQ+RIKHUDXINDPXQGPLU
VDJWHWHVYRXVOHSURSULDWDLUHG
LFL"$XIPHLQH%HMDKXQJ
DQWZRUWHWHHU/H3ULQFH0XUDWYRXVIDLWGLUHGHPHVXLYUH
LQFHVVDPPHQWLOYHXWYRXVSDUOHU,FKIROJWHELV]XP-lJHUKDXVH
XQGIDQGLQGHP3ULQ]HQHLQHQJXWJHELOGHWHQJHZDQGWHQXQG
YHUVFKPLW]WHQ)UDQ]RVHQ,FKPXWLKPVDJHQZLHVWDUNGLH
JHVWHUQLQ/LHEHQEHUJJHOHJHQHQ3UHXHQJHZHVHQXQGZRKLQVLH
JHJDQJHQZlUHQLPPHUXQWHUGHU0DKQXQJ'LWHVODYpULWp
(LQHUVHLQHU$GMXWDQWHQVSUDFKXQWHUGHVVHQPLW'RUIOHXWHQ
YHUVWDQGVLHQLFKWXQGVLHLKQQLFKW(UPHLQWHMHGRFKHWZDVYRQ
PHLQHQ$QJDEHQ$EZHLFKHQGHVYHUVWDQGHQ]XKDEHQXQGVDJWH
]XP3ULQ]HQ&HWKRPPHO
DGLWDXWUHPHQW,FKZDQGWHPLFK
VRIRUW]XPHLQHP*DUWHQEXUVFKHQDXIGHQHUZLHVXQGVDJWH
:DVZHLWGX"ZHLWGXPHKUVRVDJHV'HUZXWDEHUQLFKW
PHKUDOVLFKZRUDXIGHU$GMXWDQWLQHLQHPKDUWHQ7RQHPLFK
DQOLH,OQHIDXWSDVQRXVPHQWLUVDQVFHODRQYRXVDUUrWHUD
'LHVHV.HUOV5HGHEUDFKWHPLFKJDQ]DXHUPLUXQGGLH7UlQHQ
NDPHQPLULQV$XJH'DQQZDQGWLFKPLFKDQGHQ3ULQ]HQUL
PHLQHQ+XWDEZLHVLKPPHLQHQJUDXHQ.RSIXQGVDJWH6HKHQ
6LHPHLQHPLW(KUHQJUDXJHZRUGHQHQ+DDUHXQGXUWHLOHQ6LH
ZLHKDUWPLUVROFKH5HGHIDOOHQPXLFKOJHQLFKWLFKVDJHZDV
LFKZHLXQGPHKUNDQQLFKQLFKWVDJHQ0XUDWEHVlQIWLJWHPLFK
XQGYHUVSUDFKPLUHLQH6DXYH*DUGH+HUQDFKVDJWHHUPLUHU
ZROOHGDV+DXSWTXDUWLHU]X/LHEHQEHUJQHKPHQGDVZlUHPHLQH
EHVWH6DXYH*DUGHDXIZHOFKH=XVLFKHUXQJKLQLFKEHLPHLQHU
5FNNHKULQV'RUIDQVFKODJHQOLH4XDUWLHUJpQpUDOGX3ULQFH

'HU9RUWHLOGHQLFKYRQGLHVHP=ZLVFKHQIDOOKDWWHZDUDEHU
JHULQJZHQQHVEHUKDXSWHLQ9RUWHLOZDU(UVWNDPHQYLHOH
VHLQHU.QHFKWHPLW3IHUGHQLQGHQ6WDOOXQGGDQDFK2IIL]LHUH
'UDJRQHUXQG:DFKPDQQVFKDIWHQ$OOHZROOWHQ+DIHU:HLQXQG
/HEHQVPLWWHO]Z|OI3RUWLRQHQ(VVHQIUGHQ&RORQHOVLHE]HKQ
3RUWLRQHQIUGHQDQGHUQ&RORQHOKLHUDFKW%RXWHLOOHQ:HLQGRUW
]Z|OIGRUWVHFKVVRJLQJGDV*HUXIHGXUFKHLQDQGHU:HQLJVWHQV
 'UDJRQHUXQG&KDVVHXUVZDUHQLP'RUIRGHULQ
XQPLWWHOEDUHU1lKH GHVVHOEHQ8QGZlKUHQGGLH2IIL]LHUHVLFKEHL
PLUEHN|VWLJHQOLHHQZLUWVFKDIWHWHQGLH*HPHLQHQQDFKLKUHU
$UW$OOH=lXQXQJHQZXUGHQYHUEUDQQW REJOHLFK+RO]JHQXJGD
ZDU DXIGLH6FKZHLQHZXUGH-DJGJHPDFKWYLHOHHUVWRFKHQ
DQGHUH]XQLFKWHJHKDXHQGLH)HGHUYLHKVWlOOHHUEURFKHQXQG
ZHGHU+XKQ*DQV3XWHQRFK(QWHEOLHEDP/HEHQ=HKQ7RQQHQ
%LHUZXUGHQDXVGHUHUEURFKHQHQ%UDXHUHLJHQRPPHQXQGGLH
)HXHULQVROFKHU1lKHGHU+lXVHUDQJH]QGHWGDQXU*RWWHV
*QDGHGDV$EEUHQQHQYHUKLQGHUWH0HKUDOVQHXQ:LVSHO+DIHU
ZDUHQVFKRQYRP%RGHQDEJHPHVVHQZRUGHQ$OVQLFKWVPHKU
GDYRQ]XILQGHQZDUJLQJHVEHUGLH+DIHUVFKHXHUKHUXQG
+DIHUJDUEHQXQG+HXZXUGHQVRYHUVFKZHQGHWGDGLH3IHUGH
PHKU]HUWUDWHQDOVIUDHQ.FKHQJHUlWHZXUGHQEHUDOO
JHQRPPHQ XQGQLFKWZLHGHUJHEUDFKW
'HU3ULQ]0XUDWNDPQLFKWHUZDUEHUHLWVELV=HKGHQLFN
YRUJHGUXQJHQ
'HUDQVHLQH6WHOOHJHNRPPHQH'LYLVLRQVJHQHUDO%HDXPRQW
PXWHQDFKGHP$EHQGHVVHQQRFKQDFK)DONHQWKDOYRUUFNHQ
XQGQXUHLQ%ULJDGHJHQHUDOHLQ'HXWVFKHUGHUVHLQHQ1DPHQ
QLFKWQDQQWH HVZDUGHU*HQHUDO%HFNHU EOLHEPLWGHP
*HQHUDOVWDEH]XUFN8PGLH:LUWVFKDIWGHU*HPHLQHQNPPHUWH
VLFKQLHPDQG
8QGVRNDPGHU$OVXPYLHU8KUPRUJHQVGHU*HQHUDO
DXIEUDFKEDWLFKXPHLQH6DXYH*DUGHZHLOGLH'UDJRQHUPLFK
DXIGLH*HZDOWWlWLJNHLWXQG3OQGHUXQJLKUHUHLJHQHQ,QIDQWHULH
DXIPHUNVDPJHPDFKWKDWWHQ'HU*HQHUDOEHZLOOLJWHPLUGHQQ
DXFKHLQHQ%ULJDGLHU *HQGDUPHULHZDFKWPHLVWHU GHU%HIHKO
KDWWHGDV(LQWUHIIHQGHV,QIDQWHULHJHQHUDOVDE]XZDUWHQXQG
GHQVHOEHQXPHLQH6DXYH*DUGHIUPLFKDQ]XVSUHFKHQ8QG
GDQQHUVWVROOHHUIROJHQ

(WZDJHJHQQHXQ8KUHUVFKLHQHQGLH0DURGHXUVGHU,QIDQWHULH
GLHZLH6WUDXFKUlXEHUDXVVDKHQ6LHODFKWHQGLH6DXYH*DUGH
DXVULVVHQGHQ%UDQQWZHLQGHQPDQLKQHQLQ*OlVHUQDQERWLQ
JDQ]HQ)ODVFKHQDQVLFKXQGGUDQJHQLQV+DXV*OHLFKGDUDXI
K|UWHPDQGDV$XIVWRHQGHU7UHQXQG6SLQGHQRKQH5FNVLFKW
GDUDXIREGLHVHYHUVFKORVVHQZDUHQRGHUQLFKW$OOHVZXUGH
]HUVFKODJHQ(EHQVRJLQJHVLP:LUWVFKDIWVKDXVHGLH.HOOHU
ZXUGHQ HUEURFKHQGLH:HLQ XQG%UDQQWZHLQIlVVHUDQJH]DSIW
XQGGDNHLQHUGHU3OQGHUHUDQV=XPDFKHQGDFKWHVROLHIGHU
JU|HVWH7HLOLQGHQ.HOOHU'LH7RQQHQPLW/HEHQVPLWWHOQPLWgO
XQG*HPVHZXUGHQXPJHZRUIHQXQGLKU,QKDOWLQGHQ0RGHU
JHWUHWHQ,FKEOLHEDOOHU5RKHLWHQXQG0LKDQGOXQJHQXQHUDFKWHW
XQWHUGHQ3OQGHUHUQXPGXUFK$XIVFKOLHHQGHU6SLQGHQLKU
=HUVFKODJHQXQG$XIEUHFKHQ]XYHUKWHQDOOHLQYHUJHEHQV(V
OlWVLFKGLH5DXEEHJLHUGHGLHVHU0HQVFKHQPLWQLFKWVDQGUHPDOV
PLWGHUHLQHU7DWDUHQKRUGHYHUJOHLFKHQ(LQHUGHU'UDJRQHUGLH
GLHYHUJOHLFKVZHLVHJXWHQXQGDQVWlQGLJHQZDUHQOLHPLUGXUFK
GLH1HXPDQQVDJHQLFKVROOHGRFKQXUVRZHLWZLHP|JOLFK
IRUWODXIHQXPPLFKGHQ0LKDQGOXQJHQGHU:WULFKHQLFKW
DXV]XVHW]HQGHUHQHLQLJHEHUHLWVDQILQJHQPHLQHQ/HXWHQLKU
=HXJYRP/HLEH]XUHLHQ8QGVRVFKOLFKLFKPLFKGXUFKGHQ
*DUWHQLQGHQ%XVFKRKQHHWZDVDQGHUHVPLW]XQHKPHQDOVGHQ
0RUJHQURFNGHQLFKDXIGHP/HLEHKDWWH6HOEVWGLH.LUFKHZDU
HUEURFKHQZRUGHQXPGDV6LOEHU]HXJXQGZDVVRQVW:HUWKDEHQ
PRFKWH]XVWHKOHQ
(QGOLFKQHLJWHVLFKGHU7DJXQGDOVDOOHVVWLOOJHZRUGHQZDUJLQJ
LFKLQV+DXV]XUFNLQGHPLFKHLQHYROOVWlQGLJH=HUVW|UXQJIDQG
0DWUDW]HQXQG%HWWGHFNHQH[LVWLHUWHQDEHUQRFKXQGLFKQDKP
YRQGLHVHQPLWPLUZDV HLQLJH0DQQWUDJHQNRQQWHQ(EHQVR
NRQQWHLFKPHLQ3RUWHIHXLOOHUHWWHQGDVLFKXQWHUDOOHUKDQG
XPKHUJHZRUIHQHQ3DSLHUHQHQWGHFNWH:LUKDWWHQQXUHLQHQ
$XJHQEOLFN=HLWXQGHLOWHQDOVQHXH0DURGHXUVLQ6LFKWNDPHQ
QDFKGHP%XVFKH]XUFNLQZHOFKHPZLUQXQGUHL7DJHXQG]ZHL
1lFKWHEOLHEHQ
'HQHUVFKLHQZLHGHUHLQH,QIDQWHULHGLYLVLRQLQXQGEHL
/LHEHQEHUJXQGEHVFKUlQNWHVLFKGDUDXI0RELOLDULQ6WFNH]X
VFKODJHQ
$P0DUNHWHQGHUXQG.QHFKWH6LHPDFKWHQVLFKEHUGLH
5HVWHKHUXQGNHLQ6FKOXSIZLQNHOEOLHEXQXQWHUVXFKW

$PHQGOLFK]RJLFK]XHLQHPPHLQHU7DJHO|KQHUXQGZLHGHU
HLQSDDU7DJHVSlWHULQHLQH6WXEHGHV5RWHQ+DXVHV(VZDU
DEHUQRFK]XIUKXQGLFKJHULHWQLFKWEORLQ*HIDKUHQDOOHU$UW
LFKZXUGDXFK=HXJHGHUYHUGULHOLFKVWHQ6]HQHQ,PPHUQHXH
'XUFKPDUVFKLHUHQGHNDPHQ6FKZHLQHXQG6FKDIHZXUGHQIOHLLJ
JHW|WHWXQGHLQ&RORQHOGHULQGHPEHQDFKEDUWHQ)DONHQWKDOGLH
1DFKW]XEULQJHQVROOWHOLHPLUDFKWXQGGUHLLJ6FKDIHQHKPHQ
XPVHLQ.RPPDQGRGDPLW]XIWWHUQ(LQLJH7DJHVSlWHU
HUVFKLHQHQ]ZHL2IIL]LHUHXQGGUHLXQGGUHLLJ*HQVGDUPHQXQG
QDKPHQ4XDUWLHULP:LUWVFKDIWVKDXVH+DIHUXQG+HXPXWHQ
KHUEHLJHVFKDIIWZHUGHQXQGLKUH)RUGHUXQJHQKDWWHQNHLQ(QGH
'DEHLOLHVLFKPHLQ:LUWVFKDIWHUGHQPDQHLQ]XVFKFKWHUQ
JHZXWKDWWHGXUFKGLH)UDJHQHLQHVJXW'HXWVFKVSUHFKHQGHQ
*HQVGDUPHULHRIIL]LHUVGHUDUWEHUKROHQGDHULKPPHLQHQ
$XIHQWKDOWLQ/LHEHQEHUJHLQJHVWDQGZRUDXILKPGHU2IIL]LHU
HUZLGHUWH6LHPVVHQGDVQLHPDQGHPVDJHQHVZlUH,KUHV
+HUUQ8QJOFN
1DFKGHQ*HQVGDUPHVNDPHQ'UDJRQHUXQGQDFKGHQ'UDJRQHUQ
&KDVVHXUV$QGHU6SLW]HGLHVHUVWDQGGHU2EHUVW7HVVLHUHLQ
EUXWDOHU0HQVFK(UZROOWH:HLQGHUQLUJHQGVPHKU]XKDEHQ
ZDUGXUFKOLHIDOOH:RKQXQJHQXQG6WlOOHXQGNDPDXFKLQPHLQH
6WXEHZRLFKDXIHLQHPDOWHQ/HKQVWXKOVD+RKRULHIHU%RQ
VRLU:DVLVWGDVIUHLQ%HQHKPHQ(LQMHGHUOlXIWYRUPLUXQG
LFKNDQQNHLQDQVWlQGLJHV4XDUWLHUILQGHQ6DFUHGLHXIUHLQHQ
2EHUVWHQPXGRFKHWZDVJHVFKHKHQ,FKDQWZRUWHWHLKPGD
GLH3OQGHUXQJXQVDOOHVJHQRPPHQKlWWHZDVHLQHP2IIL]LHUGDV
/HEHQDQJHQHKPPDFKHQN|QQH0DQKlWWH]XU6WDGWQDFK:HLQ
JHVFKLFNWDEHUHVZHUGHQLFKWVKHOIHQGDVFKRQYRUKHUNHLQHU]X
KDEHQJHZHVHQVHL'HU6FKORKHUUVHLQDFK%HUOLQJHUHLVWLFK
SHUV|QOLFKVHLIUKHUGHUHUVWH$XIVHKHULQVHLQHP'LHQVWH
JHZHVHQ(UEHVlQIWLJWHVLFKXPHWZDVXQGVWLHQXUHLQLJH
UXKPUHGLJH5HGHQVDUWHQJHJHQXQVHUQ.|QLJDXV$PIROJHQGHQ
7DJHHUIXKULFKGDHUEHVWlQGLJQDFKGHP6FKORKHUUQJHIUDJW
XQGJHIRUVFKWKDEHZRUDXIKLQEHVFKORVVHQZXUGHGDLFK
/LHEHQEHUJJDQ]DXIJHEHQXQGQDFKGHP9RUZHUN+HUWHIHOG
]LHKHQVROOH
'DVZDUDP1RYHPEHU
(QGOLFKLP-DQXDUJLQJLFKQDFK%HUOLQXPPLFKZLHGHUPLW
.OHLGXQJVVWFNHQXQGGHPQ|WLJHQ+DXVJHUlW]XYHUVHKHQ

6R)ULHGULFK/HRSROG YRQ+HUWHIHOGV%HULFKW

$OV)ULHGULFK/HRSROGYRQ+LP0DLQDFK/LHEHQEHUJ
]XUFNNHKUWHZDUHUEHIOLVVHQEHUGLH9HUOXVWHMHQHU
PHKUWlJLJHQ3OQGHUXQJHLQHQhEHUEOLFN]XJHZLQQHQ(UVWHOOWH
MHJOLFKHV]XVDPPHQXQGGHPEHWUHIIHQGHQ$NWHQVWFNHQWQHKPH
LFKIROJHQGH'DWHQXQG=DKOHQ

:HLQ%UDQQWZHLQ%LHU6FKODFKWYLHK
)RXUDJH+RO]%URW%XWWHU6FKPDO]
6SHFN.DUWRIIHOQ(LHU.lVH
0DWHULDOZDUHQ%DFNREVW

  7OU

3IHUGH:DJHQJHUlWH.XWVFKHQ
.DOHVFKZDJHQ

 

%DUHV*HOGXQG*ROG 6LOEHUXQG6FKHLQH

 

*ROGXQG6LOEHUVDFKHQ3UHWLRVHQ

 

7LVFK]HXJ GDUXQWHU 7DIHOJHGHFNHPLW


EHU 6HUYLHWWHQ %HWW]HXJ*DUGLQHQ
/HLQHQHWF

 

+DXVJHUlW .HVVHO3RU]HOODQ
)D\HQFHJHVFKLUUHHWF



3K\VLNDOLVFKH,QVWUXPHQWH



%FKHU



*HPlOGH6WLFKHHWF





)RUVWKDXVPLW6WDOOQLHGHUJHEUDQQW



6lPWOLFKH=lXQXQJHQXQG+HFNHQ
QLHGHUJHEUDQQW



:DIIHQDOOHU$UW

6XPPD   7OU

,QYRUVWHKHQGHPKDELFKDXVVFKOLHOLFKGLHJURHQ*UXSSHQ
JHJHEHQRKQHPLFKDXI(LQ]HOQKHLWHQHLQ]XODVVHQ(VIHKOWDEHU
LQGHP$NWHQVWFNHNHLQHVZHJVDQVROFKHQXQGZHUGHQXQWHU
DQGHUPXPQXUHLQHVKHUDXV]XJUHLIHQIQIXQGQHXQ]LJ%LOGHU
DXIJH]lKOWGLHVHLWHQVGHU3OQGHUQGHQDXVGHP5DKPHQ
KHUDXVJHQRPPHQXQGDXIJHUROOWZXUGHQ8QWHULKQHQZDUHQ
IROJHQGH%OlWWHULQ6WLFK$TXDWLQWDXQG%XQWGUXFNPDQLHU
*HQHUDO:ROIHV7RG7RGGHV&DSLWDLQ&RRNGHU7RGGHU-DQH
*UD\&URPZHOOO|VWGDVODQJH3DUODPHQWDXI.DUO ,,ODQGHWEHL
'RYHU DOOHQDFK%HQMDPLQ:HVW)HUQHU GLH:DKUVDJHULQGLH
+HU]RJLQYRQ'HYRQVKLUHHWFYRQ- 5H\QROGV'LH.DVNDGHQYRQ
7LYROLGLH5XLQHQYRQ3DOP\UDGDV%DGGHV&DHVDUGLH*URWWH
GHV1HSWXQHWFDOOHLQ%XQWGUXFN
$XFKDXVGHU5HLKHGHU%FKHUVHLKLHUHLQLJHVDXIJH]lKOW/HV
XYUHVFRPSOqWHVGH&RUQHLOOH0RQWHVTXLHX9ROWDLUH5RXVVHDX
)UHGHULF ,,3UDFKWDXVJDEHQYRQ9ROWDLUHV+HQULDGHXQG
3XFHOOHG
2UOpDQV'D]XJURHQDWXUKLVWRULVFKH.XSIHUZHUNH
$WODQWHQHWF
(VJHQJWGLHVXP]X]HLJHQZLHJXWGDPDOVQDFKGHU
ZLVVHQVFKDIWOLFKHQ6HLWHKLQXQVHUH+HUUHQKlXVHUDXVJHUVWHW
ZDUHQ(VZDUHQhEHUEOHLEVHODXVGHUGXUFKDXVDXI/LWHUDWXU
JHVWHOOWHQ)ULGHUL]LDQLVFKHQ=HLW

$P-XOLVHKHQZLUGHQ%ULHIZHFKVHOPLWGHU7RFKWHU
$OH[DQGULQH*UlILQ'DQFNHOPDQQZLHGHUDXIJHQRPPHQXQG
JHZLQQHQDQIlQJOLFKGHQ(LQGUXFNDOVVROOHGDVSDWULDUFKDOLVFKH
/HEHQGDVGHP$XVEUXFKGHV.ULHJHVYRUDXVJLQJQDFK
QXQPHKULJHU%HLOHJXQJGHU)HLQGVHOLJNHLWHQ GHU7LOVLWHU)ULHGH
ZDUJHVFKORVVHQ ZLHGHUDXIJHQRPPHQZHUGHQ$EHUGLHVHU
(LQGUXFN LVWQLFKWYRQ'DXHU,QNU]HVWHU)ULVWVDKPDQLQ
/LHEHQEHUJDQ6WHOOHGHUELVGDKLQIHLQGOLFKHQ %DWDLOORQHGLH
VRJHQDQQWHQIULHGOLFKGXUFK]LHKHQGHQ %DWDLOORQHWUHWHQXQG
PXWHVLFKEHU]HXJHQGXUFKGLHVHQ1DPHQVZHFKVHOZHQLJ
JHZRQQHQ]XKDEHQ-D HVNDPHQ7DJHYRUGLHGHQ
3OQGHUXQJVWDJHQVHKUlKQOLFKVDKHQ$XFKKLHUEHUKDW)ULHGULFK
/HRSROGYRQ +LQJHZLVVHQKDIWHU:HLVH%XFKJHIKUWXQGZLU
HUIDKUHQVRJDUGLH1DPHQGHU5HJLPHQWHUGLHVLFK
VLQNOHLQHUHQ
XQGJU|HUHQ7UXSSVDXIOlQJHUHRGHUNU]HUH=HLWLP

/LHEHQEHUJHU6FKORVVHZRKOVHLQOLHHQ$OOHVLQDOOHPPDJGLH
=DKOGHU(LQTXDUWLHUWHQEHUWDXVHQGEHWUDJHQKDEHQ8QWHUP
 $XJXVWILQGHQZLUEHLVSLHOVZHLVHIROJHQGHV(VNDPHQ
KHXWLQ4XDUWLHUHLQ*HQHUDOHLQ$GMXWDQWHLQ&DSLWDLQ]ZHL
/LHXWHQDQWVXQGVHFKVXQGVLHE]LJ0DQQYRP OHLFKWHQ
,QIDQWHULHUHJLPHQW'HP*HQHUDO RGHUYLHOOHLFKWGHP&DSLWDLQ 
ZDUDWWDFKLHUWHLQH)UDXPLW]ZHL.LQGHUQXQGHLQH0DJG)HUQHU
DFKW%HGLHQWHHOI3IHUGHGHV*HQHUDOVXQGGUHLGHV&DSLWDLQV
(LQDQGHUPDOKHLWHV(LQ.UDVVLHU*HQHUDOHLQ$GMXWDQW]ZHL
8QWHURIIL]LHUHQHXQ%HGLHQWHGUHLXQG]ZDQ]LJ3IHUGH0DQ
HUNHQQWDXVDOOHPGHQDXHURUGHQWOLFKHQ/X[XVLQGHPVLFKGLH
GDPDOLJHQ0DFKWKDEHU)UDQNUHLFKVJHIDOOHQGXUIWHQ
(VEUDXFKWQLFKW HUVWYHUVLFKHUW]XZHUGHQGDXQWHU
9HUKlOWQLVVHQZLHGLHVHGHUNULWLVFKH+DQJXQVHUHV/LHEHQEHUJHU
(LQVLHGOHUVHKHUZXFKVDOVVFKZDQGDEHUHUZHFKVHOWHGHQ
*HJHQVWDQGXQGZDQGWHVLFKYRP1lFKVWOLHJHQGHQGHP
$OOJHPHLQHQYRQ+DXVXQG+RIGHP/DQGHGHP6WDDWH]X.XU]
XQGJXWHVZDUEHU1DFKWHLQ3ROLWLNHUDXVLKPJHZRUGHQGHU
QXQPLWGHULKPHLJHQHQ*HLVWHVVFKlUIH6WHOOXQJ]XGHQ
=HLWHUHLJQLVVHQLQVRQGHUKHLWDXFK]XGHQ1HXHUXQJHQLP
HLJHQHQ/DQGH]XQHKPHQEHJDQQ$OOHVPLILHOLKPXQGZHQQHU
HLQHUVHLWVYROOWLHIVWHU$EQHLJXQJJHJHQGHQJURHQ:UJHU
ZDUVRZDUHUYROONDXPJHULQJHUHUJHJHQGLHKHLPLVFKHQ
5HIRUPHUGHQHQHVREODJVLFKPLWGLHVHP:UJHU]XVWHOOHQ
(UQHLJWHJDQ]XQGJDUGHU$QVLFKW]XGDGHU:LHGHUDXIEDX
GHV6WDDWHVXQWHUJHULQJHUHU6FKlGLJXQJSULYDWHU,QWHUHVVHQ
P|JOLFKJHZHVHQZlUHPLWUDXWH6WHLQXQG+DUGHQEHUJXQG
VHOEVW6FKDUQKRUVWXQGYHUKLHOWVLFKDEVROXWIHLQGVHOLJJHJHQGLH
)LQDQ]NQVWOHUGLHGHQQDXFKLQDOOGLHVHQ%ULHIHQHQWZHGHU
HUQVWKDIWDEJHNDQ]HOWRGHUPLWGHU/DXJHGHV6SRWWHVEHUJRVVHQ
ZHUGHQ$OOGDVOLHVWVLFKYRUWUHIIOLFKXQGPDJLPHLQ]HOQHQQLFKW
EORGHP%XFKVWDEHQUHFKWHQWVSUHFKHQGVRQGHUQDXFKLQQHUOLFK
XQDQIHFKWEDUJHZHVHQVHLQLPJURHQXQGJDQ]HQDEHUWUlJWHV
QLFKWVGHVWRZHQLJHUGHQ6WHPSHOHLQHUJHZLVVHQRSIHUXQOXVWLJHQ
(QJKHU]LJNHLWYRQGHUPHLQHP*HIKOHQDFKGHUJDQ]HGDPDOLJH
/DQGDGHOXQGDQVHLQHU6SLW]HGHUPlUNLVFKHQLFKW
IUHLJHVSURFKHQZHUGHQNDQQ$OOHZXWHQVLH
VEHVVHURKQHGRFK
LUJHQGZLHGLHVHP%HVVHUZLVVHQHQWVSUHFKHQGHLQ*HULQJVWHV]X
WXQRGHUDXFKQXUWXQ]XN|QQHQ(LQSDDUGHUKHIWLJVWHQ
$XVODVVXQJHQP|JHQKLHUHLQH6WHOOHILQGHQ

,FKELQMHW]WVRVFKUHLEWHULP0DLXQWHUDQGHUPDXFK
PLWGHUOLHEHQ(LQNRPPHQVWHXHUEHVFKlIWLJWGHUHQ5HJOHPHQW
VRYLHO8QNODUKHLWXQG8QEHVWLPPWKHLW]HLJWGDVLFKQXUGLH
ZHQLJVWHQGDULQ]XUHFKWILQGHQN|QQHQ'DV*DQ]HJUHQ]WDQ
3UHOOHUHLZDVVFKRQGDUDXVHUKHOOWGDGLH6WHXHUGLH]XU
7LOJXQJGHU/DQGHVVFKXOGHQYHUZHQGHWZHUGHQVROO]XU
9HUSIOHJXQJGHUGUHLEHVHW]WHQ)HVWXQJHQPLWKHUDQJH]RJHQZLUG
$OOHVZDVJHVFKLHKWOlXIWGDUDXIKLQDXVGLHGHQ)LQDQFLHUVVR
OlVWLJHQVWlQGLVFKHQXQGVWlGWLVFKHQ*HUHFKWVDPH]XEHVHLWLJHQ
(LQ1HXHVVROODQGLH6WHOOHWUHWHQHLQH1DFKlIIXQJGHV
)UDQ]|VLVFKHQGDVIUXQVSDWZLHGLH)DXVWDXIV$XJH
8QGDQDQGHUHU6WHOOH'HU6WDDWVNDQ]OHULVWLQGHU:DKOVHLQHU
8QWHUDUEHLWHUEHUDXVXQJOFNOLFK0DQKDWLKPODXWHUMXQJH
LGHDOLVWLVFKH7KHRUHWLNHUYRUJHVFKODJHQGLHQXQLKU:HVHQ
WUHLEHQ6RVLQG]XP%HLVSLHOGLH+HUUHQYRQ5DXPHU XQG3HWHU
%HXWK GLH8UKHEHUGHV6WHPSHOHGLNWVGDVLQPDQFKHQ3XQNWHQ
HEHQVRZLGHUVLQQLJZLHHPS|UHQGLVW,QGLHVH.DWHJRULHJHK|UW
DXFKGHU+HUUYRQ/DGHQEHUJGHU%ODVHQ]LQV5HJLHUHU
%ODVHQ]LQVLVW%UDQQWZHLQVWHXHU 'LH3UREHQKDWHULQHLQHU
)DEULNPDFKHQODVVHQ8QGQXQPHLQWHUXQVHUHNOHLQHQ
OlQGOLFKHQ%UHQQHUN|QQHQHVDXFKVRWUHLEHQ'LHVH
WKHRUHWLVLHUHQGHQ+HUUQKDEHQVLFKGHQ.RSIPLWHQJOLVFKHQXQG
IUDQ]|VLVFKHQ(LQULFKWXQJHQYROOJHSIURSIWXQGLQLKUH
PLWJHEUDFKWHQ0RGHOOHVROOHQ ZLUKLQHLQJHSDWZHUGHQRKQH
5FNVLFKWGDUDXIREZLUVLHDXVIOOHQN|QQHQRGHUQLFKW
$OVHUGLHVHOHW]WHQ=HLOHQVFKULHEVWDQGVFKRQHLQQHXHV*HZ|ON
DP+LPPHOGHU.ULHJJHJHQ5XODQGEHUGHVVHQHQGOLFKHQ
$XVJDQJHUQLFKW]ZHLIHOKDIWZDU,FKK|UHLQHLQQHUH6WLPPH
GLHPLUGHXWOLFKVDJW
:LUVLQGDPOHW]WHQ$XI]XJHGHV
7UDXHUVSLHOV
XQGLFKEHNODJHQXUGDZLUPLWXQVHUHP*XWXQG
%OXWLQ0LWOHLGHQVFKDIWJH]RJHQZHUGHQ8QGZLUNOLFKHLQLJH
:RFKHQVSlWHUZDUGDV/DQGDEHUPDOVEHUVFKZHPPWXQGGDV
'UDQJVDOLHUHQEHJDQQLQDOWHU$UWXQG$XVGHKQXQJ$EHULFK
YHUZHLOHQLFKWEHL6]HQHQZLHVLHVFKRQIUKHUYRQPLU
JHVFKLOGHUWZXUGHQXQGQHKPHGLH(U]lKOXQJHUVWLP%HJLQQYRQ
ZLHGHUDXI
(VZDUGHVDOWHQ)UHLKHUUQDOOHUVFKZHUVWH=HLW(LQHJURH
%HJHLVWHUXQJKDWWHGDV/DQGHUIDWDOOHVZDV:DIIHQWUDJHQ
NRQQWHWUXJVLHVHOEVW.LQGHUWUDWHQHLQXQGGHUGDPDOV

DFKW]HKQMlKULJH.DUOYRQ+HUWHIHOGHPSIDQGZLHVHLQH*HQRVVHQ
ZLHGLH-XJHQGEHUKDXSW$EHUGHU9DWHULQJUHQ]HQORVHU/LHEH
]XGHPHLQ]LJHQ6RKQHPRFKWHYRQGLHVHP0LWJHKHQQLFKWV
ZLVVHQGDVLKPYLHOIDFKDOVHLQ0LWODXIHQHUVFKLHQXQG
HQWVFKLHGVLFKHQGOLFKGDKLQHLQ,PPHGLDWJHVXFKDQGHQGDPDOV
LQ%UHVODXZHLOHQGHQ.|QLJ]XULFKWHQ(UKRELQGHPVHOEHQ
KHUYRUGDGHU(LQWULWWVHLQHV6RKQHVLQGLH]XP.DPSIHJHJHQ
)UDQNUHLFKDXV]LHKHQGH$UPHHGLH.RQILVNDWLRQVHLQHUUKHLQLVFKHQ
*WHUXQPLWWHOEDULP*HIROJHKDEHQZUGHEDWGHVKDOEXP
YRUOlXILJH=XUFNVWHOOXQJXQGYHUSIOLFKWHWHVLFKJOHLFK]HLWLJ
EHKXIV(TXLSLHUXQJDQGHUHU)UHLZLOOLJHQHLQH6XPPHYRQ
 7DOHUQHLQ]X]DKOHQ
(VZlKUWHJHUDXPH=HLWHKHHLQ$QWZRUWVFKUHLEHQHLQWUDI
(QGOLFKNDPHVDEHUQLFKWDXVGHP&DELQHWVRQGHUQDXVGHP
0LQLVWHULXPXQG DEOHKQHQGHQ,QKDOWV(VVHLNHLQ*UXQG
YRUKDQGHQLQGHPYRUOLHJHQGHQ)DOOHGLHPLOLWlULVFKH
9HUSIOLFKWXQJDXI]XKHEHQ8QVHUDOWHU)UHLKHUUZDUZLH
QLHGHUJHVFKPHWWHUWXQGLQHLQHP=XVWDQGHY|OOLJHQ
$XHUVLFKVHLQVVFKULHEHUDQVHLQH7RFKWHU$OH[DQGULQH'DVPLW
VRYLHOHU8QJHGXOGYRQPLUHUZDUWHWH6FKUHLEHQHPSILQJLFKHEHQ
(VLVWOHLGHUVWDWWYRP.|QLJHYRP6WDDWVNDQ]OHUXQWHU]HLFKQHW
$OVRVRZHLWVLQGZLUJHNRPPHQGDHLQHQGHU.|QLJQLFKWPHKU
HLQHU$QWZRUWZUGLJWVRZHLWGDPDQGLH+DUGHQEHUJVFKHQ
0HLQXQJHQDOVN|QLJOLFKH5HVROXWLRQHQDQQHKPHQPX$XIGLH
*UQGHPHLQHU9RUVWHOOXQJLVWJDUQLFKWDWWHQGLHUHWVRQGHUQQXU
HLQIDFKDXVJHVSURFKHQZRUGHQGDHLQ%HVLW]YRQ*WHUQLP
&OHYLVFKHQHLQHVROFKH%HIUHLXQJYRP'LHQVWQLFKW]XODVVH=RUQ
XQGbUJHUEHUGLH%HKDQGOXQJVDUWGD]X:HKPXWEHUGLH
$XVOLHIHUXQJPHLQHVHLQ]LJHQ6RKQHVGXUFKNUHX]HQPHLQHQ.RSI
XQGLFKNDQQ'LUQLFKWVDJHQZLHVHKULFKDIIL]LHUWELQ$EHUHLQV
ZLOOLFKDXVVSUHFKHQLFKHPSILQGHHLQH9HUDFKWXQJJHJHQGHQ
5HVROXWLRQVJHEHUGLHPLUXQDXVO|VFKOLFKLQGHU6HHOHEOHLEHQ
ZLUG,QPHLQHP1lFKVWHQPHOGLFK'LUZDVIU0DUHJHOQLFK]X
QHKPHQJHGHQNH

'LHVHV1lFKVWHOLHGHQQDXFKQLFKWODQJDXIVLFKZDUWHQ
8QWHUP 0lU]HUIDKUHQZLUGDV)ROJHQGH*HKHLPUDW6HUUH


*HKHLPHUDW 6HUUHHLQHU5HIXJLp  RGHUYLHOOHLFKWDXFK(PLJUp )DPLOLH


]XJHK|ULJOHEWHMDKUHODQJLQ.DOLVFKXQGKDWWHPLW*UDI'DQFNHOPDQQ
DOVGLHVHULQ6DFKHQGHUSROQLVFKHQ*UHQ]UHJXOLHUXQJWlWLJZDULQ
:DUVFKDX)UHXQGVFKDIWJHVFKORVVHQ(LQ6RKQGHV*HKHLPUDWVWUDWLQGLH
$UPHHZDUODQJH=HLW$GMXWDQWGHV$UWL OOHULHJHQHUDOVYRQ %OXPHQVWHLQ 
]X*ORJDXXQGVWDUEDOV0DMRULQ'UHVGHQ(ULVWGHUVHOEHGHUGLH
6FKLOOHUVWLIWXQJ LQV/HEHQULHI
 hEHUGHQKLHUJHQDQQWHQ*HQHUDOYRQ %OXPHQVWHLQ P|JHIROJHQGHV
HLQJHVFKDOWHWZHUGHQ(UZDU DXFK (PLJUpKLHHLJHQWOLFK 5RFKHIOHXU 
XQGKDWWHLFKVFKRQLQGHU6FKODFKWEHL.DLVHUVODXWHUQGHQ3RXU
OHPpULWHHUZRUEHQZDUHU2UGRQQDQ]RIIL]LHULP)UVW
+RKHQORKHVFKHQ+DXSWTXDUWLHULQZHOFKHU(LJHQVFKDIWLKQ 0DUZLW]
NHQQHQOHUQWH%HLGHZXUGHQJXWH.DPHUDGHQXQGZDUH QHLQLJH7DJH
YRUGHU-HQDHU6FKODFKWEHLP+HU]RJYRQ:HLPDU]XU7DIHOJHODGHQ
'LH*HVHOOVFKDIWEHVWDQGLKUHP.HUQHQDFKDXVVHFKV3HUVRQHQ
HLQHUVHLWVDXVGHP+HU]RJHVHOEVWGHU]ZLVFKHQGHP3ULQ]HQ/RXLV
)HUGLQDQGXQGGHP*HQHUDOYRQ*UDZHUWVDXQG DQGUHUVHLWV GLHVHQ
GUHLHQJHJHQEHU DXV *RHWKH GHPGHU+DXSWPDQQYRQ%OXPHQVWHLQ
XQGYRQ0DUZLW]DOV1DFKEDUQJHJHEHQZDUHQ$OVVLHVFKRQVDHQ
HUVFKLHQ*HQHUDOOLHXWHQDQWYRQ+ROW]HQGRUIHLQ)UHXQG*RHWKHVDQ
GHQQXQ0DUZLW]VHLQHQ3ODW]EHUOLHX QGPHKUDEZlUWVUFNWH9RQ
KLHUDXVNRQQWHUHUNHQQHQGDGDVDQIlQJOLFKOHEKDIWH*HVSUlFK
]ZLVFKHQ%OXPHQVWHLQXQG*RHWKHUDVFKLQV6WRFNHQNDPDXIZHOFKH
:DKUQHKPXQJKLQHUQDFK$XIKHEXQJGHU7DIHOVHLQHQVRQVWVR
UHGVHOLJHQ.DPHUDGHQLQWHUSHOOLHUWH 
6DJHQ6LH%OXPHQVWHLQZDUXPVSUDFKHQ6LHGHQQQLFKW"
(LGHUYHUIOXFKWHQ.HUOHQKDWWHQMDZLHHLQ3HFKSIODVWHUDXIVHLQHQ
0DXOHQ:ROOWHQQLFKDQWZRUWHQ6FKZHLJHQLFNDXFKVWLOOH
:RYRQVSUDFKHQ6LHGHQQ"
:RYRQNDQQPDQVSUHFNHQPLWHLQHP3 RHWYRQVHLQHQ:HUNHQKDE
LFNJHVSURFNHQ
8QGGDVZDUIDOVFK6LHPXWHQYRQ9HUZDOWXQJVDQJHOHJHQKHLWHQ
PLWLKPUHGHQ
,VWHUVRKRFNPWLJ"1DFKPHLQH0HLQXQJHQLVVHQHLQJURHU3RHW
HLQJDQ]DQGHUH.HUOHQDOVHLQNOHLQ0LQLVWHU
8QGYRQZHOFKHP VHLQHU:HUNHUHGHWHQ6LHGHQQ"

$KGDVZDUHLQYHUIOXFNWHU6WUHLFKHQ:ROOWH6LHYRU7LVFKHQQRFK
IUDJHQZDVGHU.HUOHQHLJHQWOLFKKDWJHVFKULHEHQ8QGQXQVLW]HQLFN
GDXQGNDQQPLUSDUWRXWQL[HULQQHUQ$EHU]XPJU|WHQ*OFNHQIDOOW
PLUQRFKHLQ 'LH%UDXWYRQ0HVVLQD 
6RYHUOLHIGLHKHU]RJOLFKH7DIHOXQGGDV*HVSUlFKGDVLKUIROJWH
0DUZLW]NRPPWDXFKQRFKDQGHUZlUWVDXI%OXPHQVWHLQ]XUFNXQG
XUWHLOWLPJDQ]HQVHKUJQVWLJEHULKQ(UZDUOHEKDIWJHLVWUHLFK
XQWHUULFKWHWXQGJDQ]XQGJDU )UDQ]RVHWURW]GHPHUHV
DEJHVFKZRUHQKDWWHHV]XVHLQ(UZROOWHQLH)UDQ]|VLVFKYHUVWHKHQ
ZHQQ EHLGHU%ORFNDGHYRQ*ORJDX 3DUODPHQWlUHYRQGHU)HVWXQJ
KHUHUVFKLHQHQXQGVDJWHGDQQLPPHU,FNELQHLQ'HXWVFKHU,FN
YHUVWHKHGHUYHUIOXFNWHQ.HUOHQ LKUH6SUDNHQLFN:ROOHQVLHPLW
HLQHPGHXWVFKHQ2IIL]LHUHQUHGHQPVVHQVLHOHUQHQ'HXWVFK

ZLOOHLQ]ZHLWHV 6FKULIWVWFNDXIVHW]HQXQG6RUJHWUDJHQGDHV
GHP.|QLJHGLUHNW]X+lQGHQNRPPH.DUODEHUVROOQLFKWVGDYRQ
HUIDKUHQHUZLOOEHJUHLIOLFKHUZHLVHYRQNHLQHP6FKULWWHZLVVHQ
GHUVHLQ(KUJHIKONRPSURPLWWLHUHQN|QQWH:DVPLFKDQJHKWVR
NDQQLFKPHLQHU(PS|UXQJLPPHUQRFKQLFKW+HUUZHUGHQXQG
ZLOO HVDXFKQLFKW0HLQH9HUDFKWXQJJHJHQGHQ8UKHEHUDEHU
ZHUGHLFKPLWLQV*UDEQHKPHQ9RQ3DWULRWLVPXVVSUHFKHQ
VROFKH0HQVFKHQGLHYRP6WDDWHOHEHQLPPHU,FKKDEHNHLQH
*HOHJHQKHLWYHUVlXPWXPQW]OLFK]XVHLQKDEHGHP
6WDDWVIRQGVNHLQHQ+HOOHUJHNRVWHWQLH9HUJWLJXQJYHUODQJW
DEHUDXFKQLHPDOVLQGLH=HLWXQJHQVHW]HQODVVHQZHQQLFKIU
GHQ6WDDWGHQ%HXWHO]RJ8QGGLHVHHOHQGHQ0HQVFKHQZROOHQ
HLQHPDOWHQ0DQQHQLFKWHLQHQHLQ]LJHQ6RKQIUHLODVVHQGHVVHQ
)UHLODVVXQJGXUFKYHUQQIWLJH*UQGHDOVQRWZHQGLJYRUJHWUDJHQ
ZLUG%HL*RWWHVZlUHQ9RUPQGHUQ|WLJGLHGLH6FKXUNHQ
IRUWVFKDIIWHQ'RFKJHQXJGDYRQGHQQPLUZDOOWGDV%OXW]XVHKU
XPQLFKWDXV]XVFKZHLIHQ(PSUXQWVIRUFpVXQGJH]ZXQJHQH
)UHLZLOOLJHJHK|UHQLQGLH.DWHJRULHGHVVFKlQGOLFKVWHQ
1RQVHQVHV
,QGHUJDQ]HQ5HLKHGHU%ULHIHVWHKHQGLHVHEHLGHQHLQ]LJGD
1LUJHQGVVRQVWEHJHJQHQZLUHLQHUlKQOLFKHQ,QGLJQDWLRQXQG
OHLGHUDPXQUHFKWHQ2UWH6RZHQLJVWHQVHUVFKHLQWHVPLU(LQ
$OOHUK|FKVWHVVWDQGDXIGHP6SLHOXQGGLH5FNVLFKWDXIGHQ
HLQ]HOQHQPXWHKLQVFKZLQGHQQHEHQGHU5FNVLFKWDXIGDV
*DQ]H'DGLH)RUPHQXQWHU8PVWlQGHQHWZDVDUWLJHUXQG
JHZlKOWHUKlWWHQVHLQN|QQHQPDJ]XJHVWDQGHQZHUGHQ$EHU
GLH'LQJHODJHQVRSUHVVDQWGDDXFK]X)RUPHQGLHPHLVW
=HLWNRVWHQNHLQH=HLWZDU
$XFKGHUDOWH)UHLKHUUYHUPXWLFKNRQQWHVLFKJHJHQ6lW]HZLH
GLHVHQLFKWYHUVFKOLHHQXQGYLHOOHLFKWZDUHVJHUDGHGDVZDV
LKQEHUDOOHV0DKLQDXVLQ/HLGHQVFKDIWXQG(PS|UXQJEUDFKWH
+DUGHQEHUJV$QWZRUWVRPXWHUVLFKVDJHQDXFKZHQQHUVLFK
V
QLFKWVDJHQZROOWHZDUVFKDUIDEHUQLFKWXQJHUHFKW(VODJQLFKW
DQGHP*HJQHUHVODJDQLKPVHOEVWDQLKPGHUDXVHLQHP
HJRLVWLVFKHQ*HIKOKHUDXVXPHWZDVJHEHWHQKDWWHXPGDVHU
QLFKWELWWHQGXUIWH:XUGHVEHZLOOLJWVRZDUHVJXWVRWUDWGDV
0LOLFKHGHU%LWWH]XUFNZXUGHVDEHUQLFKW EHZLOOLJWVRJHVHOOWH
VLFK]XGHP6FKPHU]OLFKHQHLQHV5HIXVDXFKQRFKGLH.UlQNXQJ

HLQHU5HSULPDQGH8QGZLHVHKUHUVLFKGDJHJHQVWUlXEHQ
PRFKWHLQGLHVHU(UNHQQWQLVODJGLHWLHIVWH4XHOOHVHLQHV=RUQHV
(UZDUYRQ%UHVODXKHUDEVFKOlJOLFKEHVFKLHGHQZRUGHQDEHU
HQGOLFKZLHGLH)UHXQGHNHLQHQ$XJHQEOLFNEH]ZHLIHOWKDWWHQ
HQWZLFNHOWHVLFKGRFKDOOHVLP(LQNODQJPLWVHLQHQ:QVFKHQ(LQ
OlQJHUHU$XIVFKXEZXUGHEHZLOOLJWXQGDOV.DUOYRQ+HUWHIHOGLP
0lU]DXIEUDFKXPVLFKQDFK$EODXIGHU)ULVWGHQ
YHUEQGHWHQ$UPHHQDQ]XVFKOLHHQVWDQGHQGLHVHVFKRQLQGHU
1lKHYRQ3DULVXQGVFKOXJHQLKUHOHW]WHQ6FKODFKWHQ
(UKDWWHVLFKRKQH6FKXOGYHUVSlWHW$EHUREPLWRERKQH6FKXOG
DOVLPIROJHQGHQ-DKUHGLH.ULHJVIODPPHQRFKHLQPDODXIORGHUWH
ZDUHVGRFKMHGHQIDOOVHLQXQHUOlOLFKHV*HERWGHU(KUHIULKQ
JHZRUGHQHLQ]ZHLWHV 0DOQLFKW ]XIHKOHQYLHOPHKUUDVFKXQG
UHFKW]HLWLJDP3ODW]H]XVHLQ$XFKGHUDOWH)UHLKHUUHQWVFKLHG
VLFKMHW]WLQGLHVHP6LQQHEH]ZDQJVHLQ+HU]XQGEHVFKUlQNWH
VLFKGDUDXIDQGHQHEHQGDPDOVLQ%HUOLQZHLOHQGHQ6RKQHLQH
5HLKHNXU]HU%ULHIH]XULFKWHQGLHKLHUVRZRKO]XU
.HQQ]HLFKQXQJGHV6FKUHLEHUVZLHGHU6LWXDWLRQHLQH6WHOOHILQGHQ
P|JHQ$OOHVLQLKQHQHEHQVRZHLVKHLWV ZLHOLHEHYROO



(VPDJDQGLHVHU6WHOOHKHUYRUJHKREHQZHUGHQGD *RHWKH KLQVLFKWOLFK


VHLQHVHLQ]LJHQ6RKQHV $XJXVW HEHQVRIKOWHXQGKDQGHOWH1RYHPEHU
WUDWGHU+HU]RJYRQ:HLPDU]XGHQ9HUEQGHWHQEHUXQGHUOLH
HLQHQ$XIUXI*RHWKHGHQGLHSROLWLVFKHQXQGNULHJHULVFKHQ9RUJlQJHGHU
=HLWRKQHKLQLQILHEHUKDIWHVW H8QUXKHYHUVHW]WKDWWHQJHULHWLQHLQH
GRSSHOWH$XIUHJXQJDOVLQIROJHGLHVHV$XIUXIVVHLQ6RKQ$XJXVWVLFK]X
GHQ:DIIHQPHOGHWH(UOLHEWHGHQ6RKQEHUDOOHVXQGGHU*HGDQNHZDU
LKPXQHUWUlJOLFKLKQLQGHU%OWHGHU-XJHQGDXIGHP6FKODFKWIHOGH]X
YHUOLHUHQ'HVKDOEZDQGWHHUVLFKSHUV|QOLFKDQGHQ+HU]RJXQGZXWHHV
GXUFK]XVHW]HQGD$XJXVWQLFKWYRUGHQ)HLQGNDPVRQGHUQQXUDXI
NXU]H=HLWPLWGHP.DPPHUUDW5KOHPDQQLQGDV+DXSWTXDUWLHU]X
)UDQNIXUW D 0HQWVHQGHWZXUGH'LHV(LQJUHLIHQHLQH VDOO]X]lUWOLFKHQ
9DWHUVVROO ZLH+ROWHLLPYLHUWHQ%DQGHVHLQHU9LHU]LJ-DKUH
EHKDXSWHW GHQ*UXQG]X$XJXVWYRQ*RHWKHVVHHOLVFKHU=HUULVVHQKHLW
JHOHJWKDEHQ'HQQDOVQDFKJORUUHLFKHQ7DWHQGLH6LHJHUVSlWHUZLHGHU
LQ:HLPDUHLQNHKUWHQXQGDXFK$X JXVWYRQ *VLFKXQWHUGLH
%HJOFNZQVFKHQGHQGUlQJWHKDEHHUEHUDOOQXUVS|WWLVFKH
=XUFNZHLVXQJJHIXQGHQ

$SULO
0HLQOLHEHU6RKQ)UPLFKDOV'HLQHP'LFKOLHEHQGHQXQG
VHLQHP(QGHVHKUQDKVLFKIKOHQGHQ9DWHULVWHVHLQ+DUWHV'LU
LQHLQHU6DFKH5DW]XJHEHQGLHPLFKQLHGHUGUFNW,FKZQVFKH
QLFKWGD'XDOV*HPHLQHULQHLQHRKQHKLQWUEVHOLJH/DXIEDKQ
HLQWUHWHQP|FKWHVW:lUHVP|JOLFKGD'XDOV)UHLZLOOLJHUDXI
'HLQH.RVWHQGLHQHQXQGLQGHU$GMXWDQWXUDQNRPPHQN|QQWHVW
VRZlUHPLUGDVGDVOLHEVWH,FKZHLGD(QWKXVLDVPXV'LFK
WUHLEWDEHUVLHK'LFKYRUGDHU'LFKQLFKW]X6FKULWWHQYHUOHLWHW
GLH'LUVSlWHUXQDQJHQHKPZHUGHQN|QQWHQ*ODXEHPLUDOV
HLQHPDOWHQHUIDKUHQHQXQGYRUXUWHLOVIUHLHQ0DQQHGHU
0LOLWlUVWDQGLVWHLQHVSOHQGLGH0LVqUH :HQQPDQHLQH=HLWODQJ
GDULQJHDUEHLWHWKDWVRIKOWPDQHUVWGDV$QJHQHKPHGHU
,QGHSHQGHQ]XQGZLHQW]OLFKVLFKGHU PDFKWGHUDOVHLQ3ULYDWHU
VHLQH*WHUVHOEVWEHZLUWVFKDIWHW(UGLHQWGHPDOOJHPHLQHQ
%HVWHQXQGEUDXFKWPLWVHLQHU0HLQXQJQLFKW]XUFN]XKDOWHQ(U
LVWHLQIUHLHU0DQQGHUDXFKIUHLVSUHFKHQGDUI)HVVHOH'LFKDOVR
QLFKWIULPPHU

'HQ$SULO
,FKNHQQHQXQ'HLQHQ(QWVFKOXEHL0DMRUYRQ&RORPEV +XVDUHQ
HLQWUHWHQ]XZROOHQXQGNDQQLKQQLFKWWDGHOQ'HU0DMRUKDWGHQ
5XIHLQHVWlWLJHQXQGJHVFKHLWHQ0DQQHV:HQQ'XPLWLKP
VSULFKVWVRVDJLKP'HLQHYHUIHKOWHYRUMlKULJH'LHQVWQHKPXQJ
9LHOOHLFKWNDQQHU'LFK]XP-XQNHUHUQHQQHQ'D'XGLH*DUGHQ
YHUPHLGHQZLOOVWNDQQLFKQXUELOOLJHQGLHVHKDEHQGHQDOWHQ
XQVFKLFNOLFKHQ7RQDQJHQRPPHQGHUVLHGHP%UJHUVWDQGH
DQVW|LJPDFKHQPX



-HW]WVHKUDQGHUVJHZRUGHQ'LH*DUGHQVLQGLPJDQ]HQJHQRPPHQQRFK
XPHLQHQ*UDGDIIDEOHUXQGXPJlQJOLFKHUDOVGLH/LQLH.DQQDXFKNDXP
DQGHUVVHLQ(V]HLJWVLFKGDEHLGH U(LQIOXGHUJURHQ6WDGWGLHMHGHP
VHLQH6WHOOHJLEWXQGDXFKGHP6HOEVWEHZXWHVWHQ%HVFKHLGHQKHLW
SUHGLJW

$SULO
hEHUXQVHU$XIUXIVHGLNWZHQQLFKGDUEHUVSUHFKHQZROOWHZlUH
NHLQ(QGH:DVVROOGLH0HQJH.LQGHUGLH]XVDPPHQOlXIWWHLOV
XPGHU6FKXOHWHLOVXPGHUHOWHUOLFKHQ9RUPXQGVFKDIW]X
HQWZHLFKHQ:LUKDWWHQMD/DQGZHKUHQJHQXJGLHQXUDOOHQIDOOV
GHU.RPSOHWWLHUXQJEHGXUIWHQ,FKELQHLQ)HLQGDOOHV
(QWKXVLDVPXVZHLOHUVLFKDXI.RVWHQGHUJHVXQGHQ9HUQXQIW
HLQGUlQJW.DOWEHUOHJWXQGZDUPDXVJHIKUWGDVLVWPHLQ
'HQNVSUXFK

0DL
'XPXWPLFKQXQYHUODVVHQPHLQOLHEHU6RKQLQHLQHP
=HLWSXQNWLQGHPLFKDXVGLHVHU=HLWOLFKNHLWVFKHLGHQZHUGH*RWW
VHJQH'LFKXQGVWHKH'LUEHLLQ*HIDKUHQXQGIKUH'LFKJHVXQG
XQGWXJHQGKDIWLQ'HLQHYlWHUOLFKH:RKQXQJ]XUFN0LFKZLUVW
'XQLFKWZLHGHUILQGHQ,VWHVDEHUPHLQHP*HLVWHUODXEW'LFK]X
XPVFKZHEHQVRZLUGHUVWHWVPLW'LUVHLQ$XI'LUUXKWGDV*OFN
XQGGHU:RKOVWDQG'HLQHU6FKZHVWHU'XNDQQVWDOVHLQ
XQDEKlQJLJHU0DQQOHEHQXQGDOVVROFKHUYLHO*XWHVI|UGHUQ
'DUXPOLHEHU6RKQYHUODVVH'HLQH*WHUQLFKWJLEVLHQLFKWDXV
GHU+DQGXPEORHU(KUHQYRU]JHZLOOHQVRQGHUQEOHLEH
VHOEVWlQGLJ'HLQ6FKZDJHULVW'HLQ9RUPXQGELV]X'HLQHU
*URMlKULJNHLW1RFKPDOVOHEHZRKOXQGJOFNOLFKXQGGHQNDQ
'HLQHQGDKLQZHONHQGHQ9DWHUDOVDQHLQHQYHUORUHQHQVFKOLFKWHQ
DEHUWUHXHQ)UHXQG

(VZDUGHV$OWHQDXIULFKWLJHU*ODXEHGDHUYRU5FNNHKUGHV
6RKQHVDEVFKHLGHQZHUGH'HUUDVFKH*DQJGHV.ULHJHVDEHU
EHUWUDIDOOH+RIIQXQJHQXQGLP+HUEVWHZDULKPQRFKHLQ
:LHGHUVHKHQJHJ|QQWGLHOHW]WHJURH)UHXGHVHLQHV/HEHQV
GHQQVHLQH7DJHZDUHQDOOHUGLQJVJH]lKOW,PPHUGHXWOLFKHU
VWHOOWHVLFKHLQZDVVHUVFKWLJHU=XVWDQGKHUDXVXQGGHUDOWH
+HLPZXUGHNRQVXOWLHUWRKQHGDVHLQH0LWWHOHLQH/LQGHUXQJ
KHUEHLJHIKUWKlWWHQ,P*HJHQWHLO

8QWHUGLHVHQLPPHUZDFKVHQGHQ%HVFKZHUGHQXQG
%HlQJVWLJXQJHQZDUHVGDLKP]XP2UGHQVIHVWHGDV
(LVHUQH.UHX]YHUOLHKHQZXUGH
'LH1DFKULFKWGDYRQNRQQWHQXUQRFKHLQ/lFKHOQLQLKPZHFNHQ
XQGQHEHQKHUHLQH9HUOHJHQKHLWGDUEHUZLHGHU'DQNGDIUZRKO
DE]XVWDWWHQVHL'HQ(LWHONHLWHQGHU:HOWKDWWHVHLQ+HU]HIUK
HQWVDJWXQGGDVZHQLJHZDVLKPGDYRQJHEOLHEHQVHLQPRFKWH
ZDUDQJHVLFKWVGHV7RGHVKLQJHVFKZXQGHQ,QDOOHPEULJHQDEHU
EOLHEHUXQYHUlQGHUWXQGVHLQH%ULHIH]HLJHQLKQELV]XOHW]WLQ
DOOHQ9RU]JHQVHLQHV*HLVWHVXQG*HPWHVYRUDOOHPDXFKDOV
HLQHQIHLQHQXQGOLHEHQVZUGLJHQ6S|WWHU8QGGHU6FKOXGLHVHU
VHLQHU.RUUHVSRQGHQ]LVWHVGHPLFKGLHQDFKVWHKHQGHQEHUGLH
PDQQLJIDFKVWHQ*HELHWHVLFKYHUEUHLWHQGHQbXHUXQJHQ
HQWQHKPH

/LHEHQEHUJ LP-DQXDU
*HQHUDO<RUFN PX]XU8Q]XIULHGHQKHLWVHKUJHQHLJWVHLQ
ZHQQHUGHQ$EVFKLHGGDUXPQHKPHQZLOOGDQLFKWJHQXJIU
LKQJHVFKHKHQLVW0HLQHU0HLQXQJQDFKNDQQHU]XIULHGHQVHLQ
$XV.|OQHU%ULHIHQHUVHKHLFKGD)UVW%OFKHU JXWH6WXQGHQ
DEHUDXFKZLHGHU$EZHVHQKHLWHQKDW 8QGQXQZQVFKLFK
YRUDOOHP+HUUQ*HKHLPUDW+HLP ]XEHIULHGLJHQGHPPDQZLH
LFKZRKOZHLPLWHLQHUPlLJHQ5HWULEXWLRQQLFKWNRPPHQGDUI
,FKKDEH*HOGEHL6FKLFNOHUVXQGZHUGHGLH)LUPD
EHQDFKULFKWLJHQ 7DOHUDQ'LFKYHUDEIROJHQ]XODVVHQ6REDOG
'XVLHKDVWVWHOOHVLHGHP*HKHLPUDW+HLPQDPHQVPHLQHU]X

'HQYRUDXIJHKHQGHQ%ULHIHQ]XIROJHZDUHQLKPGXUFK+HLP
VHLQHLJHQWOLFKHU$U]WZDU)RUPH\IUKHU6WRVFK HLQSDDUPDO
3LOOHQYHURUGQHWZRUGHQGLHVHLQH%HVFKZHUGHQHKHUJHVWHLJHUW
DOVJHPLQGHUWKDWWHQ$EHUJHVWHLJHUWRGHUJHPLQGHUWXQWHUDOOHQ
8PVWlQGHQHLQLPSRVDQWHV+RQRUDU8QGGDVDOOHVLQDUPHQ
=HLWHQ

/LHEHQEHUJ GHQ-DQXDU

,FKKDEH1LHEXKUXQG&KDWHDXEULDQGDXIPHUNVDPJHOHVHQ
1LHEXKUV6WLOKDWPLFKHLQLJHUPDHQYHUZXQGHUWXPNUlIWLJ]X
VHLQLVWHUKLQXQGZLHGHUGXQNHOXQGJH]HUUW&KDWHDXEULDQG
DEHUKDWVHLQ7KHPDVHKUDUWLJDXVJHIKUWQXUGHU )UDQ]RVH
OHXFKWHWEHUDOOGXUFK7LUDGHQXQG3KUDVHQVWU]HQEHUHLQDQGHU
KHUXQGO
KRQQHXUGHV)UDQoDLV GDV $XQGGDV 2GLHVHU
1DWLRQ PXDXFKKLHUZLHGHUDOV$XVKlQJHVFKLOGGLHQHQ8QG
GLHVHVRJHQDQQWHKRQQHXUEHVWHKWGRFKLQZHLWHUQLFKWVDOVLQ
GHPW|ULFKWHQ9HUVXFKLKU%HVLHJWVHLQQLFKWHLQJHVWHKHQ]X
ZROOHQ

/LHEHQEHUJ GHQ)HEUXDU
,FKELWWH'LFKJUH'DQFNHOPDQQXQGIUDJLKQREDXIGDV
(LVHUQH.UHX]GDVLFKHPSIDQJHQHLQ'DQNVDJXQJVVFKUHLEHQ
HUIROJHQPVVH:HQQGHPVRVHLQVROOWHVRELWWLKQGDHUGDV
1|WLJHJOHLFKDXIVHW]H/DHVGDQQDEVFKUHLEHQXQGXQWHUVFKUHLE
HVXQGVHQGHVZRHVKLQPX9HUPXWOLFKDQGDV
2UGHQVGHSDUWHPHQW (UQLPPWHVRIIHQEDUQLFKWVHKUIHLHUOLFK
GDPLW ,FKODVVHMHW]WGLH3LOOHQXQGWULQNH:DFKROGHUWHH
1LHVLJV+RFK]HLWLVWYRUEHUXQGVROOGLHMXQJH)UDXVRW|OSOLFK
ZLHP|JOLFKJHZHVHQVHLQ*HVWHUQKDWVLFKHLQDOWHU)XFKVLQ
GHU0DUGHUIDOOHJHIDQJHQXQGVLHELVDQVHLQHQ%DX
IRUWJHVFKOHSSW'DKDWLKQ5DFNZLW] GHU)|UVWHU LQ(PSIDQJ
JHQRPPHQ

/LHEHQEHUJ GHQ)HEUXDU
,FKPXGRFKGHQ5KHLQLVFKHQ0HUNXUWDGHOQEHUGLH6FKlUIH
PLWGHUHUYRUJHKW+LHUKHLWHVPLW5HFKWHVWPRGXVLQUHEXV
:LUGGHP5HGDNWHXUHWZDV'HUDUWLJHV]XJHVFKLFNWVRPXHUHV
HQWZHGHUXQWHUGUFNHQ RGHUHVPRGHULHUHQ'DVLVWDEHUGHU
-RXUQDOLVWHQ6DFKHQLFKWZHLWLKUH6FKULIWHQPHKU$EJDQJKDEHQ
ZHQQVLHELWWHUHQ6SRWWDXVNUDPHQ%HVVHUDEHUZLUGGLH:HOW
GDGXUFKQLFKWGHQQGLH6HUHQLVVLPLOHVHQHVQLFKW(VLVWQXUHLQ
:HJXPGLH:DKUKHLWELVDQGHQ7KURQ]XEULQJHQVROFKH
9RUVWHOOXQJHQZLHGLHGHU:UWWHPEHUJHU6WlQGH+LHU]XJHK|UW
DEHU(LQLJNHLWXQGDOOJHPHLQHU6LQQ8QGZRVROOPDQGLHVXFKHQ
1DFKVFKULIW 9RUJHVWHUQNDP5LWWHU&ODHU KLHUDQ (LQ

/LHEHQEHUJHU7DJHO|KQHUVRKQGHUVLFKDFKW]HKQ-DKUHDOWXQG
YRPDOWHQ+HUWHIHOGDOV/DQGZHKUXODQDXVJHUVWHWEHL
+DJHOVEHUJGXUFK6SUHQJXQJHLQHVIHLQGOLFKHQ&DUUpHVGDV
(LVHUQH.UHX]HUZRUEHQKDWWH (UZDUVHKUPLYHUJQJWXQGPLW
5HFKW6HLQ/DQGZHKU.DYDOOHULH5HJLPHQWLVWDXIJHO|VWZRUGHQ
XQGPDQKDWLKQHQGLHQHXHQ8QLIRUPHQDEJHQRPPHQELVDXIGLH
+RVHQRKQHZHOFKHPDQVLHIJOLFKQLFKWQDFK+DXVHVFKLFNHQ
NRQQWH'HU.|QLJZHLJHZLQLFKWVGDYRQ(VNRPPHQDXFKEHL
GHU(QWODVVXQJZLHGHUDOOHUKDQG:LOONUOLFKNHLWHQYRUZDVVFKRQ
GDUDXVKHUYRUJHKWGDXQVHUHU,QIDQWHULH/DQGZHKULKUH5|FNH
EHODVVHQZXUGHQREVFKRQVLHPHLVWQHXZDUHQ

/LHEHQEHUJ GHQ)HEUXDU
'DPLFKQLFKWVPHKUYHUZXQGHUWVREHIUHPGHWPLFKDXFKQLFKW
GLH$QVWHOOXQJGHVJHPHLQHQ6SLRQV 2:HUZHLREQLFKW HLQ
%XUHDXHUULFKWHWZLUGPLWGLHVHP0HQVFKHQDOV3UlVLGHQWHQ$EHU
GLHVH.ODVVHGLHMHGHU(KUHEDUXQGEORLVWOlWVLFK]XDOOHP
EUDXFKHQ)ROJOLFKLVWVLHQW]OLFK

/LHEHQEHUJ GHQ)HEUXDU
hEHUGHQ$XIHQWKDOW/XLVHQV (QNHOLQGHVDOWHQ )UHLKHUUQ LP
+DXVH -ZLOOLFKQXUEHPHUNHQGDPDQLQGLHVHP+DXVHVHKU
QHXJLHULJLVWXQGDOOHUOHLVRQGHUEDUH/HXWH]XVHKHQEHNRPPW
,FKELWWHJUHWXWWLTXDQWL5DFNZLW]
lOWHVWH7RFKWHULVWQXQ
I|UPOLFKPLWGHP)DONHQWKDOHU3UHGLJHUYHUOREW%HLGHWXQHLQH
GLFNH6RWWLVH

'DVLVWGHU6FKOXEULHIXQGHVLVWKEVFKGDGLHOHW]WH =HLOH
GLHZLUYRQGHP/LHEHQEHUJHU(LQVLHGOHUKDEHQLKQQRFKHLQPDO
LQVHLQHUJDQ]HQ(LJHQDUWZLGHUVSLHJHOW
$P$SULOVWDUEHUXQGZXUGHZHQLJH7DJHVSlWHULQGHU
/LHEHQEHUJHU*UXIWEHLJHVHW]W

(VHUEULJWQXUQRFKGHU9HUVXFKHLQHU&KDUDNWHULVWLN
,Q)DPLOLHQDXI]HLFKQXQJHQILQGHWVLFKEHU)ULHGULFK/HRSROG GDV
)ROJHQGH(UZDUYRQJURHU+HU]HQVJWHXQGVWHWVGDUDXI
EHGDFKWGHQ6HLQLJHQHLQH)UHXGH]XPDFKHQ$QDOOHPQDKPHU
,QWHUHVVH6HLQH(QNHOWRFKWHU /XLVH'DQFNHOPDQQ PXWHLKP
VWHWVELVLQGLH'HWDLOVYRQLKUHP8PJDQJXQGLKUHQ
%HVFKlIWLJXQJHQHU]lKOHQEHLZHOFKHU*HOHJHQKHLWHUPLW
MXJHQGOLFKHP9HUVWlQGQLVDXIDOOXQGMHGHVHLQJLQJ%HVRQGHUH
)UHXGHJHZlKUWHHVLKP*HVFKHQNH]XPDFKHQXQGGDPLW]X
EHUUDVFKHQ6RVFKLFNWHHUHLQVWVHLQHU7RFKWHUYLHUVFK|QH
:DJHQSIHUGHQDFK/LHJQLW]ZRKLQ ZlKUHQGGHU%HVHW]XQJ
*ORJDXVGXUFKGLH)UDQ]RVHQ VHLQ6FKZLHJHUVRKQDOV&KHIGHV
/DQGHVJHULFKWVPLWGHUJDQ]HQ%HK|UGHEHUVLHGHOWZDUbKQOLFKH
=JHILQGHQVLFKYLHOHLQVHLQHP/HEHQ(UZDUHLQIDFKXQG
QDWUOLFK6HLQVFKDUIHU9HUVWDQGVHLQHJURHQ.HQQWQLVVHVHLQ
,QWHUHVVHIUGLH:LVVHQVFKDIWHQPDFKWHQLKQLP9HUHLQPLWGHQ
HGOHQ(LJHQVFKDIWHQVHLQHV+HU]HQVXQGGHU/HEKDIWLJNHLWVHLQHU
$XVGUXFNVZHLVH]XHLQHPVHOWHQOLHEHQVZUGLJHQ0HQVFKHQ
(LQLJH=JHP|JHQGLHV%LOGGDVLFKYRUILQGHYHUYROOVWlQGLJHQ
,QGHUQFKWHUQHQ%HXUWHLOXQJHLQHUVHLWVGHV*HVFKHKHQGHQ
DQGHUHUVHLWVGHUHUGLHGLH'LQJHJHVFKHKHQOLHHQHULQQHUWHU
DXHURUGHQWOLFKDQ0DUZLW]XQGHLQ9HUJOHLFKPLWGLHVHP
HUOHLFKWHUWGLH6FKLOGHUXQJXQG+HUYRUNHKUXQJGHVVHQZDVGDV
:HVHQXQVHUHVDOWHQ)UHLKHUUQDXVPDFKWH0DUZLW]ZDULQ
6WDQGHVYRUXUWHLOHQEHIDQJHQHUDXFKOHLGHQVFKDIWOLFKHUXQG
DXIEUDXVHQGHUDEHU]XJOHLFKGLHZHQLJHUHJRLVWLVFKH1DWXU(U
KDWWHGXUFKDXVGHQ6LQQIUGDV*DQ]HGHQZHLWHUHQ%OLFNXQG
ZHQQHV3ULQ]LSLHQJDOWRGHUHLQ(LQWUHWHQIU6WDDWXQG6WDQGVR
EUDFKWHUMHGHV2SIHUDQ*XW*HVXQGKHLW/HEHQ8QVHUHV
/LHEHQEHUJHU(LQVLHGOHUV9RU]JHODJHQQDFKDQGHUHU6HLWHKLQ
XQG]HLJWHQVLFKYRUDOOHPLQJURHUJHVHOOVFKDIWOLFKHU
/LHEHQVZUGLJNHLWLQGHUHUDXFKDXVKLHOWDOVHUNDXPQRFK
LQQHUKDOEGHU*HVHOOVFKDIWVWDQG(UZDUUFNVLFKWV XQG
IRUPYROOHUDOV 0DUZLW]EHKDJOLFKHUXQGMRYLDOHU$EHUGLHVH
7XJHQGHQHUZXFKVHQGRFK]XQLFKWJHULQJHP7HLODXVHLQHP
VHOEVWVFKWLJHQ+DQJHQDFK5XKH*HERUJHQVHLQXQG
XPIULHGHWHP*OFN(UZDUQLFKWEORXQVHQVDWLRQHOOHUZDUDXFK
VHLQHPHLJHQHQ=HXJQLVVHQDFKXQHQWKXVLDVWLVFK XQGVDK
lKQOLFKZLH.|QLJ)ULHGULFK:LOKHOP ,,,LQDOOHPZDVLKQ

XPOlUPWHQXUHLQH0LVFKXQJYRQ8QRUGQXQJXQG8QJHK|ULJNHLW
DQGHUWHLO]XQHKPHQHWZDVZHQLJ6FK|QHVXQGLPJDQ]HQ
JHQRPPHQDXFKQLFKWVRQGHUOLFK(KUHQYROOHVZDU(VIKUWH
PHLVWHQVLQVFKOHFKWH*HVHOOVFKDIWXQG .LQGHUVSLHOWHQ
:HOWJHVFKLFKWH:LHZHLWHUHVLQGHPDOOHPWUDIRGHUQLFKWWUDI
PDJKLHUXPVROLHEHUXQHU|UWHUWEOHLEHQDOVLFKPLFKEHUGLHVH
)UDJHVFKRQDQDQGHUHU6WHOOHJHlXHUWXQGQDPHQWOLFKDXIGDV
0LOLFKHVHLQHUXQGGHU0DUZLW]LVFKHQ$GHOVRSSRVLWLRQJHJHQGLH
1HXHUHUKLQJHZLHVHQKDEH:DVDEHUIUHLOLFKLQGLHVHU
2SSRVLWLRQEHUDOOHUTXLFNWLVWGLHNRQVHTXHQWH9HUVSRWWXQJGHU
3KUDVHJDQ]EHVRQGHUVGHU)UHLKHLWVSKUDVH]XGHUHQ
DEZHLVHQGHU.ULWLNHUVSH]LHOOXPVREHUHFKWLJWHUZDUDOVHUIU
GLHZLUNOLFKH )UHLKHLWXQGIUGDV5HFKWGDVPLWXQVJHERUHQ
LVWHLQYROOHVXQGIUHXGLJHV9HUVWlQGQLVKDWWH8QGGLHV
HUVFKHLQWPLUDOVVHLQHVFK|QVWH6HLWH]XJOHLFKDOVGLHGHUZLU
XQVFKZHUHQWQHKPHQN|QQHQGDHUQLFKWLQGHQYRUZLHJHQG
PLOLWlULVFKJHGULOOWHQ2VWSURYLQ]HQXQVHUHU0RQDUFKLHVRQGHUQLP
:HVWHQDQGHUKROOlQGLVFKHQ*UHQ]HJHERUHQXQGHU]RJHQZDU
,QGHU7DWDOOVHLQHU/R\DOLWlWXQEHVFKDGHWLVWGRFKHLQ
ZRKOWXHQGUHSXEOLNDQLVFKHU=XJLQVHLQHPJDQ]HQ7XQXQG
'HQNHQHUNHQQEDUXQGMHGHVPDOHPS|UWHUVLFKZHQQHU
ZDKUQLPPWZLHZLHGHUHLQPDOKLHURGHUGRUWDXVEORHU
0DFKWKDEHUODXQHPLWGHP0HQVFKHQOHEHQHUEDUPXQJVORV
JHVSLHOWZRUGHQLVW$PDEOHKQHQGVWHQYHUKLHOWHUVLFKJHJHQGDV
SROLWLVFKH *HEDUHQGHU5KHLQEXQGIUVWHQGHQHQHUQLFKWEORLKUH
IUKHUH6FKZHLIZHGHOHLVRQGHUQYLHOPHKUQRFKLKUH+DOWXQJ
LKUHQHLJHQHQ8QWHUWDQHQJHJHQEHU]XP9RUZXUIPDFKWH
-HGHP$EVROXWLVPXVDEKROGLQWHUHVVLHUWHQLKQDXIVOHEKDIWHVWH
GLH9HUIDVVXQJVNlPSIH MHQHU=HLWXQGHVZDUZHQLJH:RFKHQYRU
VHLQHP7RGHGDHUVFKULHE,FKHUNHQQHPHKUXQGPHKUGD
GLH3ROLWLNGLH:LVVHQVFKDIWGHV%HWUXJHVLVW8QGVRZLUGHV
EOHLEHQELVYHUQQIWLJH/DQGHVYHUIDVVXQJHQ GDVHLQZHUGHQGLH
.UDIWKDEHQGLH*URHQ]XELQGHQ
6ROFKH:RUWHZHUGHQXQVPLWHLQHUJHZLVVHQ(QJHZLHVLH
VHLQHP]XVWDUNDXVJHSUlJWHQ)DPLOLHQVLQQHQWVWDPPWHOHLFKW
ZLHGHUDXVV|KQHQXQGXPVROHLFKWHUMHPHKUZLULP*HGlFKWQLV
EHKDOWHQGDHUVLFKZLGHU:XQVFKXQG:LOOHQLQ=HLWOlXIWH
JHVWHOOWVDKGLHVHLQHU1DWXUZLGHUVSUDFKHQXQGGHU%HWlWLJXQJ
VHLQHUDXI%HVFKDXOLFKNHLWXQGVWLOOHV*OFNJHULFKWHWHQ*DEHQ
XQJQVWLJZDUHQ

(UKDWWHQLFKWGHQJURHQ6LQQIUGHQ6WDDWDEHUHUZDUHLQ
QDFKJHERUQHU3DWULDUFKXQGHLQ,GHDOLQQHUKDOEGHV+DXVHVXQG
VHLQHU8PIULHGXQJ

.DSLWHO

/LHEHQEHUJXQWHU.DUOYRQ
+HUWHIHOG
6HLQHP9DWHU)ULHGULFK/HRSROGIROJWH.DUO YRQ+HUWHIHOGGHU
VRJHQDQQWHDOWH+HUWHIHOGLP%HVLW]HYRQ/LHEHQEHUJ(UVWDQG
GHPVHOEHQIQI]LJ-DKUHODQJYRUXQGVWDUE NLQGHUORV0LWLKP
HUORVFKGDVDOWHFOHYHVFKH*HVFKOHFKWGDVGHQEUDQGHQEXUJLVFK
SUHXLVFKHQ/DQGHQVRYLHOHGXUFK*HLVW&KDUDNWHUXQGIUHLHUH
/HEHQVDXIIDVVXQJDXVJH]HLFKQHWH0lQQHUJHJHEHQKDWWH'HQQ
EHLQDKDOOHQZDUHLQUHIRUPDWRULVFKHU=XJHLJHQGHUVHOEH=XJ
GHUVLFKDXFKLQVRYLHOHQXQVUHU+RKHQ]ROOHUQXQVFKZHUHUNHQQHQ
XQGYHUIROJHQOlW
.DUOYRQ+HUWHIHOGZXUGHGHQ2NWREHUDXI6FKOR
%RHW]HODHUJHERUHQ'LH)UHXGHGDQXQHLQ(UEHGDVHLZDU
JURXQGNHLQ%ULHIDXVMHQHU=HLWGHUQLFKW=HXJQLVGDYRQ
DEOHJWHZLHYRQHLQHPDOOHUJOFNOLFKVWHQ)DPLOLHQOHEHQ
EHUKDXSW.DUOVFKDFNHUWZLHHLQH(OVWHU(UJUW'LFKXQG
UHLWHWVHLWHUHLQ6WHFNHQSIHUGKDWWlJOLFK]X6FKZHVWHU'LQH
6RKHLWHVLP0DL8QGDOVQXQLPVHOELJHQ+HUEVWHEHQGLHVHU
6FKZHVWHU $OH[DQGULQH'DQFNHOPDQQ HLQ6RKQJHERUHQZXUGH
ZXUGHVYHUVXFKWGHPGUHLMlKULJHQ2QNHO.DUOHLQH9RUVWHOOXQJ
YRQVHLQHUQHXHQ:UGHEHL]XEULQJHQ(VVFKLHQQLFKWJHOLQJHQ]X
VROOHQDOVDEHUHLQLJH7DJHVSlWHU2QNHO:\OLFKHLQ%UXGHU
GHU)UDXYRQ+HUWHIHOGLQGHQ6FKORKRIHLQIXKUOLHILKP.DUO
HQWJHJHQXQGULHIVFKRQYRQZHLWHP2QNHOLFKELQQXQDXFK
2QNHO
'LHIUKHVWHQ.LQGKHLWVMDKUHYHUOLHIHQLQIROJHGHUYLHOHQLP
YRULJHQ.DSLWHOJHVFKLOGHUWHQ+LQ XQG+HU]JH]LHPOLFKXQUXKLJ
XQGYRQ(U]LHKXQJNRQQWHZRKOHUVWGLH5HGHVHLQDOVGHUDOWH
)UHLKHUULQ/LHEHQEHUJHLQIUDOOHPDOHLQJHEUJHUWZDU,QYLHOHQ
VHLQHU%ULHIHZHUGHQYRQGLHVHP=HLWSXQNWDQSlGDJRJLVFKH
)UDJHQYHUKDQGHOW HVZDUMDGLH%DVHGRZ XQG3HVWDOR]]L]HLW 
XQGGLHPDQQLJIDFKHLQJHVWUHXWHQ0LWWHLOXQJHQXQG5DWVFKOlJH
JHEHQXQVDXFKQDFKGLHVHU6HLWHKLQHLQ%LOGDXVMHQHQ7DJHQ
,FKELQIUKDUWH %HVWUDIXQJHQDEHUIUDXJHQEOLFNOLFKH(LQ
.ODSV]XUUHFKWHQ=HLWZLUNWZDKUH:XQGHU8QGEDOGGDUDXI

,FKK|UHYRQDOOHUKDQG(U]LHKXQJVQ|WHQLQGHQHQ'X'LFK
EHILQGHVW1XQLFKELQPLW'HLQHP%UXGHU.DUOLQJOHLFKHU/DJH
:DVLFK]XVDJHQKDEHLVWNXU]GDVVWXGLHUHGLH*HVLQQXQJHQ
XQG1HLJXQJHQGHV.LQGHV,VWHUFKROHULVFKOHEKDIWVRVXFKH
VREDOGHUKDUWQlFNLJHLQHQHLJQHQLKPXQ]XOlVVLJHQ:LOOHQ]HLJW
GLHVHQ:LOOHQ]XEUHFKHQ(QWJHJHQJHVHW]WHQIDOOVKDVW'XVSlWHU
HLQHQVFKZHUHQ6WDQG,VWHUDEHUEOROXVWLJZLOGXQGDXV
/HLFKWVLQQXQZLOOLJVRPXW'XVHLQH$XIPHUNVDPNHLWDE]XOHQNHQ
VXFKHQZDVEHLHLQHP.LQGHPHLVWHQVQLFKWVFKZHULVW'DVDEHU
ZRUDXI'XYRUDOOHP]XVHKHQKDVWLVWGDVGDHUHUVWHQV
EHUKDXSW XQG]ZHLWHQVQDFKHLQHUEHVWLPPWHQ2UGQXQJXQG
VHLQHP1DWXUHOOHQWVSUHFKHQGEHVFKlIWLJWLVW,QHLQHUVROFKHQ
2UGQXQJHU]LHKLFKMHW]W'HLQHQ%UXGHU8QGLPQlFKVWHQ%ULHIH
K|UHQZLUGHQQDXFKLQZHOFKHU 2UGQXQJ,FKEHJLQQHPLWGHP
6FKODIGLHVHU1lKUPXWWHUXQVUHU1DWXU(UNDQQVFKODIHQ
VRODQJHUZLOOGHQQLFKJHKHGDYRQDXVGDHLQMXJHQGOLFKHU
.|USHUQDFKGHPEHVWlQGLJHQ8PKHUVSULQJHQDXFKZLHGHUVHLQH
YROOH5XKHKDEHQPX*HPHLQKLQLVWHUXPDFKW8KUPXQWHU
ZLUGJHZDVFKHQXQGJHNOHLGHWIUKVWFNWPLWPLUOLHVWXQWHU
$XIVLFKWXQG$QOHLWXQJXQGJHKWGDQQLQV)UHLH*HJHQHOILVWHU
ZLHGHUXPPLFKKHUVLHKWVLFK%LOGHUDQRGHUVSLHOWRGHUOLHVWPLU
DXFKZRKODXVVHLQHQ.LQGHUEFKHUQYRUZREHLVLFK
VJHELHWHW
PLW*HGXOGXQG7HLOQDKPH]XIROJHQ$P1DFKPLWWDJHEHJLQQHQ
GDQQVHLQH6SD]LHUJlQJH]XQlFKVWZLHGHULQGHQ*DUWHQLQGHP
HUPLW+DFNH6SDWHQ6FKXENDUUHQWlWLJLVWXQGGDQDFKLQ
PHLQHU%HJOHLWXQJLQ)HOGRGHU:DOG,VWVFKOLPPHV:HWWHUVR
PXDOOHUKDQG6SLHO]HXJDXVKHOIHQ8QGXPQHXQ8KU]X%HWW
hEHUEOLFNLFKDOOHVDQGLHVHUXQGDQGHUHU6WHOOH*HVDJWHVROlW
VLFKOHLFKWHUNHQQHQGDHUYRQ HLQHUDXI%HLVSLHOXQG
$QVFKDXXQJGHQ$N]HQWOHJHQGHQ(U]LHKXQJVHKUYLHOYRQGHU
HLJHQWOLFKHQ6FKXOHDEHUVHKUZHQLJKLHOW(UEHWRQWH
*HVLQQXQJ)RUPXQGJXWH6LWWHQGDV/HUQHQGDJHJHQPXWH


,QHLQHU1DFKVFKULIWRELJHQ%ULHIHVILQGHWVLFKEULJH QVRKQHMHGHQ
=XVDPPHQKDQJPLWGHPYRUVWHKHQG(U]lKOWHQHLQH%HPHUNXQJGLHXP
LKUHUVHOEVWZLOOHQKLHUVWHKHQPDJ,FKHUVDKDXV'HLQHP%ULHIHGD
LFKZHJHQGHU 'X7URXVVHO DQIUDJHQXQGQDPHQWOLFKDXFKEHLXQVHUHU
JXWHQ.RORQLH 0DQRQ(UNXQGLJXQJHQHL Q]LHKHQVROO,FKKDEHVDEHU
XQWHUODVVHQZHLWHVEHLGHQ.RORQLVWHQHLQIUDOOHPDO6LWWHLVW DOOHV ]X
OREHQZDV]XU.RORQLHJHK|UW MHW]WQLFKWPHKUWHPSLSDVVDWL 

VLFKZLHYRQVHOEHUPDFKHQ8QGZHQQHUQLFKWVGHVWRZHQLJHUHLQ
SURPSWHV,QQHKDOWHQ GHU/HKUVWXQGHQIRUGHUWHVRJHVFKDKHV
YRU]XJVZHLVXP'LV]LSOLQXQG2UGQXQJZLOOHQ
HQWVSDQQVLFKEHL*HOHJHQKHLWHLQHVVFKRQIUKHU
HUZlKQWHQ)HULHQEHVXFKVHLQLQWLPHV)UHXQGVFKDIWVYHUKlOWQLV
]ZLVFKHQGHP]HKQMlKULJHQ2QNHO.DUOXQGVHLQHP
VLHEHQMlKULJHQ1HIIHQ+HLQULFKYRQ'DQFNHOPDQQ(VLVWPHLQH
WlJOLFKH)UHXGHVFKUHLEWGHU$OWHGLH.LQGHU]XVHKHQ6LH
EDXHQXQGSIOHJHQGDV6WFN*DUWHQODQGGDVLFKLKQHQJHJHEHQ
KDEHUHLWHQXQGIDKUHQXQGJHKHQVRJDUDXI-DJGVHLW.DUOHLQH
)OLQWHKDW(ULVWJHVFKLFNWJHQXJXQGKDWQHXOLFKHLQH(OVWHUHLQH
.UlKHXQGHLQ(LFKNlW]FKHQJHVFKRVVHQ$XFKLP+DXVHZLVVHQ
VLHVLFKJXWJHQXJ]XEHZHJHQXQGVHOEVWLQGHQ
8QWHUULFKWVVWXQGHQWUHQQHQVLHVLFKQLFKW,FKZDUKHXWHEHLHLQHU
*HRJUDSKLHVWXQGH]XJHJHQXQGVDKZLH+HLQULFKGHPGLH6DFKH
QRFK]XJHOHKUWYRUNDPEHUHLQHP)DEHOEXFKHVD6LHOHVHQ
YLHODXVGHP5RELQVRQXQGEHUKDXSWDXV&DPSHV
.LQGHUELEOLRWKHN$OOHVDEHUYHUVFKZLQGHWQHEHQHLQHP6FKLIIPLW
6HJHOQXQGPHKUQRFKQHEHQHLQHU(OHNWULVLHUPDVFKLQHGLHLFK
.DUOQ]X:HLKQDFKWHQJHVFKHQNWKDEH9RUGLHVHUVLW]HQVLH
VWXQGHQODQJXQGGUHKHQXQGODGHQ)ODVFKHQXQGIUHXHQVLFK
ZHQQGHU)XQNHEHUVSULQJW
(LQKDOEHV-DKUODQJGDXHUWHQGLHVH)HULHQXQGDOVHQGOLFKGLH
7UHQQXQJHUIROJHQ PXWHEHVFKORGHUDOWH)UHLKHUUXP.DUOLQ
VHLQHU9HUHLQVDPXQJ]XWU|VWHQRGHUVFKDGORV]XKDOWHQHLQH
5HLVHPLWLKP]XPDFKHQ8QG]ZDUQDFK+DPEXUJ'DVZDULP
0DLRGHU-XQLXQGGHUSKDQWDVLHYROOH.QDEHEHJHLVWHUWH
VLFKQLFKWQXUDQGHUVLFKJURXQGQHXYRULKPHUVFKOLHHQGHQ
:HOWVRQGHUQXQWHUOLHDXFKQLFKWHLQH%HVFKUHLEXQJGDYRQLQ
HLQHPVHFK]HKQ4XDUWVHLWHQODQJHQ%ULHIH]X3DSLHUH]XEULQJHQ
(EHQGLHVHU%ULHILVWXQVDXIEHZDKUWJHEOLHEHQXQGNDQQDOV
(ODERUDWHLQHV=HKQMlKULJHQIUPXVWHUKDIWJHOWHQ(U]HLJW
VFKRQQHEHQHLQHUEHUUDVFKHQGVFKDUIHQ%HREDFKWXQJ
GHQVHOEHQJXWHQ+XPRUGHUVHLQHVSlWHUHQ%ULHIHYRQGHQHQLFK
HLQLJHPLW]XWHLOHQJHGHQNHNHQQ]HLFKQHW,Q9DWHUXQG6RKQLVW
GDVVHOEHWDOHQWpSLVWRODLUHHUNHQQEDUWURW]GHP LKUH6FKUHLEZHLVH
VHKUYHUVFKLHGHQLVW,QGHP9DWHUKHUUVFKWGHU3KLORVRSKLQGHP
6RKQGHU0DWWHURIIDFW0DQQYRU

$QGLH5FNUHLVHYRQ+DPEXUJVFKORVLFKHLQNXU]HU$XIHQWKDOW
LQ%HUOLQZR*HKHLPUDW'U )RUPH\ZHJHQ.DUOVDQIlOOLJHU
*HVXQGKHLWNRQVXOWLHUWZHUGHQVROOWH)RUUQH\JDEDEHU7URVW
XQG+RIIQXQJXQGYHUVLFKHUWHGDGDVDOOHVPLWHLQHP
VFKZDFKHQ1HUYHQV\VWHP]XVDPPHQKlQJHVSlWHUZHUGHU
JHVXQGZHUGHQJDQ] JHVXQG8QGHUKDWWHZDKUJHVSURFKHQ
$XVGHQ-DKUHQGLHQXQXQPLWWHOEDUIROJHQHUIDKUHQZLUZHQLJ
XQGHUVWXPZHUGHQGLH0LWWHLOXQJHQZLHGHUUHLFKHU.DUO
YRQ+HUWHIHOGLVWQXQYLHU]HKQJHZRUGHQXQGKDWJDQ]GLH
%HVFKlIWLJXQJHQXQG$OOUHQHLQHVDQJHKHQGHQ-XQNHUV(U
EHQJHOWMHW]WYLHOXQGVHLQH3DVVLRQIUV8PKHUWXPPHOQ ZlFKVW
VHLWLFKLKPOHW]WHQ:HLKQDFKWHQGLHNOHLQH)XFKVVWXWHJHVFKHQNW
KDEH%HVWlQGLJOLHJWHUGUDXHQXPHLQHQVHOWHQHQ+DVHQ
DXI]XVSUHQGHQNWDQQLFKWVPHKUDOVDQ+XQG
XQG3IHUGHXQG
SIOHJWZHQQVLFKGLH*HOHJHQKHLWELHWHWGLHVHFKV0HLOHQ
]ZLVFKHQ/LHEHQEHUJXQG%HUOLQLP6DWWHO]XPDFKHQ
(UZXUGHQXQDXFKJDQ]DOV(UESULQ]JHKDOWHQXQGLP
IROJHQGHQ-DKUHYHUDQVWDOWHWHGHUDOWH)UHLKHUUGHUGLH0HQVFKHQ
XQGJDQ]EHVRQGHUVVHLQH/LHEHQEHUJHUNDQQWHHLQHQ
HUESULQ]OLFKHQ*HEXUWVWDJ$P Y 0RQDWVKDEHQZLU.DUOV
*HEXUWVWDJGXUFKHLQH+RFK]HLWJHIHLHUW(LQVXQVHUHU
+DXVPlGFKHQGDVYRQPLUDXVJHVWDWWHWZDUZXUGHPLWLKUHP
%UlXWLJDPJHWUDXWGHQLFKYRUKHUHLJHQV]XP+RIPHLHUHUQDQQW
KDWWH)RFNHVDXV%HUOLQZDUHQPLW]XJHJHQXQGIUHXWHQVLFKGHU
OlQGOLFKHQ6]HQHGLHIUGLH*URVWlGWHUHWZDV1HXHVXQGIUGLH
/LHEHQEHUJHUHLQ)HVWWDJZDU
,QGHPVHOEHQ:LQWHUZXUGH.DUOLQGHQ8QWHUULFKWJHVFKLFNW
RGHUXPHVQRFKPlUNLVFKHUDXV]XGUFNHQLQGLH
3UHGLJHUVWXQGHZDVGD/LHEHQEHUJ NHLQHQ3UHGLJHUKDWWHPLW
HLQHUDOOZ|FKHQWOLFK]ZHLPDOLJHQ5HLVHQDFK=HKGHQLFN
JOHLFKEHGHXWHQGZDU2VWHUQHUIROJWHGDQQGLH
.RQILUPDWLRQ
8QGQXQZDUGLH=HLWGDZRGLHOlQJVWDQJHUHJWH)UDJHZLH
V
PLWGHUZHLWUHQZLVVHQVFKDIWOLFKHQ$XVELOGXQJ GHV6RKQHV]X
KDOWHQVHLZHQLJVWHQVDXIHLQSDDU:RFKHQKLQHLQHZLHGHUXP
YLHOYHQWLOLHUWHZXUGH'DV/LHEHQEHUJHU/HEHQLQVHLQHU
(LQJH]RJHQKHLWXQG6WLOOHNRQQWHVFKOLHOLFKQLFKWHZLJGDXHUQ
XQG$OH[DQGULQHGLHZLHEHLDOOHPVRDXFKKLHULQ]X5DWH

JH]RJHQZXUGHSURSRQLHUWHVFKOLHOLFK3HQVLRQRGHU$OXPQDW
,FKKDEHVHOEVWVFKRQDQGHUJOHLFKHQJHGDFKWDQWZRUWHWHGHU
$OWHJHVWHKH'LUDEHUGDLFKGXUFKDOOHVZDVLFKYRQ%HUOLQHU
3HQVLRQVDQVWDOWHQJHVHKHQXQGJHSUIWKDEHJHUDGH]X
]XUFNJHVFKUHFNWZRUGHQELQ%HLGHP'LUHNWRUGHV
-RDFKLPVWKDOVZRGHUMXQJH5HFNLVWNDQQPDQ*ULHFKLVFKXQG
/DWHLQJHQXJLQGHQ.ODVVHQOHUQHQDEHUGDPLWEDVWD,PEULJHQ
LVWGHU8PJDQJPLWGHQGRUWVWXGLHUHQGHQ%HQJHOQWURW]GHPGDV
-RDFKLPVWKDOLPPHUQRFKDOVGDVEHVWHJLOWlXHUVWJHIlKUOLFK
/GHUOLFKNHLWKHUUVFKWLQGHQPHLVWHQGHUDUWLJHQ$QVWDOWHQLQGHU
6WDGWEHUKDXSWZDV'XVFKRQGDUDXVHUVHKHQPDJVWGDPDQ
XPGLHQHXH8QLYHUVLWlWYRUGHUDUWLJEOHQ(LQIOVVHQ]XVLFKHUQ
GHQ1HXVWlGWLVFKHQ%H]LUNDOVRGHQJDQ]HQ6WDGWWHLOYRQGHU
6FKOREUFNHELV]XP%UDQGHQEXUJHU7RUXQGYRQGHU/HW]WHQ
6WUDH 'RURWKHHQVWUDH ELV]XU.RFKVWUDHYRQDOOHQ
OGHUOLFKHQ(WDEOLVVHPHQWVJHUHLQLJWKDW6HOEVWGLHEHUFKWLJWH
0DGDPH%HUQDUGKDWLKU+DXVLQGHU%HKUHQVWUDHYHUNDXIHQXQG
PLWVDPWLKUHQ1\PSKHQVLFKDXHUKDOEGHVHEHQDQJHJHEHQHQ
%H]LUNVQLHGHUODVVHQPVVHQ'LHVLVWJHVFKHKHQZHLOGLH
PHLVWHQ6WXGHQWHQ XPLQ1lKHGHU8QLYHUVLWlW]XVHLQ LQGHP
1HXVWlGWLVFKHQ%H]LUN:RKQXQJJHQRPPHQKDEHQ



=XGLHVHU$QNODJHZDUGHUDOWH)ULHGULFK/HRSROGYRQ +QXU]XEHUHFKWLJW(V
NDPYRUGDGLHJXWH6LWWHQLFKWEORYHUOHW]WVRQGHUQLQHLQHUJHZLVVHQ
LQIHUQDOHQ)UHXGHJHUDGH]XEUVNLHUWZXUGH6RILQGHWVLFKLQHLQHPVSlWHUHQ
%ULHIHGDV)ROJHQGH*H KHLPUDW*UDXQ HUDUEHLWHWDP$SSHOOKRIHGHV
.DPPHUJHULFKWV KDWYRUHLQLJHQ7DJHQHLQHQ|IIHQWOLFKHQ6NDQGDOJHJHEHQ
(UVRXSLHUWHEHL 'DOODFK8QWHUGHQ/LQGHQLQ*HVHOOVFKDIWVHLQHV6RKQHV
HLQHVMXQJHQ5HIHUHQGDULXVXQGKDWWH]XU%HOHEXQJGHU7DIHOIU HXGHQHLQH
IUHXGLJHMXQJH3HUVRQDXVGHU$EWHLGHU0DGDPH%HUQDUGPLWHLQJHODGHQ
,KU%HQHKPHQLQVRQGHUKHLWGDVGHV$OWHQZDUGHU$UWGDVHLWHQVGHU
DQGHUHQ*lVWH.ODJHJHIKUWZXUGH'DUDXIKLQHUVXFKWH'DOODFKGHQ* 
5 *UDXQGDV/RNDOGDVIUVR OFKH'LQJHQLFKWGDVHL]XYHUODVVHQZDV
DEHUQXU]XVFKQ|GHU$EZHLVXQJIKUWH'DVZLHGHUKROWHVLFKDOV3ROL]HL
UHTXLULHUWZXUGHELV]XOHW]WHLQK|KHUHU%HDPWHUHUVFKLHQXQGHLQHQ
VFKULIWOLFKHQ%HIHKOYRU]HLJWH1XQHUVWJHKRUFKWHGHU$OWH'HU6RKQ HWZDV
NOJHUDOVGHU9DWHU KDWWHVLFKVFKRQYRUKHUDXVGHP6WDXEHJHPDFKW,FK
EUDXFKHQLFKWKLQ]X]XVHW]HQGD.DPPHUJHULFKWVSUlVLGHQWYRQ
%UDXQVFKZHLJGHQ)DOODQGHQ-XVWL]PLQLVWHUJHPHOGHWKDWHVEOHLEWDEHU
WUDXULJXQGXQIDOLFKGDHLQLQ$PWXQG -DKUHQVWHKHQGHU0DQQHLQHU
VROFKHQ$XIOHKQXQJJHJHQ6LWWHXQG*HVHW]EHUKDXSWIlKLJZDU

(UZlJXQJHQGLHVHU$UWIKUWHQEHJUHLIOLFKHUZHLVH]XGHP
(QWVFKOXHVPLW3HQVLRQXQG$OXPQDWQLFKWEHUHLOHQ]X
ZROOHQELVQDFK$EODXIYRQDEHUPDOVDQGHUWKDOE-DKUHQHLQH
9HUSIODQ]XQJLQGLHJURH6WDGWQLFKWZRKOOlQJHU
KLQDXVJHVFKREHQZHUGHQNRQQWH
'RFKDXFKMHW]W QLFKWLQHLQH3HQVLRQ(VZXUGHYLHOPHKU
EHVFKORVVHQGHQQXQ6LHE]HKQMlKULJHQRKQHZHLWHUHVLQGHQ
.UHLVGHU6WXGLHUHQGHQHLQWUHWHQXQGLP+DXVHGHVEHIUHXQGHWHQ
*HKHLPUDWV)RFNH:RKQXQJQHKPHQ]XODVVHQ
'DVZDULP$SULO$OOHUKDQG&ROOHJLDNDPHQDXFKZLUNOLFKDQ
GLH5HLKHYLHOUHJHOPlLJHUDEHUDOVGLHVHZXUGHQ9LVLWHQ
JHPDFKWXQG*HVHOOVFKDIWHQEHVXFKWXQGDXV]DKOUHLFKHQ
1DFKVFKULIWHQXQG5DQGEHPHUNXQJHQHUVHKHQZLUGDHVGLH
5HFNHVXQG,W]HQSOLW]HVGLH%H\PHVXQG%RJXVODZVNLVZDUHQLQ
GHUHQ=LUNHOHUYRU]XJVZHLVHYHUNHKUWH'D]XGLH)RFNHVVHOEVW
=XGHQLKPJOHLFKDOWULJHQ6|KQHQHLQLJHUGLHVHU+lXVHUXQWHUKLHOW
HUDOVEDOGGLH KHU]OLFKVWHQ%H]LHKXQJHQXQGZHQQLQ/LHEHQEHUJ
HLQ)XFKVJHMDJWRGHUHLQOlQGOLFKHV)HVWJHIHLHUWZXUGHVREUDFK
GLHJDQ]H)UHXQGVFKDIWDXIXPDXIHLQHQ7DJRGHUHLQH:RFKH
GDUDQWHLO]XQHKPHQ$P $XJXVWKDWWHQZLU(UQWHIHVW
VFKUHLEWGHU$OWH.DUOXQGGUHL6|KQHYRQ*HK 5DW)RFNHZDUHQ
KHUEHUJHNRPPHQXQGDOVZHLWHUH=XVFKDXHUKDWWHQVLFKGLH
6HLOHUVXQGKHUQDFKDXFKGLH*HQW]XQG%HUJHPDQQVYRQ*UDQVHH
KHUHLQJHIXQGHQ'LHMXQJHQ/HXWHZROOWHQWDQ]HQXQGHV
HQWVWDQGQXQHLQ%DOOYRQVHFKV3DDUHQGHUELV]HKQ8KUGDXHUWH
,FKKlWWHJHZQVFKW'XZlUHVWPLWGDEHLJHZHVHQ(LQVROFKHV
,PSURPSWXYHUOlXIWRIWEHVVHUDOVHLQHJHSODQWH)HVWLYLWlW8QG
YLHU7DJHVSlWHU$XFKHLQH*ROGQH+RFK]HLWKDEHQZLUJHKDEW
GLHGHUDOWHQ*XLFKDUGVZREHLVLFK
VWUDIGD.DUOXQGGLHMXQJHQ
)RFNHVQRFKKLHUZDUHQ$OOHVYHUOLHIDXIVEHVWH'LH1HXPDQQKDW
HWZDVGDYRQLQGLH=HLWXQJHQUFNHQODVVHQZDVPLWPHLQHP
+DQJHYHUJHVVHQ]XVHLQZHQLJEHUHLQVWLPPW
(UVFKUHLEWZ|UWOLFKPLWPHLQHU*HPWOLFKNHLW YHUJHVVHQ]X
VHLQhEHUKDXSWILQGHQVLFKYLHOHVSUDFKOLFKRULJLQHOOH
:HQGXQJHQ
,QGLHVHU:HLVHJLQJGDV/HEHQ.DUOYRQ+HUWHIHOGVXQGHUVWEHL
%HJLQQGHV:LQWHUKDOEMDKUHVZDUHUGHUJHVHOOVFKDIWOLFKHQ
=HUVWUHXXQJHQLQVRZHLWEHUGUVVLJGDHUHLQUHJHOUHFKWHV

6WXGLXPDQILQJVWDWWVLFKEOR6WXGLHUHQVKDOEHUDXI]XKDOWHQ
(UZDUIVLFK]XQlFKVWDXI3K\VLNXQGGHXWVFKH/LWHUDWXU
LQVRQGHUKHLWDXIGDV$OW'HXWVFKHZDVHEHQGDPDOVLQGLH
0RGHJHNRPPHQZDU2EHQDQGDV1LEHOXQJHQOLHG EHUGDVPDQ
EULJHQVLQ/LHEHQEHUJHEHQVRNOHLQXQGJHULQJGDFKWHZLHGUHLLJ
-DKUHIUKHULQ6DQVVRXFL:HQLJVWHQVVFKULHEGHU$OWH*HVWHUQ
EHLP$XIUlXPHQLVWPLUDXFKGDV1LEHOXQJHQOLHGLQGLH+lQGH
JHNRPPHQXQGVFKLFNLFKHV'LUZHLOLFKPLWWOHUZHLOH
YHUQRPPHQKDEHGD'X9RUOHVXQJHQGDUEHUK|UVW:HQQ
EULJHQVGHU1LEHOXQJHQ6LHJIULHGLQ;DQWHQ VHLQHQ6DPPHOSODW]
JHKDEWKDWVRLVWYLHOOHLFKWHLQH'LVVHUWDWLRQEHUGHQ2UW]X
VFKUHLEHQZRHUGHQ/LQGZXUPWRWVFKOXJ,FKPHLQHVWHLOVZUGH
YHUPXWHQGDHVLQGHUDQ;DQWHQJUHQ]HQGHQ%RQQHNDWKHU
+HLGHJHVFKHKHQVHLQPVVHGLHVRZVWGDOLHJWDOVREHLQ
/LQGZXUPVHLQHYROOH%DKQGDUDXIJHKDEWKDEH9RU]HLWHQWUXJHQ
XQVUH%lQNHOVlQJHUGLH*HVFKLFKWHYRPJHK|UQWHQ6LHJIULHGXQG
YRP5HLQHNH9RDXIGHP/DQGKHUXPXQGVDQJHQLKUH
.QLWWHOYHUVHGD]X:HUGDPDOVJHGDFKWKlWWHGDVROFKH0lUFKHQ
QRFKDXIV.DWKHGHUNRPPHQZUGHQ7HPSRUDPXWDQWXUHWQRV
PXWDPXULQLOOLV

(VOlWVLFKDQQHKPHQGD.DUOYRQ+HUWHIHOGV(LIHUDQGLHVHP
6SRWWHQLFKWHUODKPWHGLH=HLW LPJDQ]HQDEHUZDUGHU
ZLVVHQVFKDIWOLFKHQ%HVFKlIWLJXQJXQJQVWLJVHOEVW
ZLGHUVWUHEHQGXQGDOVLQGHQHUVWHQ7DJHQGHV-DKUHV GLH
<RUFNVFKH.DSLWXODWLRQLQ%HUOLQEHNDQQWZXUGHZDUHVPLWGHP
6WXGLXPDXIODQJHKLQYRUEHL1XUHLQ *HIKOEHKHUUVFKWHGLH
*HPWHULQVRQGHUKHLWGHU-XJHQGXQG.DUOYRQ +ZlUHPLW
XQWHUGHQHUVWHQJHZHVHQGLHGDPDOVGLH:DIIHQQDKPHQXQG
DXV]RJHQZHQQQLFKWVHLQHPHLJQHQ(QWKXVLDVPXVHLQDEVROXW
XQHQWKXVLDVWLVFKHU9DWHUPLWVHKUDEZHLFKHQGHQ$QVLFKWHQXQG
:QVFKHQHQWJHJHQJHVWDQGHQKlWWH6REUDFKWHUVHLQHU
.LQGHVOLHEHGDVGHQNEDUVFKZHUVWH2SIHUXQGEOLHERKQHVLFK
GXUFK0LGHXWXQJHQGHQHQHUNDXPHQWJHKHQNRQQWHEHLUUHQ
RGHUXPVWLPPHQ]XODVVHQ

$OVDEHUHLQKDOEHV-DKUVSlWHUGLH/HLS]LJHU6FKODFKWJHVFKODJHQ
XQGGHU0DUVFKDXI3DULVHLQHEHVFKORVVHQH6DFKHZDUZXUGLKP
GHU=ZDQJXQHUWUlJOLFKXQGHUEUDFKDXIXPZHQLJVWHQVHLQ
=HXJHGHUOHW]WHQHQWVFKHLGHQGHQ(UHLJQLVVH]XVHLQ$P 0lU]
ZDUHULQ/HLS]LJDPLQ)UDQNIXUWDPLQ&KDXPRQW
XQGVDK VLFKDPVHOEHQ$EHQGQRFKLQGLHEHLQDKIOXFKWDUWLJH
5FN]XJVEHZHJXQJGHVJURHQ+DXSWTXDUWLHUVKLQHLQJHULVVHQ
(QGOLFKZLHGHU]XU5XKHJHNRPPHQVFKULHEHUDQGHUWKDOE
:RFKHQVSlWHUYRQ'LMRQ DXV,FKZROOWH]XU$UPHHZLH'X
ZHLWXQGPXVWDWWGHVVHQLP5FNHQGHUVHOEHQXPKHU]LHKHQ
'DHVLP*HIROJHGHV+DXSWTXDUWLHUVJHVFKLHKWEHVVHUWZHQLJ
,QGLHVHP$XJHQEOLFNVLQGZLUDEJHGUlQJWXQGJHIlKUGHWRKQH
MHGH1DFKULFKWYRQGHU$UPHH0RUJHQDEHUZLOOLFKPLFKDQ*UDI
/RWWXPZHQGHQXPDXVVHLQHP0XQGH]XK|UHQZLHGLH'LQJH
VWHKHQ,Q]ZLVFKHQJHIlOOWPLU)UDQNUHLFKUHFKWJXWZHQLJVWHQV
EHUDOOGDZRPDQQRFKHWZDV]XOHEHQYRUILQGHW'LH/HXWHVLQG
K|IOLFKXQGIUHXQGOLFKXQGLFKZHUGHYRUWUHIIOLFKPLWLKQHQIHUWLJ
=XJOHLFKHUKDOWLFK.RPSOLPHQWHEHU.RPSOLPHQWHjFDXVHGH
PDKRQQrWHWp,FKELQIHVWEHU]HXJWGDGLHJHOHJHQWOLFK
IHLQGOLFKH+DOWXQJGHU(LQZRKQHUQXUYRQGHP]JHOORVHQ
%HWUDJHQGHUDOOLLHUWHQ$UPHHQKHUUKUW'LH9HUKHHUXQJHQ
EHUVWHLJHQDOOH9RUVWHOOXQJHQ9RQ&KDXPRQWELV7UR\HVKDELFK
LQGHQ'|UIHUQNHLQH(LQZRKQHUXQGYRQ1DQF\ELVGUHL/LHXHV
YRQ&KDWLOORQNHLQ)HGHUYLHKJHVHKQ8QGZHPVFKDGHQZLUGXUFK
VROFK*HEDUHQDPPHLVWHQ"8QVVHOEVW'LHQDFKUFNHQGHQ
7UXSSHQILQGHQQLFKWVXQGPVVHQQDFKVWDUNHQ0lUVFKHQDXFK
QRFKKXQJHUQ(EHQK|ULFKGDV+DXSWTXDUWLHUZHUGHVLFKQDFK
/\RQ EHJHEHQ,FKJODXEHVMHGRFKQLFKWGDZLUEHVWLPPWVLQG
VRZHLWQDFK6GHQKLQDXV]XELHJHQ*HVFKlKHVGRFKVREHNlP
LFKGLHVFK|QVWHQ6WlGWH)UDQNUHLFKV]XVHKHQXQGN|QQWH
YLHOOHLFKWLPPHUQRFKVDJHQGLH&DPSDJQHPLWJHPDFKW]X
KDEHQ
6R.DUOYRQ+DP0lU]9LHU7DJHVSlWHUKDWWHQVLFKGLH
'LQJHVHKUJHlQGHUWXQGGLH1DFKULFKWYRQGHUHQWVFKHLGHQGHQ
1LHGHUODJH1DSROHRQVEHL$UFLVVXU$XEHZLHVLHGHPJURHQ
+DXSWTXDUWLHUEHNDQQWJHZRUGHQZDUZDUDXFK]XU.HQQWQLV
XQVHUHV%ULHIVFKUHLEHUVJHODQJW(UPHOGHWHUVWGDV7DWVlFKOLFKH
GHP9DWHUXQGIlKUWGDQQIRUW(VNRPPWGLHVDOOHVYRP7LVFKH
GHV6WDDWVNDQ]OHUVPXDOVRZRKOULFKWLJVHLQhEULJHQVZLVVHQ
ZLUHUVWMHW]WGDZLULQ %DUVXU$XEHQDKHGDUDQJHZHVHQVLQG

LQNOXVLYH+DXSWTXDUWLHUXQG.DLVHUYRQgVWHUUHLFKDXIJHKREHQ]X
ZHUGHQ$P0RUJHQXPYLHU8KUEUDFKHQZLUYRQ%DUVXU$XEH
DXIXQGDP$EHQGZDU 1DSROHRQLQGHU6WDGW'HUJDQ]H
/DQGVWULFKLQGHPZLUXQVKLHUEHILQGHQLVWQLFKWDQQlKHUQGVR
YHUZVWHWZLH/RWKULQJHQXQGGLH&KDPSDJQHYLHOOHLFKWZHLO
EHUKDXSWXQGYRUDOOHPNHLQH5XVVHQKLHUKHUJHNRPPHQVLQG
'LH(LQZRKQHUVLQGlXHUVW]XYRUNRPPHQGXQGGDV
+DXSWTXDUWLHUKDWNHLQH8UVDFKH]XU.ODJH+LHUKDELFKDXFK]XP
HUVWHQPDOHLQIUDQ]|VLVFKHV6FKDXVSLHOJHVHKQ(VZDUHLQ
EUJHUOLFKHV/XVWVSLHOXQGEHUWUDIDOOPHLQH(UZDUWXQJHQ:LH
K|O]HUQH.O|W]HNRPPHQPLUXQVHUHGHXWVFKHQ6FKDXVSLHOHU
GDJHJHQYRU*HVWHUQZXUGHLQHGUHLDNWLJH2SHU 9LUJLQLHHW
3DXOLQDQJHNQGLJW'DIDQGLFKQXQIUHLOLFKXQG]XPDOLQGHQ
HIIHNWYROOHQ6]HQHQPHLQH/HXWHVHKUYHUlQGHUW(VJDEHLQ
I|UPOLFKHV+HXOHQ6FKUHLHQXQG+HUXPIDKUHQDXIGHP7KHDWHU
DOOHZDUHQZLH%HVHVVHQHXQGLFKIUFKWHWHHLQSDDUPDOVLH
ZUGHQVLFKGLH.OHLGHUYRP/HLEHUHLHQ:HQQLFKQLFKW
PHKUHUH6FKDXVSLHOHUYRP7DJHYRUKHULQLKQHQZLHGHUHUNDQQW
KlWWHVRZUGLFKQLHJHJODXEWKDEHQGDGLHVHOEHQ0HQVFKHQLQ
HLQHP*HQUHVRJXWXQGLQGHPDQGHUHQVRXQVLQQLJVHLQ
N|QQWHQ
'LHVHU]ZHLWH%ULHIDXV'LMRQ LVWYRP
6FKRQDP7DJHYRUKHUKDWWHQVLFKGLH'LQJHYRU3DULV
HQWVFKLHGHQXQG.DUOYRQ+HUWHIHOGEUDFKDXVGHUEXUJXQGLVFKHQ
+DXSWVWDGW 'LMRQ DXIXPVLFKDXIQlFKVWHP:HJHQDFKGHU
/DQGHVKDXSWVWDGW]XEHJHEHQ$PRGHU $SULOWUDIHUGDVHOEVW
HLQXQGVFKULHEYRQKLHUDXVHLQLJHGXUFKJXWH%HREDFKWXQJERQ
VHQVXQG+XPRUDXVJH]HLFKQHWH%ULHIHGHQHQLFKIROJHQGH
6WHOOHQHQWQHKPH

3DULV$SULO
,FKKDEHQXQGLHKHUUOLFKHQ.XQVWZHUNHPLW0XHDQJHVHKHQXQG
MHGHVPDOGDLFKZLHGHUKLQNDPKDELFKHWZDVQHXHV+HUUOLFKHV
HQWGHFNW:HOFKHU5HLFKWXPDQ*HPlOGHQKLHU]XVDPPHQJHKlXIW
LVWNDQQVW'XGDUDXVDEQHKPHQGDVLFKKLHUDOOHLQ 5DIIDHOV
EHILQGHQ$OOHVLVWQDFK6FKXOHQJHRUGQHWXQGZXQGHUWHVPLFK

QXUGDPDQGLHGHXWVFKHPLWGHUQLHGHUOlQGLVFKHQ
]XVDPPHQJHZRUIHQKDW
8QGZLHGLH6DPPOXQJHQKDEHLFKQXQDXFKGLHEHUKPWHVWHQ
7KHDWHU JHVHKHQ'LH*URH2SHULVWKHUUOLFKWURW]GHV*HEUOOV
GHU6lQJHUEHL%UDYRXUDULHQ,FKVDK,SKLJpQLHHQ$XOLGH0LU
JHILHOGHU*HVDQJDQIlQJOLFKUHFKWJXWDOVDEHUGLH6WHOOHNDP
ZR$FKLOOXQG$JDPHPQRQVLFK]DQNHQZDUHVNDXP]XP
$XVKDOWHQ8QGGRFKHUIROJWHJHUDGHMHW]WHLQ$SSODXGLVVHPHQW
GDGDV+DXVGU|KQWH+HUQDFKVDKLFK2USKpHGHUPLUYLHO
EHVVHUJHILHOZHLOQLFKWYROOVRVWDUNJHVFKULHHQZXUGH$EHUZDV
VROOLFKYRP%DOOHW VDJHQ'DVUHLWHLQHQJDQ]KLQDOOHVVWHKWDQ
VHLQHP3ODW]XQGJUHLIWLQHLQDQGHUMHGHU)LJXUDQWLVWLQVHLQHU$UW
HLQ.QVWOHU:LOOPDQDEHUHLQHQ.|USHUVHKQGHU]XPbWKHU
ZLUGVRLVWHVGLH*DUGHO%HVFKUHLEHQOlWVLFKLKU7DQ]JDUQLFKW
0DQVLHKWZHGHU*OLHGHUYHUGUHKXQJHQQRFKWRXUVGHIRUFHDOOHV
LVW*UD]LHZHQQVLHEHUGDV7KHDWHUKLQVFKZHEW:DVDEHUDP
PHLVWHQ]XYHUZXQGHUQLVWLVWGDVGDGLHVH)UDXVFKRQ
]ZHLXQGYLHU]LJ-DKUH]lKOW
,P7KpkWUHIUDQoDLVKDEHLFK6HPLUDPLVJHVHKQ'LHEHUKPWH
*HRUJHVSLHOWHGLH6HPLUDPLVXQG7DOPDGHQ$UVDFH7DOPDKDW
PLUVHKUJHQJWDEHUGLH*HRUJHJDUQLFKW(VLVWVRQGHUEDUPLW
GHUIUDQ]|VLVFKHQ7UDJ|GLHPDQEHJUHLIWDQIlQJOLFKQLFKWZLH
GLHVH'HNODPDWLRQVZHLVHJHIDOOHQNDQQXQGDP(QGHEULQJWVLH
GRFKHLQHQVFK|QHQ(IIHNWKHUYRU%HLGLHVHU*HOHJHQKHLWPXLFK
QRFKHWZDVHUZlKQHQZDVPLULQGLHVHP6WFNHVHKUDXIILHOXQG
YLHOOHLFKWDOV.RPPHQWDUIUGLHZDKUH6WLPPXQJGHV
IUDQ]|VLVFKHQ9RONHVGLHQHQNDQQ7DOPDKDWQlPOLFKDOV$UVDFH
IROJHQGH:RUWH]XVSUHFKHQ/HFLHOGRQQHVRXYHQWGHVURLV
GDQVVDYHQJHDQFH%HLGLHVHU6HQWHQ]HUIROJWHHLQ%HLIDOOGD
GDVJDQ]H+DXVZLGHUKDOOWH8QGJHZLZXUGHQLFKWEORGHVKDOE
DSSODXGLHUWZHLO7DOPDGLH:RUWHVFK|QJHVSURFKHQKDWWH
,QGHUHLJHQWOLFKHQOHLFKWHQ.RP|GLHVLQGGLH)UDQ]RVHQ
XQEHUWUHIIOLFKXQGLQGHQNOHLQHUHQ9DXGHYLOOHWKHDWHUQZR
GHUJOHLFKHQDXIJHIKUWZLUGPXPDQVLFKIDVWWRWODFKHQ6LQQLVW
LQDOOGLHVHQ6WFNHQKHU]OLFKZHQLJDEHUGDUDXINRPPWHVDXFK
JDUQLFKWDQZHQQQXUGHU8QVLQQJXWJHVSLHOWZLUGVRJHKWGDV
3XEOLNXPYHUJQJWQDFK+DXV8QGPLULVWHVHEHQVRJHJDQJHQ
,Q'HXWVFKODQGPWHPDQYRU/DQJHZHLOHXPNRPPHQZHQQ
HLQHPVRZDVYRUJHVSLHOWZUGH

=XP6FKOXPXLFK'LUQRFKVFKUHLEHQZLHVLFKDOOH7KHDWHU
EHHLIHUQ*HOHJHQKHLWVVWFNHYRU]XIDKUHQLQGHQHQHLQ9LYHOHURL
DQJHEUDFKWZHUGHQNDQQ'DQXQDEHUGLHIUDQ]|VLVFKH
*HVFKLFKWH]LHPOLFKDUPDQHGOHQ.|QLJHQLVWVRIlOOWDOOHVEHU
+HQUL ,9KHUGHUMHW]WXQWHUDOOHQP|JOLFKHQ)RUPHQDXIDOOHQ
P|JOLFKHQ%KQHQKHUXPZDQGHOQPX'DJLEWHV/DSDUWLHGH
FKDVVHGH+HQUL ,9+HQULHWG
$XELJQ\/HVRXSHUGH
+HQUL ,9RXODGLQGHHQSDOMDVRJDU/HGHVVHUWGH+HQUL ,9
,QDOOGLHVHQ6WFNHQVLQG/LHGHUDQJHEUDFKW]XP/REHGHU
.|QLJHGHUVRXYHUDLQVOpJLWLPHVGLHGDQQP|JOLFKVWEHNODWVFKW
ZHUGHQ'RFKZDUNHLQ$SSODXGLVVHPHQWVRVWDUNZLHEHLGHQ
REHQHUZlKQWHQ:RUWHQ7DOPDV
9RQ%HNDQQWHQKDELFKKLHUQRFK'|QKRII6DOSLXVXQG6HUUHGHQ
9DWHUJHVSURFKHQ

3DULVGHQ$SULO
'LH%DXWHQXQG$UEHLWHQGLH1DSROHRQWHLOVKDWYRUQHKPHQ
ODVVHQWHLOVYRUQHKPHQZROOWHJUHQ]HQZLUNOLFKDQGDV
5LHVHQKDIWH$XIGHP3ODW]ZRGLH%DVWLOOHVWDQGVROOWHHLQ
(OHIDQWYRQ%URQFH]Z|OIPDOJU|HUDOVHLQ QDWUOLFKHU]XVWHKHQ
NRPPHQ%ORXPGDV0RGHOODUEHLWHQ]XN|QQHQKDWPDQHLQ
WXUPlKQOLFKHV*HElXGHDXIIKUHQPVVHQ'LHVHU(OHIDQWVROOWH
EHUGHQSURMHNWLHUWHQ2XUFT.DQDOJHVWHOOWZHUGHQVRGDGLH
6FKLIIHXQWHULKPZHJJLQJHQEHLZHOFKHU$XIVWHOOXQJHU]XJOHLFK
DOV3URVSHNWGHUHEHQIDOOVQHXHGLHUWHQ5XHLPSpULDOHJHGLHQW
KDEHQZUGH'LH+HUVWHOOXQJGLHVHUQHXHQ6WUDHZXUGHZHLO
DOWH+lXVHUQLHGHUJHULVVHQZHUGHQPXWHQDXI 0LOOLRQHQ
)UDQFVEHUHFKQHW
,FKJHKHJHUQLQV7KHDWHUDEHUHVZLUGHLQHPIDVW]XZLGHUZHLO
LPPHUQXU*HOHJHQKHLWVVWFNHJHJHEHQZHUGHQLQGHQHQPDQ
EHLMHGHUSDVVHQGHQRGHUQLFKWSDVVHQGHQ6WURSKHZWHQG
DSSODXGLHUW-HGHVGHUYHUVFKLHGHQHQ7KHDWHUKDWVLFKZLHLFK'LU
VFKRQVFKULHEHLQYRQ+HQULTXDWUHKDQGHOQGHV6WFN
DQJHVFKDIIWGDVQXQMHGHQ$EHQG]XU$XIIKUXQJNRPPW'LH
6WLPPXQJGHV9RONV]HLJWVLFKGDEHLLQHLQHPVHKUJUHOOHQ/LFKWH
'HU.DLVHUYRQ5XODQGJOlQ]WYRUDOOHQDQGHUHQ)UVWHQXQGZLUG
IDVWDOVGHUHLQ]LJHDQJHVHKHQGHUHWZDV]XVDJHQKDEH'D]X

NRPPWQRFKGDVHLQ1DPHVLFKLQ*HGLFKWHQJXWDQEULQJHQOlW
ZRKLQJHJHQ)UpGpULF*XLOODXPHXQG)UDQoRLVLQNHLQHP&RXSOHW
UHFKWUHLPHQZROOHQVRVHKUVLFKDXFKGLH'LFKWHUDEDUEHLWHQ
VROFKH5HLPH]XILQGHQ

3DULVGHQ0DL
3DULVHQWKlOWMHW]WVRYLHOHPHUNZUGLJH0lQQHUZLHZRKOQLH
]XYRU$XHUGHQ0RQDUFKHQLVWIDVWGLHJDQ]HHQJOLVFKH
*HQHUDOLWlWKLHU/RUG:HOOLQJWRQDQGHU6SLW]H,FKKDEHGLHVHQ
PHUNZUGLJHQ0DQQLQGHU2SHUJHVHKHQ6FKDGHZDUHVGDHU
LQHLQHUGXQNOHQ/RJHVDXQG VLFKXPHLQLJHUHQJOLVFKHQ'DPHQ
ZLOOHQIDVWZLHLQHLQHQ:LQNHOJHVHW]WKDWWHVRGDLFKPLUVHLQH
*HVLFKWV]JHQLFKWUHFKWHLQSUlJHQNRQQWH1XUVRYLHOVDKLFK
GDLKPNHLQHVGHUPLULQ%HUOLQEHNDQQWJHZRUGHQHQ*HPlOGH
JOLFK(ULVWKDJHUXQGVHLQ *HVLFKWOlQJOLFKDXHUGHPDEHU
VFKLHQPLUHWZDVJDQ]XQHQJOLVFK$QVSUXFKORVHVGDULQ]XOLHJHQ
ZDVLKQPLUQRFKOLHEHUPDFKWH
'HU(LQ]XJ/XGZLJV;9,,,LVWDPYRULJHQ'LHQVWDJLQ6]HQH
JHJDQJHQ:HJHQGHU.U]HGHU=HLWKDWWHPDQQLFKWYLHO
$QVWDOWHQ]XVHLQHP(PSIDQJHWUHIIHQN|QQHQDXIGHP3RQW
1HXILQGHVVHQZDUGLH6WDWXH+HLQULFKV ,9YRUOlXILJLQ+RO]
DXIJHULFKWHWZRUGHQXQGYRQGHQ7UPHQZHKWHQZHLH)DKQHQ
PLWGDULQHLQJHVWHFNWHQ/LOLHQ'DV7RUYRQ6W 'HQLVGXUFKGDV
HUHLQ]RJZDUPLW7DSHWHQDXVGHU*REHOLQPDQXIDNWXUEHKDQJHQ
,FKJLQJLQGHQ)DXERXUJXQGVWHOOWHPLFKDXIHLQ]XP=XVFKDXHQ
HUEDXWHV*HUVW$OVEDOGHUVFKLHQGHU.|QLJ(UZDUIDVWPHKU
YRQ1DWLRQDOJDUGHQDOVYRQIUDQ]|VLVFKHQ7UXSSHQEHJOHLWHWXQG
ZHLOGHU=XJGHV*HGUlQJHVKDOEHURIWVWRSIWHKDWWLFK
*HOHJHQKHLW6HLQH0DMHVWlWPLWDOOHU0XH]XEHWUDFKWHQ*HUDGH
YRUXQVHUHP*HUVWPXWHUIDVWHLQH9LHUWHOVWXQGHKDOWHQHK
GHU:HJGXUFKGDV7RURIIHQZDU1DFKGHQ*HPlOGHQ
/XGZLJV ;9,]XXUWHLOHQKDWHUYLHObKQOLFKNHLWPLWVHLQHP
XQJOFNOLFKHQ%UXGHU'LH1DWLRQDOJDUGHQULHIHQ9LYHOHURLGLH
7UXSSHQDEHUPDUVFKLHUWHQVWXPPYRUEHU%HVRQGHUVGLH
*DUGHQ(LQYHUELVVHQHU,QJULPPZDULQGLH*HVLFKWHUGHUDOWHQ
*UHQDGLHUVHLQJH]HLFKQHW

9RUHLQLJHQ7DJHQWUDILFKLP 7KHDWHUPLWHLQHP+HUUQLQHLQHU
/RJH]XVDPPHQGHQLFKDQIlQJOLFKIUHLQHQ'HXWVFKHQRGHU
+ROOlQGHUKLHOWELVLFKGXUFKLKQHUIXKUGDHU%HVLW]XQJHQLQ
$QMRXKDEHXQGMHW]WDOV'HSXWLHUWHUKLHUVHL:HLWHUKLQHU]lKOWH
HUPLUHUKDEHVHLWGUHL0RQDWHQZHGHU$EJDEHQEH]DKOWQRFK
VHLHQ5HNUXWHQHLQJH]RJHQZRUGHQ(VKDEHVLFKQlPOLFKLQ
$QMRX0DLQHXQGGHU9HQGpHHLQHVWDUNH3DUWHLRUJDQLVLHUWGHUHQ
0LWJOLHGHUPLWGHUZHLHQ.RNDUGHDP+XWGDV/DQGGXUFK]|JHQ
XQGGLH3ROL]HLEHDPWHQGLHGLH6WHXHUQ XQGGLH.RQVNULELHUWHQ
HLQ]LHKHQZROOWHQHLQIDFKZHJMDJWHQ(VVHLHQ]ZDU
 *HQVGDUPHVVDPW.DYDOOHULHYRQGHUVSDQLVFKHQ$UPHH
KHUDQEHRUGHUWXQGPLW+HUVWHOOXQJGHU2UGQXQJEHDXIWUDJW
ZRUGHQHLQLJH'HSXWLHUWHKlWWHQDEHUGHP3UlIHNWHQUXQGZHJ
HUNOlUWGDHUGLH*HQVGDUPHVZLHGHUIRUWVFKLFNHQPVVH
ZLGULJHQIDOOVVLHZDKUVFKHLQOLFKWRWJHVFKODJHQZUGHQ8QGGDV
VHLGHQQDXFKEHIROJWZRUGHQ,Q]ZLVFKHQKDEHGLHN|QLJOLFKH
6DFKHJHVLHJWXQGDOOHVVHLZLHGHUUXKLJ

3DULVGHQ0DL
,FKKDEHQHXHUGLQJV*UDI(EHUKDUG'DQFNHOPDQQKLHU
NHQQHQJHOHUQW(UZLOOQDFK/RQGRQ XQGKDWPLFKDXIJHIRUGHUW
PLFKLKPDQ]XVFKOLHHQ,Q9RUDXVVLFKW'HLQHU=XVWLPPXQJZHUG
LFKHVWXQ'LH5HLVHPDFKWVLFKOHLFKWLQGUHL7DJHQELQLFKGRUW
XQGJHGHQNHPLFKDQGHUWKDOE:RFKHQGDVHOEVWDXI]XKDOWHQLQ
ZHOFKHU=HLWVLFKVFKRQHLQLJHVVHKHQOlW*UDI'DQFNHOPDQQ
JHKWYRQ/RQGRQDXVQDFK*RWKHQEXUJXQGYRQ*RWKHQEXUJDXI
VHLQH*WHULQ/LYODQGLFKDEHUJHGHQNHGDV3DFNHWERRW]X
EHQXW]HQGDVYRQ+DUZLFKDXI$PVWHUGDPIlKUWXQGZHUGHYRQ
GRUWDXVHLQHQ$EVWHFKHUQDFK'LHUVIRUWK]X2QNHO:\OLFK
PDFKHQ

.DUOYRQ+HUWHIHOGKDWWHVLFKHQWVFKORVVHQLQ*HVHOOVFKDIWYRQ
*UDI(EHUKDUG'DQFNHOPDQQHLQHQ$EVWHFKHUQDFK/RQGRQ]X
PDFKHQXQGIKUWHGLHVHQ(QWVFKOXDXFKDXV(UEHULFKWHWH
GDUEHUQDFK/LHEHQEHUJKLQ

/RQGRQGHQ0DL
(UVWDPNRQQWHQZLUYRQ%RXORJQHDEVHJHOQZHLOVLFKGDV
6FKLIIELVGDKLQGXUFKZLGULJHQ:LQGLP+DIHQ]XUFNJHKDOWHQ
VDK*HQDQQWHQ7DJHVDEHUZXUGHQZLUHLOLJDQ%RUGJHUXIHQXQG
NDPHQJOFNOLFKDXVGHP+DIHQKHUDXV$QIDQJVEHOXVWLJWHPLFK
GLHVQLHJHVHKHQH6FKDXVSLHODXHURUGHQWOLFK%DOGLQGHVVHQZXUG
HVDQGHUVXQGGLH1DFKW]lKOW]XGHQXQDQJHQHKPVWHQGLHLFKMH
]XJHEUDFKWKDEH'LH.DMWHZDUQXUNOHLQXQGLQGLHVHPHQJHQ
5DXPHODJHQZLH.UDXWXQG5EHQGXUFKHLQDQGHU]HKQ]Z|OI
0HQVFKHQGLHDOOHPHKURGHUPLQGHUVHHNUDQNZDUHQ'DEHL
PDFKWHLQHQGDVhEHOVRWUlJHGDPDQVLFKQLFKWEHUZLQGHQ
NDQQDXI]XVWHKHQXQGGHQHLQPDOHLQJHQRPPHQHQ3ODW]XP
HLQHVEHVVHUHQ ZLOOHQ]XZHFKVHOQ
$PDQGHUQ0RUJHQZROOWHQZLUPLWGHU3RVWNXWVFKHQDFK/RQGRQ
GDMHGRFKGUHL3DTXHWERRWHVFKRQYRUXQVLQ'RYHUDQJHNRPPHQ
ZDUHQVRZDUHQDOOH,QVLGH3OlW]HEHVHW]W'LH2XWVLGHKDWVLFK
DEHUVHLW0RULW]
=HLWHQVHKUYHUlQGHUW6HLQH%HVFKUHLEXQJSDW
JDUQLFKWPHKUXQGLFKNDQQIJOLFKYHUVLFKHUQLQ'HXWVFKODQG
PLW([WUDSRVWQLFKWDQJHQHKPHUJHIDKUHQ]XVHLQ)UHLOLFKPDJ
VHKUYLHOYRQGHU*HVHOOVFKDIWDEKlQJHQPLWGHUPDQUHLVW:LU
KDEHQHVKLHULQJOFNOLFKJHWURIIHQ8QVHUH5HLVHJHVHOOVFKDIWHU
ZDUHQ*HQWOHPHQGLHZLHZLUYRQ3DULVNDPHQXQGPHLVWHQV
HWZDV)UDQ]|VLVFKVSUDFKHQ,Q&DQWHUEXU\ZRJHIUKVWFNW
ZXUGHPDFKWHQZLU%HNDQQWVFKDIWXQGIDQGHQLQLKQHQHEHQVR
K|IOLFKHZLH]XYRUNRPPHQGH/HXWH'LH*HJHQGGXUFKGLHZLU
IXKUHQZDUKHUUOLFKXQGLQGHQ'|UIHUQKDWWHQGLH
3DFKWHUZRKQXQJHQ6SLHJHOVFKHLEHQ
$XIGHP:HJHYRQ&DQWHUEXU\QDFK5RFKHVWHUVDKHQZLUGLH
UXVVLVFKH)ORWWHYRU$QNHUOLHJHQ,Q5RFKHVWHUVHOEVWZXUGH
GLQLHUWYHUVWHKWVLFKJDQ]DXIHQJOLVFKH$UW:LUEHNDPHQHUVW
YRUWUHIIOLFKHQ)LVFKGDQQN|VWOLFKH%HHIVWHDNHVXQGGDQDFKHLQHQ
NOHLQHQ3XGGLQJ'HQ%HVFKOXPDFKWHHLQXQJHKHXUHV6WFN
.lVH0DQHUKlOWKLHUZHQLJHU*HULFKWHDOVLQ)UDQNUHLFKDEHUDOOH
VLQGYRUWUHIIOLFK]XEHUHLWHWXQGGLH3RUWLRQHQNRORVVDO,Q*DGVKLOO
KLHOWHQZLUYRUHLQHP:LUWVKDXVDXIGHVVHQ6FKLOGHZLU6LU-RKQ
)DOVWDIIHUNDQQWHQGHUYRQ3RLQVXQGGHP3ULQ]HQDEJHSUJHOW
ZLUG(LQHKDOEH6WXQGHVSlWHUHUVFKLHQ6W 3DXODP+RUL]RQWXQG
HKHGLH'lPPHUXQJHLQILHOJLQJHVEHUGLH:HVWPLQVWHU%UFNH
DQ:KLWHKDOOYRUEHLQDFK&KDULQJFURVVZRGLH3RVWNXWVFKHKLHOW

8QGQXQQDKPXQVHLQ0LHWVZDJHQDXIXQGEUDFKWXQVQDFKGHP
+{WHO%DXHULQ/HLFHVWHU6TXDUH
/RQGRQGHQ-XQL
,FKELQQXQHLQH:RFKHKLHUXQGKDEHPDQFKHUOHLEHREDFKWHW
:DVHLQHPLQGLHVHUXQJHKHXUHQ6WDGWDPPHLVWHQDXIIlOOWLVW
GDDOOHVRKQH6ROGDWHQ*HQVGDUPHQXQG3ROL]HLEHDPWHQLQ
2UGQXQJJHKDOWHQZLUG'HV$EHQGVEHLGHQ7KHDWHUQZR
]XZHLOHQ+XQGHUWHYRQ:DJHQVWHKHQHQWZLFNHOWVLFKGDV
*HZLUUHVR UXKLJGDPDQGDUEHUHUVWDXQW'LH)XJlQJHU
YHUKDOWHQVLFKHEHQIDOOVJDQ]SDVVLY'DGLH7URWWRLUVXQG]ZDU
JHUDGLQGHQOHEKDIWHUHQ6WUDHQQXUVFKPDOVLQGVRNRPPWHV
YRUGDPDQGHUEJHVWRHQZLUGXQG]XU6FKDGORVKDOWXQJZLHGHU
DQGHUHVW|WGLHVZXQGHUWDEHUQLHPDQGHQXQGQRFKZHQLJHU
IlOOWHVLKQHQHLQPLWHLQHP3DUGRQXP9HU]HLKXQJ]XELWWHQ
'LH7KHDWHUVLQGKLHUSUlFKWLJEHVRQGHUVGDVYRQ'UXU\ODQH
DOOHVEOLQNWLQGHP+DXVHYRQ9HUJROGXQJ6SLHJHOXQG%URQFH
'LH6FKDXVSLHOHUJHIDOOHQ PLUDEHULQ&RYHQWJDUGHQEHVVHU,FK
KDEHGRUWGHQ+DPOHWXQG2WKHOORJHVHKHQXQGREZRKOLFK
QLFKWVGDYRQYHUVWDQGPDFKWHQGLHVH9RUVWHOOXQJHQGRFKHLQHQ
EHLZHLWHPWLHIHUHQ(LQGUXFNDXIPLFKDOVGLH3KqGUHXQG
6HPLUDPLVLP7KpkWUHIUDQoDLV
9RQ0HUNZUGLJNHLWHQKDELFKELVMHW]WQXUGLH:HVWPLQVWHU
$EWHLGHQ7RZHU6W 3DXOVXQGHLQLJHXQEHGHXWHQGHUH6DFKHQ
JHVHKHQ:DVPLULP7RZHUDPPHLVWHQLPSRQLHUWHZDUGLH
NRORVVDOH0HQJHYRQ*HZHKUHQ'HU)KUHUVDJWHPLUGD
 GDZlUHQXQGLFK JODXEHQLFKWGDHUEHUWULHEHQKDW
'HQQDXHUGHQHQGLHDXIJHVWHOOWVLQGZDUQRFKHLQ6DDOHWZD
LQ*U|HHLQHUNOHLQHQ5HLWEDKQJDQ]PLW.LVWHQDQJHIOOWLQ
GHQHQVLFKHLQJHSDFNWH*HZHKUHEHIDQGHQDOOHEHVWLPPWQDFK
'HXWVFKODQGXQG6SDQLHQDE]XJHKHQ(VVROOHQQDFKGHU$XVVDJH
GHV)KUHUV 6WFNZ|FKHQWOLFKYHUIHUWLJWZHUGHQ9RQ
VROFKHQ)DEULNHQKDWPDQGRFKDXHULQ(QJODQGJDUNHLQHQ
%HJULII
(VZHUGHQKLHUVHLWHLQLJHQ7DJHQJURH$QVWDOWHQ]XU
,,OXPLQDWLRQXQGDQGHUQ)HVWOLFKNHLWHQJHPDFKWGLHEHLP
(PSIDQJHGHV.DLVHUVXQG.|QLJVLQ6]HQHJHKHQVROOHQ,Q
ZHOFKHP5XIHKLHU%OFKHU VWHKWLVWXQEHVFKUHLEOLFK6HLQ

(PSIDQJZLUGJHZLHEHQVRJOlQ]HQGVHLQZLHGHUGHU0RQDUFKHQ
XQGYLHOOHLFKWQRFKJOlQ]HQGHUGHQQDXIHLQHPDUUDQJLHUWHQ
'LQHUKDWPDQGLH*HVXQGKHLWXQVUHV.|QLJVDXIIROJHQGH$UW
JHWUXQNHQ*HQWOHPHQ,SURSRVHWKUHHFKHHUVIRUWKHPDVWHURI
ROG%OFKHUhEHUPRUJHQZHUGHQDOOHGLHKRKHQ)UHPGHQZLH
VLHKLHUJHQDQQWZHUGHQHUZDUWHWXQGZHQQHLQ(LQ]XJ
VWDWWILQGHW ZHUGHQJHZLYLHOH0HQVFKHQHUGUFNWZHUGHQ
1RFKKDEHLFK'LU]XVFKUHLEHQYHUJHVVHQGDHLQ(QJOlQGHUGHU
PLWXQVYRQ%RXORJQHQDFK/RQGRQUHLVWHVRZRKO*UDI
'DQFNHOPDQQZLHPLFK]XHLQHU$EHQGJHVHOOVFKDIWDXI
EHUPRUJHQJHEHWHQKDW'DVLVWPLUVHKULQWHUHVVDQWXQGLFK
ZHUGHKLQJHKHQ

/RQGRQGHQ-XQL
'HU(QJOlQGHUGHUXQV]XP7HHJHEHWHQKDWWHKLH0U 7ZLJJ
'DPHKUHUH3HUVRQHQLQGHU*HVHOOVFKDIW)UDQ]|VLVFKVSUDFKHQ
VRNRQQWHLFKDQLKUHU8QWHUKDOWXQJWHLOQHKPHQ*HJHQHOI8KU
ZXUGHQ(LVXQG0DGHLUDZHLQSUlVHQWLHUWXQGGDUDXIQDFKHLQHP
)RUWHSLDQRJHWDQ]W'RFKPXLFKRIIHQEHNHQQHQLQPHLQHP
/HEHQQLFKWV8QJHVFKLFNWHUHVJHVHKHQ]XKDEHQ'HU7DQ]ZDU
HLQH$UWYRQ(FRVVDLVHEOLHEGHQJDQ]HQ$EHQGLQ3HUPDQHQ]
XQGZHFKVHOWHEORGLH7RXUHQ8QJHIlKUXPHLQ8KUWUHQQWHVLFK
GLH*HVHOOVFKDIW
,FKNRPPHQXQ]XU$QNXQIWGHU0RQDUFKHQXQGGHV
)HOGPDUVFKDOOV%OFKHU'HU.DLVHUYRQ5XODQGXQGXQVHU.|QLJ
KDWWHQVLFKGXUFKHLQ,QNRJQLWRGHP-XEHOGHUVSDOLHUELOGHQGHQ
+XQGHUWWDXVHQGH]XHQW]LHKHQJHZXWGHUDOWH%OFKHU DEHU
ZXUGHEHL&KDULQJFURVVHUNDQQWXQGZHQLJIHKOWHVRKlWWHPDQ
LKPGLH3IHUGHDXVJHVSDQQWXQGLKQLP7ULXPSKHKHUHLQJH]RJHQ
$QMHGHUUXVVLVFKHQRGHUSUHXLVFKHQ(TXLSDJHGLHIROJWHKDWWHQ
DQGUHLLJRGHUYLHU]LJ0HQVFKHQDQJHIDWGLHQXQXQWHUODXWHP
+X]]DJHVFKUHLPLWGHPLQVFKDUIHP7UDEHIDKUHQGHQ:DJHQ
6FKULWWKLHOWHQ'DEHLGLHVHU([SHGLWLRQQLFKWYLHOHJHUlGHUW
ZRUGHQVLQGZXQGHUWPLFKDXHURUGHQWOLFK
7DJVGDUDXIZDU$VFRW5HQQHQ'DGLH0RQDUFKHQXQG%OFKHULKU
(UVFKHLQHQ]XJHVDJWKDWWHQVRZDUHQDOOH3RVWFKDLVHQVFKRQDP
7DJHYRUKHUJHPLHWHWZRUGHQ,FKZDUDEHUVRJOFNOLFKQRFK

HLQHQ3ODW]]XILQGHQ9RUGHU/RJHLQGHU%OFKHUVDVWDQG
DOOHVXQEHZHJOLFKVRGDGLH6FKLHGVULFKWHUXQG$XIVHKHU0KH
KDWWHQIUGLHODXIHQGHQ3IHUGH3ODW]]XPDFKHQ
$OVEDOGGDUDXIGLH0RQDUFKHQHUVFKLHQHQZXUGHQVLHPLWODXWHP
=XUXIHPSIDQJHQ'DV*HVFKUHLZDUDEHUIDVWQRFKlUJHUDOVVLFK
%OFKHU]X3IHUGHVHW]WHXQGGLH%DKQGXUFKULWW'LH5HQQSIHUGH
ZDUHQPHLVWHQVVHKUVFK|QDEHUVHKUYHUVFKLHGHQYRQDOOHQ
DQGHUHQ3IHUGHQGLHPLUELVMHW]W]X*HVLFKWJHNRPPHQVLQG
6HOEVWGLHJHZ|KQOLFKHQ5HLWSIHUGHKLHUZHQQVLHDXFKQRFKVR
VFK|QVLQGKDEHQNHLQHbKQOLFKNHLWPLWGHQ5HQQSIHUGHQ'LH
+XIHLVHQGHU5HQQHUPRFKWHQDOOHYLHU]XVDPPHQNDXP]ZHL
3IXQGZLHJHQ'DV=DXP]HXJEHVWDQGLQHLQHU7UHQVH
+LHUPLWVFKOLHHQGLH%ULHIH%DOGQDFKKHUHUIROJWHGLH+HLPUHLVH
GLHPLW%HQXW]XQJGHU0DLOEHU&ROFKHVWHUQDFK+DUZLFKXQG
YRQ+DUZLFKDXVDXIGHP3DFNHWERRWHELV5RWWHUGDPJLQJ,Q
'LHUVIRUWKEHL2QNHO:\OLFKZXUGHLQHNXU]H5DVWJHQRPPHQ
XQG0LWWH-XOLZDUXQVHU5HLVHQGHUZLHGHU]XUFN$XVGHP
JHSODQWHQ.ULHJV]XJHZDUHLQHGXUFKGLH=HLWYHUKlOWQLVVH
EHVRQGHUVLQWHUHVVDQWH.DYDOLHUWRXUJHZRUGHQ

,Q%lOGHQDKP.DUOYRQ+VHLQH6WXGLHQZLHGHUDXIHQWVDJWH
GHPJHVHOOVFKDIWOLFKHQ/HEHQXQGVWHFNWHPLWGHULKPHLJHQHQ
$VVLGXLWlWLQDOOHUKDQGSK\VLNDOLVFKHQXQGFKHPLVFKHQ
([SHULPHQWHQDOVLP0lU]SO|W]OLFKGLH1DFKULFKWYRQ+DXV
]X+DXVOLHI1DSROHRQZLHGHUGD=XU%HNlPSIXQJGHV
:HOWVW|UHQIULHGVVHW]WHVLFKZLHEHNDQQWDOOHVXQYHU]JOLFKLQ
%HZHJXQJXQGGLHVPDO PLWGDEHL]XVHLQZDUHLQXQHUOlOLFKHV
*HERWGHU(KUH6HOEVWGHUDOWH)UHLKHUUHQWKLHOWVLFKMHGHQ
ZHLWHUHQ:LGHUVSUXFKVXQGZLOOLJWHZLHVFKRQHU]lKOWLQGHQ
(LQWULWWGHV6RKQHVEHLYRQ&RORPEV +XVDUHQ'DVZDULP0DL
0LWWHGHV0RQDWV DP HUUHLFKWH.DUOYRQ +VHLQ]ZLVFKHQ
:HJHOHEHQXQG4XHGOLQEXUJLQ&DQWRQQHPHQWV4XDUWLHUHQ
OLHJHQGHV5HJLPHQWXQGVFKULHE7DJHVGDUDXI,FKELQGHU
 6FKZDGURQXQWHU5LWWPHLVWHUYRQ=\FKOLQVNL]XJHWHLOWZRUGHQ
ZDVPLUDXHURUGHQWOLFKOLHELVW'HQQLQGLH'HSRWVFKZDGURQ
JHVWHFNW]XZHUGHQZDVGRFKLPPHUKLQP|JOLFKZDUZlUHGDV
1RQSOXVXOWUDYRQ8QDQQHKPOLFKNHLWIUPLFKJHZHVHQ,FK

EHILQGHPLFKZRKOXQG-RFKHQ GHU5HLWNQHFKWGHQLKPGHU$OWH
PLWJHJHEHQ EHQLPPWVLFKVRJHVFKLFNWDOVREHUVFKRQMDKUHODQJ
JHGLHQWKlWWH*OHLFKGDQDFKHUIROJWHGHU$XIEUXFK$PZDU
PDQLQ*RVODUDPLQ.DVVHOXQG]ZHL7DJHVSlWHULQ)ULW]ODU
,FKELQYRQGHU 6FKZDGURQGHV5LWWPHLVWHUVYRQ=\FKOLQVNL
]XU 6FKZDGURQGHV5LWWPHLVWHUVYRQ/RsQYHUVHW]WZRUGHQGHU
VHKUK|IOLFKJHJHQXQV9RORQWlUVLVWZRPLWVLFKYRQ=\FKOLQVNL
QLFKWDXIKLHOW(EHQVRLVW0DMRUYRQ&RORPEYRQJURHU
)UHXQGOLFKNHLWJHJHQXQV,Q.DVVHOWUDWHULQHLQHQ*DVWKRILQ
GHPZLUVDHQVHW]WHVLFK]XXQVXQGDPLWXQV'DVKlWWHQ
QLFKWYLHOH5HJLPHQWVNRPPDQGHXUHJHWDQ:HQQ'XVFKUHLEVWVR
VFKUHLEHEOR$QGHQ9RORQWlUYRQ+HUWHIHOGLP
+XVDUHQUHJLPHQW1R ,9 $UPHHFRUSV.DYDOOHULHGLYLVLRQ3ULQ]
:LOKHOPYRQ3UHXHQ8QWHUGLHVHU$GUHVVHWUHIIHQPLFKDOOH
6HQGXQJHQDPVLFKHUVWHQ
$P-XQLZDUGDV5HJLPHQWLQ.|OQDPLQ$DFKHQXQGDP
LQ9LVHWDQGHU0DDV(VJHKWQXQDQGHQ)HLQG(U LVWJDQ]
QDK(LQ6LJQDOXQWHUEUDFKLKQKLHUXQGGLHQlFKVWHQ =HLOHQ
YRP VLQGEHUHLWVVHFKV7DJHQDFK:DWHUORRJHVFKULHEHQ
)UKDPEUDFKHQZLUDXIXQGPDUVFKLHUWHQLQHLQHPIRUWELV
ZLUDPDEHQGV]XU$UPHHVWLHHQXQGLQHLQHP
DXIJHZHLFKWHQ%RGHQELYRXDNLHUWHQ$PDQGHUQ0RUJHQ  
GHILOLHUWHGLH,QIDQWHULHDQXQVYRUEHL*HJHQ0LWWDJVHW]WHQZLU
XQVHEHQIDOOVLQ0DUVFKXQGQLFKWODQJHVRK|UWHQZLUHLQH
.DQRQDGHGLHEHVWlQGLJZXFKV(VZXUGHXQVHWZDVVFKZO
'DQQDEHUKLHHV7UDEXQGHLQHNOHLQH:HLOHQRFKVRODJGDV
6FKODFKWIHOGYRUXQVXQGGLH.XJHOQSILIIHQXQVXPGLH2KUHQ
(LQHZHLWOlXIWLJH%HVFKUHLEXQJGHU6FKODFKWZLUVW'XYRQPLU
QLFKWYHUODQJHQLFKZHLDXFKQXUZLH
VDXIGHP)OHFNH
]XJHJDQJHQLVWDXIGHPZLUVWDQGHQ:LUPXWHQDQIlQJOLFK]ZHL
%DWWHULHQGHFNHQXQGDEZHFKVHOQG%HZHJXQJHQQDFKUHFKWVXQG
OLQNVPDFKHQ$OOHVLPKHIWLJVWHQ.DQRQHQIHXHU3O|W]OLFKJLQJHV
LP7UDEHYRUZlUWVXQG]ZDULQVROFKHU(LOHGDJDUQLFKWHLQPDO
5HJLPHQWIRUPLHUWZXUGHVRQGHUQ MHGH6FKZDGURQIUVLFKEOLHE
(LQHNOHLQH$QK|KHKDWWHQZLUYRUXQV$OVZLUGDKLQDXINDPHQ
VWDQGHQIUDQ]|VLVFKH/DQFLHUVYRUXQVXQGQXQJLQJ
VGUDXIORV
$EHUHKHZLUQRFKKHUDQZDUHQPDFKWHQVLHNHKUWXQGQXQJLQJ
HVPXQWHUKLQWHUKHU,FKVHW]WHHLQHP2IIL]LHUQDFKXQGVWDFKLKQ
LQGHQ5FNHQLQGHPVHOEHQ$XJHQEOLFNDEHUKLHELKQXQVHU
:DFKWPHLVWHUEHUV*HVLFKWVRGDHUJOHLFKKHUXQWHUVWU]WH6R
JLQJHVQRFKHLQH6WUHFNHZHLWHUELVZLULQ,QIDQWHULHIHXHUNDPHQ

XQGQXQXQVHUHUVHLWVNHKUWPDFKWHQ,QHLQLJHU(QWIHUQXQJ
UDLOOLHUWHQZLUXQVZLHGHUNDPHQDEHUQLFKWPHKU]XU$WWDFNHXQG
EOLHEHQQXULPPHUHLQHPVWDUNHQ.DQRQHQIHXHUDXVJHVHW]W
*HJHQ$EHQGUFNWHQUHFKWVYRQXQVXQJHKHXUH7UXSSHQPDVVHQ
LQGLH)URQW(VZDUGLHHQJOLVFKH$UPHHGHU6LHJZDUXQVHU:LU
YHUIROJWHQGHQ)HLQGQRFKHLQH6WUHFNHNDPHQDEHUQLFKWDQLKQ
ZHLODQGHUH5HJLPHQWHUYRUXQVZDUHQ
,PJDQ]HQJHQRPPHQKDWGLH*HIDKUNHLQHQJURHQ(LQGUXFNDXI
PLFKJHPDFKWXQGLVWJHULQJHUDOVLFKJHJODXEWKDEH:LUVLQG
DPVWlUNVWHQPLWYRUJHZHVHQXQGGRFKKDWXQVUH6FKZDGURQQXU
]ZHLXQGGUHLLJWRWHXQGYHUZXQGHWH3IHUGHXQG0HQVFKHQ
6HLWGHP6FKODFKWWDJHVLQGZLURKQHZHLWHUHV*HIHFKWELV
KLHUKHU 6W *HUPDLQEHL*XLVH YRUJHUFNW'LH)UDQ]RVHQODXIHQ
ZRZLUKLQNRPPHQ%HL/DRQDEHUVROOHQVLHVLFKHUQVWOLFK
ZLGHUVHW]WKDEHQ*HVWHUQZDULFKDXI)HOGZDFKW'LH(LQZRKQHU
NDPHQDXV*XLVHKHUDXVXQGVDJWHQXQVGLH7RUHVHLHQRIIHQ
:LUULWWHQQXQYRURKQH]XEHGHQNHQGDHLQIHVWHV6FKOR
QHEHQGHU6WDGWJHOHJHQLVW(LQ*OFNGDGLH)UDQ]RVHQ
IULHGOLFKJHVLQQWZDUHQVRQVWKlWWHPDQXQVXQDQJHQHKP
EHJUHQN|QQHQ6RZXUGHLQH=HLWODQJXQWHUKDQGHOWELVZLU
VFKOLHOLFKPLWODQJHU1DVHDE]LHKHQPXWHQ'LHOlQJVWHDEHU
NULHJWHGHU2IIL]LHUGHUXQVJHIKUWKDWWH

5DPERXLOOHWGHQ-XOL
9HU]HLKGDLFKVRVSlWHUVWZLHGHUVFKUHLEH$EHUREVFKRQZLU
VHLWGHP Y 0LPPHUQXUXQEHGHXWHQGH*HIHFKWHJHKDEW
KDEHQVRKDWWHQZLUGRFKEHVWlQGLJGLH9RUSRVWHQ8QVHU0DUVFK
JLQJEHL&RPSLqJQHYRUEHLQDFK&UHLODQGHU2LVHZRZLU
]XQlFKVWGLH%UFNHIRUFLHUWHQXQGGDQQEHU6HQOLVZHLWHU
YRUUFNWHQ'HQ]ZHLWHQ7DJQDFKGHPhEHUJDQJEHUGLH2LVH
NDPHQZLU3DULVVRQDKHGDZLUGHXWOLFKGLHYHUJROGHWH.XSSHO
GHU,QYDOLGHQXQGGDV3DQWKHRQXQWHUVFKHLGHQNRQQWHQ:LU
KXQJHUWHQVHKUXQGHVZXUGHPLUVFKZHUPLUGLHJXWEHVHW]WH
7DIHOLP3DODLV5R\DODXVGHP*HGlFKWQLV]XEULQJHQ,QHLQHP
1DFKWPDUVFKHJLQJHVGDQQELVYRU6W *HUPDLQHQ/D\HGHVVHQ
6HLQHEUFNHGXUFK]ZHLXQVEHJOHLWHQGH,QIDQWHULHEDWDLOORQH
JHQRPPHQZXUGH'HU7DJGDUDXIZDUGHU8QJOFNVWDJDQGHP
VLFKGLHEUDQGHQEXUJLVFKHQXQGSRPPHUVFKHQ+XVDUHQLQ

9HUVDLOOHVEHUIDOOHQVDKHQXQGVRVFKZHUH9HUOXVWHKDWWHQ,Q
9HUVDLOOHVZRZLUEDOGGDQDFKHLQUFNWHQXPGHQ5FNHQGHU
$UPHH]XGHFNHQHPSILQJHQZLUGLH1DFKULFKWYRQGHU
.DSLWXODWLRQYRQ3DULVXQGGHPDEJHVFKORVVHQHQ:DIIHQVWLOOVWDQG
9RUJHVWHUQVLQGZLUKLHULQ5DPERXLOOHWHLQJHWURIIHQXQGLQGLH
N|QLJOLFKHQ6WlOOHHLQTXDUWLHUWZRUGHQ=XPHUVWHQ0DOHZLHGHU
QDFKODQJHU=HLWGXUIWHQZLUDEVDWWHOQ
,QGHPLFKGLHVVFKUHLEHNRPPW0DUVFKEHIHKO(LQLJHVDJHQHV
JLQJHQDFK&KDUWUHV
0LW-RFKHQ6FKXO]ELQLFKDXHURUGHQWOLFK]XIULHGHQLFKJODXEH
VFKZHUOLFKGDLFKHLQHQEHVVHUHQ0HQVFKHQKlWWHILQGHQ
N|QQHQ

%ORLVGHQ$XJXVW
hEHU&KkWHDX5H\QDXGVLQGZLUKLHUKHUPDUVFKLHUW'LH)UDQ]RVHQ
VWHKHQLQGHU9RUVWDGWDPDQGHUHQ8IHUGHU/RLUHXQGZLU
YHUNHKUHQPLWLKQHQ$P*HEXUWVWDJHGHV.|QLJV $XJXVW
JDEHQXQVHUH2IIL]LHUHHLQHJURH)HWH]XGHUDXFKGLH
IUDQ]|VLVFKHQ6WDEVRIIL]LHUHJHODGHQZXUGHQ6RQVWOHEHQZLUKLHU
ODQJZHLOLJXQGEULQJHQGLH=HLWPLW3DUDGHQXQG([HU]LHUHQKLQ
0LW-RFKHQ6FKXO]GHUVLFKVHKUZRKOEHILQGHWKLQLFKQDFKZLH
YRU]XIULHGHQ'LH6FKODFKWKDWHUQLFKWPLWJHPDFKWZHLOVHLQ
3IHUGJHGUFNWZDULQIROJHGHVVHQHUEHLGHU%DJDJH
]XUFNEOHLEHQPXWH%HL&UHLOKROWHHUPLFKZLHGHUHLQIDQG
DEHUNHLQH*HOHJHQKHLWPHKU]X+HOGHQWDWHQ

3DULVGHQ$XJXVW
0LWGHPXQDXVVSUHFKOLFKVWHQ9HUJQJHQEHQDFKULFKWLJHLFK'LFK
GDLFKGXUFKYHUVFKLHGHQH=XIlOOHQDFK3DULV JHNRPPHQELQ
+LHUZDQGWLFKPLFKVRIRUWDQGHQ*UDIHQ$QWRQ6WROOEHUJXQG
3ULQ]:LOKHOP ZDUVRJQlGLJPLUGHQ8UODXEXPGHQLFKEDW
RKQHZHLWHUHV]XEHZLOOLJHQ,FKELQDOVRMHW]WIUHLXQGKRIIHQRFK
YRUGHP 2NWREHULQ/LHEHQEHUJ]X VHLQ-RFKHQ6FKXO]KDELFK
OHLGHUQLFKWORVPDFKHQN|QQHQHUPXEHLP5HJLPHQWHEOHLEHQ
ELVDOOH)UHLZLOOLJHQHQWODVVHQZHUGHQ

+LHULQ3DULVLVWMHW]WDOOHVYLHOUXKLJHUDOVLPYRULJHQ-DKUH$XV
GHU*HPlOGH EH]LHKXQJVZHLVH$QWLNHQJDOHULHVLQGVFKRQYLHOH
6WFNHZHJJHQRPPHQXQGHLQJHSDFNWZRUGHQEHVRQGHUV
XQVUHUVHLWV0LUWXWHVOHLGGDPDQGLHKHUUOLFKH6DPPOXQJ
]HUVWFNHOW(VVLQGKDOEH0DUHJHOQ:ROOWHPDQGLHVH6FKlW]H
GHQ)UDQ]RVHQQLFKWODVVHQVRPXWHPDQDOOHV IRUWVFKDIIHQXQG
HVDQLUJHQGHLQHPDQGHUQ]ZHFNPlLJHQ2UWHDXIVWHOOHQ6R
VFKDGHWHVQXUGHU.XQVWXQGEULQJWXQVNHLQHQ9RUWHLO
(VVFKHLQWIDVWDOVREGHQ3DULVHUQGDV5HFKWEHULKUH6LHJHU]X
ODFKHQQLFKWJHQRPPHQZHUGHQNDQQ8QWHUGHP7LWHO
&RVWXPHVGHVDUPpHVGHVDOOLpV HQYHUNDXIHQVLHGLH
OHLGHUQXU]XSDVVHQGHQ.DULNDWXUHQUXVVLVFKHUSUHXLVFKHUXQG
HQJOLVFKHU2IIL]LHUH9RU]JOLFKVFK|QKDEHQVLHGHQUXVVR
SUHXLVFKHQ *HVFKPDFNDOVRGHQGLH0HQVFKHQLQHLQH:HVSH
]XYHUZDQGHOQDXIJHIDW,FKGHQNHHLQLJHGHUEHVWHQGLHVHU
.DULNDWXUHQPLW]XEULQJHQ

3DULVGHQ6HSWHPEHU
0HLQ$XIHQWKDOWKLHUKDWVLFKJHJHQPHLQHQ:LOOHQYHU]|JHUW
-HW]WDEHUZRGDV*HOGDQJHNRPPHQLVWJHGHQNLFK
EHUPRUJHQGHQDE]XUHLVHQ$XVXQGYRQ3DULVNDQQLFK
ZHQLJ(UIUHXOLFKHVVFKUHLEHQ9RUHLQSDDU7DJHQHQWVWDQGLP
3DODLV5R\DOHLQ6WUHLW]ZLVFKHQIUDQ]|VLVFKHQXQGDOOLLHUWHQ
2IIL]LHUHQXQG6ROGDWHQ9RQVHLWHQGHU)UDQ]RVHQOLHHQVLFK
KDXSWVlFKOLFK6FKPlKXQJHQXQG'URKXQJHQDXI3UHXHQ K|UHQ
REJOHLFKGHU=DQNHLJHQWOLFK]ZLVFKHQ(QJOlQGHUQXQG)UDQ]RVHQ
HQWVSUXQJHQZDUhEHUKDXSWLVWGHU+DGHU)UDQ]RVHQJHJHQGLH
3UHXHQ DXIVK|FKVWHJHVWLHJHQ%HOHLGLJXQJHQGLHYRQVHLWHQ
GHU(QJOlQGHU5XVVHQXQGgVWHUUHLFKHUDXVJHKHQZHUGHQGLHVHQ
QLFKWDQJHUHFKQHWXQGDXIGLH3UHXHQJHVFKREHQhEHUKDXSW
VFKHLQW3UHXHQGHP6FKLFNVDOHJHKDW]XZHUGHQQLFKW
HQWJHKHQ]XN|QQHQ'RFKGDUEHUPQGOLFKPHKU

0LWGLHVHQ=HLOHQYRP6HSWHPEHUVFKOLHHQGLHIQI]HKQHU
.ULHJV XQG5HLVHEULHIH

=X%HJLQQGHV2NWREHUVZDU.DUOYRQ+DEHUPDOVLQ%HUOLQXQG
QDKPZLHGDV-DKU]XYRUVHLQHVSUDFK XQG
QDWXUZLVVHQVFKDIWOLFKHQ6WXGLHQZLHGHUDXI$EHUDXFKGLHVPDO
RIWXQWHUEURFKHQZHLOGLHPLWMHGHP7DJHPHKU]XWDJHWUHWHQGH
6FKZlFKHGHV9DWHUVLKQDOOZ|FKHQWOLFKQDFK/LHEHQEHUJULHI
(QGOLFKDP $SULOHUODJGHU$OWHVHLQHUODQJZLHULJHQXQG
VFKPHU]KDIWHQ.UDQNKHLWXQGGHUHUVWHLQXQG]ZDQ]LJ-DKUDOWH
6RKQEHUQDKPGLH*WHU2EVHOEVWlQGLJRGHU]XQlFKVWQRFK
XQWHU9RUPXQGVFKDIWHUVHKLFKQLFKWPLW%HVWLPPWKHLWDXVGHQ
VFKULIWOLFKHQhEHUOLHIHUXQJHQ
'LHVHZHUGHQEHUKDXSWMHW]WlUPHUXQGNlUJOLFKHUXQGJHVWDWWHQ
XQVVHLQ/HEHQQXUQRFKLQGHQ+DXSW]JHQ]XYHUIROJHQ,FK
JHEHGDUDXVGDV:LFKWLJVWH
'HUJURH%HVLW]GHULKP]XJHIDOOHQZDUYHUJU|HUWHVLFKQRFK
VWDUEGHUWROOH9HWWHUYRQ+lVHQ2QNHO:\OLFK
XQGGLH+LQWHUODVVHQVFKDIWHQEHLGHUOLHHQVHLQHUKHLQLVFKHQXQG
PlUNLVFKHQ*WHUNRPSOH[HQLFKWXQHUKHEOLFKDQZDFKVHQ
$XFKVHLQ%DUYHUP|JHQZXFKV$P-XQL -DKUHVWDJGHU
6FKODFKWEHL %HOOH$OOLDQFH HUIROJWHVHLQH9HUPlKOXQJPLW(PLOLH
+HQULHWWH/RXLVH0ROODUGHLQHUUHLFKHQ(UELQ3UHGLJHU:LOPVHQ
YRQGHU3DURFKLDONLUFKHWUDXWHGDVMXQJH3DDU
(LQLJH-DKUHVSlWHUZXUGH.YRQ+XQWHUGHP7LWHO
5LWWHUVFKDIWVUDWHLQHVGHUOHLWHQGHQ0LWJOLHGHUGHV
PLWWHOPlUNLVFKHQ.UHGLWLQVWLWXWVXQGIXQJLHUWHDOV
9RUVLW]HQGHUEHLGHU9HUVDPPOXQJGHU'HXWVFKHQ/DQG XQG
)RUVWZLUWH]X3RWVGDP
,QQRFKYROOHU0DQQHVNUDIWWUDILKQGLH5HYROXWLRQYRQ
GHUHQ3ULQ]LSLHQHUWURW]GHPHUHLQHPJHPlLJWHQ/LEHUDOLVPXV
]XQHLJWHYRQ$QIDQJDQEHNlPSIWH1LFKWQXUZDUHUGHUHUVWHQ
HLQHUGLHGXUFK%HLVWHXHUXQJEHGHXWHQGHU0LWWHOGLH
.UHX]]HLWXQJLQV/HEHQULHIHQHUVFKXIDXFKVLHEHQ-DKUH
VSlWHU  GLH%HUOLQHU5HYXHGLHGLHVHLWGHPLPPHU
HLQIOXUHLFKHUJHZRUGHQH/HKUHSURNODPLHUWHGDGLHVR]LDOHQ
,QVWLWXWLRQHQGLHSROLWLVFKHQHU]HXJHQXQGEHKHUUVFKHQ

WUDWHUYRQGHU5HYXH]XUFNXQGEHWHLOLJWHVLFKYRQ
HEHQGLHVHU=HLWDQDQGHU+HUDXVJDEHGHU-DKUEFKHUIU
*HVHOOVFKDIWV XQG6WDDWVZLVVHQVFKDIWHQGHUHQ(QWZLFNHOXQJ
XQG*HGHLKHQHUELV]XOHW]WPLWEHVRQGHUHP,QWHUHVVHYHUIROJWH
'LHVHVHLQHSXEOL]LVWLVFKH7lWLJNHLWDEHUVHNXQGLHUWHQXUVHLQHU
SDUODPHQWDULVFKHQ(UZDUYRQELV0LWJOLHGGHU(UVWHQ
YRQELV 0LWJOLHGGHU=ZHLWHQ.DPPHUXQGZXUGH
RGHULQGDV+HUUHQKDXVEHUXIHQDQGHVVHQ6LW]XQJHQHUELV
]XVHLQHP7RGHWHLOQDKP
,QYRUVWHKHQGHPKDELFKNXU]HLQLJH'DWHQJHJHEHQ
hEHUEOLFNLFKDXIGLHVHJHVWW]WGLH*HVDPWKHLWVHLQHV/HEHQV
VRWHLOWHVVLFKLQ]ZHLVFKDUIJHVFKLHGHQH+lOIWHQLQHLQH
VSRUWVPlQQLVFKODQGZLUWVFKDIWOLFKHELVXQGLQHLQHSROLWLVFK
SDUODPHQWDULVFKHQDFKhEHUEHLGH+lOIWHQHLQSDDU:RUWH
QRFKDXIGLH*HIDKUKLQHLQRGHUGDVDQGHUH]XZLHGHUKROHQ
9RQ+HUWHIHOGKDWWHVFKRQLP6RPPHUZLHVLFKVHLQHQDXV
/RQGRQPLWJHWHLOWHQ%ULHIHQXQVFKZHUHQWQHKPHQOlWHLQH
9RUOLHEHIU(QJODQG JHIDWXQGWUDWDOVHU]ZHL-DKUHVSlWHUGLH
*WHUEHUQDKPLQLQWLPHGXUFKVHLQJDQ]HV/HEHQKLQ
IRUWJHIKUWH%H]LHKXQJHQ]XGLHVHP/DQGH:DVLKQDQ]RJLVWLP
HLQ]HOQHQQLFKW]XVSH]LIL]LHUHQLQDOOHP HUVFKLHQHVLKP
YRUELOGOLFK(UVDKLQ(QJODQGQLFKWVJOHLFKYLHOREHVHLQ*URHV
RGHU.OHLQHVHLQ0DWHULHOOHVRGHU*HLVWLJHVZDULQGHPHUQLFKW
IUHXGLJXQGQHLGORVHLQHK|KHUH.XOWXUVWXIHEHJUWKlWWH'LH
JHVHOOVFKDIWOLFKH)RUPGLH)UHLKHLWGHU,QVWLWXWLRQHQGLH
'HWDLODXVELOGXQJLQ7HFKQLNXQG+DQGZHUN DOOHVZDUEHVVHU
DOOHVYRP6WLHIHOELV]XP+XWYRQGHUNOHLQVWHQ1DGHOELV]XU
JU|WHQ0DVFKLQH=XPHLVWDEHUHPSIDQGHUGLHVHQ8QWHUVFKLHG
DXIGHP*HELHWHGHU$JULNXOWXU%RGHQEHVWHOOXQJ$FNHUEDX
9LHK]XFKWDOOHVHUIROJWHQDFKHLQHPZLVVHQVFKDIWOLFKHQ*HVHW]H
YRQGHVVHQ9RUKDQGHQVHLQPDQLP3UHXLVFKHQQRFKNDXPHLQH
$KQXQJKDWWH'LHVZLUNWHGHUDUWDXILKQHLQGDHUVLFKGDV=LHO
HLQHUDOOPlKOLFKHQZLUWVFKDIWOLFKHQ$QJOLVLHUXQJVWHOOWH*DQ]ZLH
7KDHULQ0|JOLQGHUHEHQIDOOVGXUFK(QJODQGDQJHUHJWZRUGHQ
ZDUHQWVFKLHGHUVLFKIUGLHQHXHQ*UXQGVlW]HGHU)UXFKWIROJH
GHU.UHX]XQJXQGULFKWHWHVHLQHQ6LQQLQVRQGHUKHLWDXI%HVVHUXQJ

GHV9LHKVWDQGHVDXI9HUHGOXQJGHV3IHUGHV,QOHW]WHUHU$XIJDEH
IDQGHUDOVEDOGVHLQHK|FKVWH%HIULHGLJXQJXQGZDVDQIDQJVQXU
GHQ=ZHFNJHKDEWKDWWHGHU/DQGZLUWVFKDIW]XGLHQHQ
HQWZLFNHOWHVLFKPHKUXQGPHKU]XP6SRUW(UEHJDQQ
9ROOEOXWSIHUGH]XWUDLQLHUHQXQGZDUXQWHUGHQHQGLHGLHVHLWGHP
]XVRJURHP)ORUXQG$QVHKHQJHNRPPHQHQ%HUOLQHU5HQQHQLQV
/HEHQULHIHQ(LQVGHUVHOEHQIKUWQRFKMHW]WGHQ1DPHQ
+HUWHIHOG5HQQHQ$XFKNDQQHVDOVXQ]ZHLIHOKDIWJHOWHQGD
HUGHP/DQGHGXUFKGLHVHPHKUDOV]ZDQ]LJMlKULJHQ
$QVWUHQJXQJHQHUKHEOLFKH'LHQVWHJHOHLVWHWKDW$EHUIUHLOLFKDXI
VHLQH.RVWHQ(UJDE8QVXPPHQKLQRKQHMHPDOVHLQSDDU
$XVQDKPHQDEJHUHFKQHWLQIROJHJURHU5HQQVLHJHGLH5HFKQXQJ
DXVJHJOLFKHQ]XKDEHQ
(VNDQQQLFKWEHUUDVFKHQGDVHLQHU5HQQSIHUGHSDVVLRQHLQH
YHUZDQGWHVSRUWVPlQQLVFKH/HLGHQVFKDIWHQWVSUDFK(USDFKWHWH
+HLGHQXQG:lOGHUXPJURH-DJGHQ DE]XKDOWHQ+HW]MDJGHQ
-DJGHQPLWGHU0HXWH7UHLEMDJGHQ]XGHQHQGDQQDXVGHU
1DFKEDUVFKDIWDEHUPHKUQRFKDXV%HUOLQHLQHUHLFKH=DKOYRQ
*HODGHQHQHUVFKLHQ*HQHUDOH0LQLVWHU3ULQ]HQXQGDOV
HLJHQWOLFKVWHUELHQYHQX3URIHVVRU)UDQ].UJHUGHUEHUKPWH
7LHU XQG6FKODFKWHQPDOHUGHUVHLQ(UVFKHLQHQLQMDJGOLFK
LOOXVWULHUWHQ%ULHIHQDQ]XPHOGHQSIOHJWH
6RJLQJHVGXUFK-DKU]HKQWHKLQELVGHU0lU]HLQHQ6WULFK
GXUFKDOOGLHVPDFKWH9RQ+HUWHIHOGJDE:HWWUHQQHQXQG
)XFKVMDJGHQDXIXQGZDUIVLFKPLWJOHLFKHP(LIHUDXISROLWLVFKH
'LQJH9RQGHU7ULEQHKHUZLUNHQXQGGXUFKGLH0DFKWVHLQHU
5HGHKLQUHLHQ]XN|QQHQZUGHGHQ(KUJHL]VHLQHV/HEHQV
HUVFK|SIWKDEHQ$EHUGLHVEOLHELKPYHUVDJW(UKDWWHQLFKWGLH
*DEHGHU5HGHJHVFKZHLJHGLH0DFKW GHUVHOEHQXQGPXWHVLFK
GDPLWEHJQJHQPLWGHU)HGHUWlWLJ]XVHLQ
(UWDWGLHVZLHVFKRQDQJHGHXWHWLQGHQPDQQLJIDFKVWHQ
SXEOL]LVWLVFKHQ2UJDQHQDEJHVHKHQYRQHLQHPJDQ]HQ+HHUYRQ
%URVFKUHQXQG$XIVlW]HQ]XGHQHQHUGHQ$QVWRJDE
$XIVHLQHUSROLWLVFKSXEOL]LVWLVFKHQ+|KHVWDQGHUDOVHUGHU
=ZHLWHQ.DPPHUDQJHK|UWH'DVZDUYRQELV,P
HUVWJHQDQQWHQ-DKUHOLHHU'HQNVFKULIWHQXQG3URPHPRULDV
HUVFKHLQHQGLHIUXQVHUJHVDPWHV9HUIDVVXQJVOHEHQ
LQVRQGHUKHLWDEHUIUGLH1HXJHVWDOWXQJGHU(UVWHQ.DPPHU

HLQLJH%HGHXWXQJJHZDQQHQXQGZHQQLFKUHFKWXQWHUULFKWHWELQ
DQREHUVWHU6WHOOH]ZDUQLFKWGXUFKZHJEHIROJWDEHUGRFKLP
HLQ]HOQHQ]X5DWHJH]RJHQZXUGHQ
(VGHXWHWYHUVFKLHGHQHVGDUDXIKLQVRVFKULHEHULQHLQHP
GLHVHU3URPHPRULDVGDHV$EVLFKW6HLQHU0DMHVWlWXQGGHU
6WDDWVUHJLHUXQJLVWHLQHIXQGDPHQWDOH8PJHVWDOWXQJXQVHUHU
MHW]LJHQ  (UVWHQ.DPPHU HLQWUHWHQ]XODVVHQ(VOlWVLFK
DXFKPXWPDHQDXIZHOFKHQHXH*UXQGODJHKLQGLH
8PJHVWDOWXQJHUIROJHQVROO,KUH]ZHLZLFKWLJVWHQ3XQNWHZHUGHQ
VHLQ GLHMHZHLOLJH(UQHQQXQJ GXUFK6HLQH0DMHVWlWXQG HLQH
HUVW]XVFKDIIHQGHHUEOLFKH 3DLULH
*HJHQEHLGHVXQWHUKlOWLFK%HGHQNHQXQG]ZDU
 *HJHQGLH(UQHQQXQJ
(UQDQQWH3DLUVHQWEHKUHQGHU.UDIWGHP+HUUVFKHUXQGGHU
6WDDWVJHVHOOVFKDIWHLQHZLUNOLFKH6WW]H]XVHLQ'LHVOlWVLFK
KLVWRULVFKQDFKZHLVHQ(VIHKOWHLQHVWW]HQGH.UDIWEHUDOOGD
ZRGLHKLVWRULVFKH%HJUQGXQJ IHKOWQDKPGLH
)HEUXDUUHYROXWLRQYRQGHQDXI/HEHQV]HLWHUQDQQWHQ3DLUV/RXLV
3KLOLSSVVRZHQLJ1RWL]GDGDVVRXYHUlQH9RON GDVGLH
'HSXWLHUWHQNDPPHUGRFKZHQLJVWHQVGHU(KUHZUGLJWHVLH
GXUFK*HZDOW]XEHVHLWLJHQ DQGHP3DODLV/X[HPEXUJ
YRUEHUJLQJ(VEOLHEXQEHVWUPW(VGDFKWHQLHPDQGDQGLH
3DLUV
 *HJHQHLQHHUVW]XVFKDIIHQGHHUEOLFKH 3DLULH
(LQHHUVW]XVFKDIIHQGHHUEOLFKH3DLULHILQGHWLQ3UHXHQ]ZHL
+LQGHUQLVVHD GLH(UQHQQXQJYRQ3DLUVGLHGHQ%HVLW] KDEHQ
DEHUGHVKLVWRULVFKHQ+LQWHUJUXQGVYLHOOHLFKWHQWEHKUHQE GLH
1LFKW(UQHQQXQJYRQ3DLUVGLHGHQKLVWRULVFKHQ+LQWHUJUXQG
KDEHQDEHUHLQHVDXVUHLFKHQGHQ*URJUXQGEHVLW]HVHQWEHKUHQ
(VPXGDVQRWZHQGLJXQG]ZDUJDQ]EHVRQGHUVLQGHQ
6WDPPSURYLQ]HQGHU0RQDUFKLH]XU9HUOHW]XQJGHU
5LWWHUJXWVEHVLW]HUXQGGHVLQLKQHQYHUWUHWHQHQDOWVWlQGLVFKHQ
(OHPHQWHVIKUHQ8QGQXQGLHVVWlQGLVFKH(OHPHQWVHOEVW(VLVW
]ZDUGXUFKHLJHQHZLHIUHPGH6FKXOGWLHIJHVXQNHQDEHU HV
VWHFNWQRFK/HEHQVNUDIWGDULQXQGNDQQVLFKZLHGHUHUKROHQ
9HUJOHLFKWPDQGLHMHW]LJHQ5LWWHUJXWVEHVLW]HUPLWLKUHQ9lWHUQ
XQG*URYlWHUQYRUIQI]LJ-DKUHQVREHPHUNWPDQGD

*WHUVFKDFKHU/HLFKWVLQQ9HUVFKZHQGXQJXQG%DQNHURWWGDPDOV
YLHOKlXILJHUZDUHQDOVMHW]W(LQ]HOQHVLQGXQWHUJHJDQJHQDOOHLQ
GHU6WDQGGHULP%RGHQZXU]HOWLVWQLFKW YHUQLFKWHW
(LQDQGHUHUhEHOVWDQG VRIlKUWHUIRUW LVWGHUGDHLQH
OHGLJOLFKDXI*UXQGEHVLW] EDVLHUWHHUEOLFKH3DLULHGHQ
*HOGNDSLWDOEHVLW]DXVVFKOLHW'DULQOLHJWDEHUHLQH*HIDKU
*HOGNDSLWDOLVWXQOHXJEDUDXFKHLQH0DFKWXQGGLHVH0DFKW]XU
2SSRVLWLRQJHJHQHLQQHXHV,QVWLWXWKHUDXV]XIRUGHUQZLOOXQV
QLFKWUDWVDPHUVFKHLQHQ8QWHUDOOHQ8PVWlQGHQLQGHVVLQGZHGHU
*UXQGEHVLW]QRFK*HOGNDSLWDOGDUDQJHZ|KQWVLFKGXUFKHLQLJH
KHUYRUUDJHQGH6SLW]HQGLHQXUYRQREHQKHUHUQDQQWDEHUQLFKW
GXUFK1lFKVW,QWHUHVVLHUWHJHZlKOW ZXUGHQIUYHUWUHWHQ]X
HUDFKWHQ,P*HJHQWHLOGHUJU|HUHQLFKW HUQDQQWH7HLOZUGH
VLFKJHJHQHLQ,QVWLWXWZHQGHQGXUFKGDV HUVLFKHUQLHGULJW
JODXEW6LQGGLHVH3UlPLVVHQULFKWLJVRIROJWGDUDXVGDHLQH
:DKO DXFKIUHLQH3DLUVNDPPHUQLFKWJDQ]DXV]XVFKOLHHQLVW

6RZHLW+HUWHIHOG$XFKEHUGHQ0RGXVGLHVHU:DKOYHUEUHLWHWHU
VLFKLPZHLWHUHQ9HUODXIVHLQHV3URPHPRULDVXQGZQVFKWGDQDFK
HWZD *URJUXQGEHVLW]HUXQG *URNDSLWDOLVWHQLQGHU(UVWHQ
.DPPHU]XVHKHQYRQGHQHQGLHVHZLHMHQHGXUFKHLQH
PLQGHVWHQVGUHLLJIDFKH=DKOLKUHUHLJHQHQ*UXSSHJHZlKOW VHLQ
PVVHQ
(VLVWDXIGLHVHVHLQH9RUVFKOlJHZHQLJVWHQV GLUHNWQLFKW
HLQJHJDQJHQZRUGHQXQGZLHKLQ]XJHVHW]WZHUGHQPX
JOFNOLFKHUZHLVHQLFKW(UYHUVDKHVQlPOLFKLQHLQHPZLFKWLJHQ
3XQNWHGDULQGDHU*URJUXQGEHVLW]XQGKLVWRULVFKHQ
+LQWHUJUXQGDOVKDOEHMDGHU0HKU]DKOGHU)lOOHQDFKDOVJDQ]H
*HJHQVlW]HIDWH'LHVHU*HJHQVDW]ILHODEHUWHLOVIRUWWHLOVZXUG
HUXPJDQJHQ
8PHV]XZLHGHUKROHQHUGUDQJQLFKWGXUFK8QWHUDOOHQ
8PVWlQGHQDEHU]HLJHQ'HQNVFKULIWHQZLHGLHVHPLWZHOFKHP
(UQVWXQGZHOFKKLVWRULVFKHU6DFKNHQQWQLV HUDQGLHJURHQ
7DJHVIUDJHQKHUDQWUDW8QGQDPHQWOLFKGLHVOHW]WHUHYHUGLHQW
KHUYRUJHKREHQ]XZHUGHQ(UZDUYRQHLQHUDXHURUGHQWOLFKHQ
,QIRUPLHUWKHLWXQGVRZHQLJJOlQ]HQGVHLQHUVWHU6FKXOJDQJ
XQWHU0DJLVWHU*UHLIV/HLWXQJJHZHVHQVHLQPRFKWHVR

KHUYRUUDJHQGZDUQLFKWVGHVWRZHQLJHUVHLQ:LVVHQJDQ]
EHVRQGHUVGLH0HQJH VHLQHV:LVVHQV(UJHK|UWH]XMHQHQ
*OFNOLFKHQGHQHQDOOHVZDVVLHVHKHQXQGK|UHQDXILPPHULP
*HGlFKWQLVEOHLEW$XHUGHPDEHUZDUHUYRQHLQHUZDKUHQ
/HVHOHLGHQVFKDIWHUJULIIHQXQGQLFKWVHUVFKLHQXQGZHQQHVGDV
VFKHLQEDU:HLWDEOLHJHQGVWHJHZHVHQZlUHYRQGHPHUQLFKW
1RWL]JHQRPPHQKlWWH6RNDPHVGDHUPLWGHQ
YHUVFKLHGHQVWHQ.QVWOHUQXQG*HOHKUWHQEHNDQQWXQG
EHIUHXQGHWPLWMHGHPLQVHLQHU6SUDFKH]XUHGHQYHUPRFKWH
6HOEVWPLW3KLORORJHQ(UZDULQDOOHQ6lWWHOQJHUHFKWXQGGRFK
ZHGHUUHFKWKDEHULVFKQRFKVWUHLWVFKWLJQRFKSUlWHQWL|V(VODJ
YLHOPHKUXPJHNHKUWLQVHLQHU1DWXULPPHUGLHOLHEHQVZUGLJVWHQ
)RUPHQ]XZDKUHQXQG]ZDUHLQHUVHLWVZHLOHUKXPRULVWLVFK
DQGUHUVHLWVZHLO HURKQH:LVVHQVEHUVFKlW]XQJZDU(VJDOWLKP
YLHODEHUHVEHGHXWHWHLKPQLHGLH+DXSWVDFKH
6HLQHJOlQ]HQGVWH6HLWHZDUVHLQH:RKOWlWLJNHLW(UEHVDHLQHQ
ZDKUHQ+HOIHGUDQJXQGKDOILPJURHQXQGNOHLQHQ8QWHUDQGUHP
UKUWGLH%HVWLPPXQJYRQLKPKHU GDDOOH7DJHO|KQHUDXI
VHLQHQ%HVLW]XQJHQ$QVSUXFKDXIIUHLHQ'RNWRUXQGIUHLH0HGL]LQ
KDEHQLQIROJHGHVVHQHLQXQJODXEOLFKHU0HGL]LQNRQVXPLQ
/LHEHQEHUJXQG8PJHJHQGHLQJHULVVHQLVW
$OVHUVWDUEIDQGHQVLFKQHEHQYLHOHQDQGHUQ/HJDWHQDXFK
  7DOHUYRUDXVGHQHQXQWHUDOOPlKOLFKHU+HUDQ]LHKXQJ
DXVVWHKHQGHU*HOGHUHLQ6WLIWXQJVIRQGVHLQHUVHLWV]X
'RWLHUXQJDOWHU/LHEHQEHUJHU%HDPWHQDQGUHUVHLWV]XU
8QWHUVWW]XQJDXJHQEOLFNOLFKLQ%HGUlQJQLVJHUDWHQHU
)DPLOLHQPLWJOLHGHUJHELOGHWZHUGHQVROOWH'LHVH+HUDQ]LHKXQJ
DXVVWHKHQGHU*HOGHUJHVFKDKXQGZHQLJH-DKUHVSlWHUZDUPLW
+LOIHGHUVHOEHQGHUXUVSUQJOLFKH 7DOHU)RQGVDXI
  7DOHUDQJHZDFKVHQZDVEHLGHPQDWUOLFKHQ+DQJHGHU
0HQVFKHQVLFKLKUHUHLQJHJDQJHQHQ9HUSIOLFKWXQJHQ QLFKW ]X
HULQQHUQHLQHQ0DVWDEGDIUDEJHEHQPDJZHOFKH+|KHGHU
6WLIWXQJVIRQGVHLJHQWOLFK KlWWHJHZLQQHQPVVHQ'HUDOWH
+HUWHIHOGKDOIQlPOLFKLPPHUDXI:RUWXQGQDKPHVQLHJHQDX
PLWGHU$XVVWHOOXQJYRQ6FKXOGVFKHLQHQ
,QGHQOHW]WHQ-DKUHQVHLQHV/HEHQVVFKULWWHU]XU*UQGXQJHLQHV
)DPLOLHQ)LGHLNRPPLVVHVDXIGHVVHQQlKHUH)HVWVHW]XQJHQLFK
DQDQGHUHU6WHOOH]XUFNNRPPH

'HQ)HEUXDUVWDUEHU $XVGHP7HPSOLQVFKHQXQG
5XSSLQVFKHQXQGQLFKW]XPZHQLJVWHQDXVGHU+DXSWVWDGWVHOEVW
ZDUHQDP%HJUlEQLVWDJHYLHOH+XQGHUWH]XU(UZHLVXQJGHUOHW]WHQ
(KUHKHUEHLJHNRPPHQDQLKUHU6SLW]HGLH.ULHJHUYHUHLQHYRQ
=HKGHQLFNXQG2UDQLHQEXUJXQGKDWWHQYRP6FKORELV]XU
.LUFKHKLQ6SDOLHUJHELOGHW$QGHU6SLW]HGHV=XJHVVFKULWWHQ
VLHEHQ*HLVWOLFKHYRQGHQHQGHU=HKGHQLFNVFKHGLH7UDXHUUHGH
KLHOW(UJHGDFKWHGHV9HUVWRUEHQHQDOVHLQHVWUHXHQ3DWULRWHQ
HLQHV9DWHUVVHLQHU8QWHUJHEHQHQHLQHVLPPHUEHUHLWHQ +HOIHUV
GHU$UPHQ:LWZHQXQG:DLVHQ8QGGDEHLKREHUXQWHUJURHU
%HZHJXQJDOOHUGHUHUGLHGLH*UXIWXPVWDQGHQKHUYRUGDHU
DOVHUGHPQXQLQ*RWW5XKHQGHQLQVHLQHUOHW]WHQ/HEHQVVWXQGH
QRFKHLQH:LWZH]XU8QWHUVWW]XQJHPSIRKOHQKDEHQLFKWQXUGHU
DOWJHZRKQWHQ+HU]HQVJWHVRQGHUQDXFKQRFKGHPVFK|QHQXQG
FKULVWOLFKHQ:RUWHEHJHJQHWVHL0DFKHQZLU
VJOHLFK3DVWRULFK
KDEHQLFKWYLHO=HLWPHKU]XYHUOLHUHQ8QGVRVHLVHLQOHW]WHV
LUGLVFKHV7XQMHQHV:RKOWXQ JHZHVHQGDVEHUKDXSWVHLQ/HEHQ
DXVJHPDFKWKDEH
6RGHU*HLVWOLFKH
'DQDFKDEHUWUXJHQVLHGHQ]LQQHUQHQ6DUJGHPPDQREHQQDFK
6LWWHGHVYRULJHQ-DKUKXQGHUWVHLQH*ODVSODWWHJHJHEHQLQGLH
*UXIWXQGVHW]WHQLKQDQGLH6HLWHVHLQHULKPLP7RGH
YRUDXIJHJDQJHQHQ*DWWLQ
8QGGDPLWZDUGHUOHW]WH6SURGHVDOWHQFOHYLVFKHQ*HVFKOHFKWV
GHU+HUWHIHOGV ]XVHLQHQ9lWHUQYHUVDPPHOW


1DFKHLQHUPLUJHZRUGHQHQ=XVFKULIWPXHVKHLHQGHQ )HEUXDU,FK
ODVVHGLHVH=XVFKULIWGLHPLUDXFKQDFKDQGUHU6HLWHKLQEHPHUNHQVZHUW
HUVFKHLQW KLHIROJHQ'LHVHU.DUOYRQ+HUWHIHOG VRKHLWHVGDULQ VWDUE
DPVLHEHQXQG]ZDQ]LJVWHQ)HEUXDUXQGZXUGHGHQ 0lU]LQGHPDP
2VWJLHEHOGHU.LUFKHEHILQGOLFKHQ)DPLOLHQJHZ|OEHEHLJHVHW]W'LHOHW]WHQYRQ
LKPJHVFKULHEHQHQ=HLOHQDXVGHU1DFKWYR P]XP )HEUXDUVLQGDQ
PLFKJHULFKWHWXQGLFKEHZDKUHGLHVHOEHQDOVHLQHQ6FKDW](EHQVRZHUGLFK
GHQ6WHUEHWDJGHVYRQPLUKRFKYHUHKUWHQ+HUUQYRQ +GHVVHQ%HDPWHULFK
YRQDQELV]XVHLQHP7RGHZDULPPHUDOVHLQHQ7UDXHUWDJDQVHKHQ
2WWHUPDQQ5HFKQXQJVIKUHU3ULHPHUQEHL6HHKDXVHQLQGHU$OWPDUN (V
KDWHWZDV(UTXLFNOLFKHVGHUJOHLFKHQ]XOHVHQZHLOHV=HXJQLVDEOHJWYRQ
HLQHPLQXQVUHQDOWHQ3URYLQ]HQLPPHUQRFKYRUKDQGHQHQJHVXQGHQ6LQQGHU
VLFKIUHLPWLJ]X'DQNEHNHQQWXQGGLH 2UGQXQJHQ*RWWHVDOV GDV
KLQQHKPHQGZDVVLHVLQGDXI1LYHOOLHUXQJXQG(JDOLWpYHU]LFKWHW-HGHU LVW
ZDVDQGHU6WHOOHZRHULVWZHQQHU EHUKDXSW ZDVLVW%HVFKHLGHQKHLWXQG
'HPXWKLQGHUQNHLQHQ

.DSLWHO

/LHEHQEHUJXQWHUGHQ(XOHQEXUJVYRQ
ELVMHW]W
$P)HEUXDUZDU.DUOYRQ+HUWHIHOGJHVWRUEHQXQGLQ
*HPlKHLWHLQHUYRUKHUIHVWJHVHW]WHQ(UE RGHU
6XN]HVVLRQVRUGQXQJIROJWHQLP%HVLW]HYRQ/LHEHQEHUJGLH
(XOHQEXUJV,QGLHVHU6XN]HVVLRQVRUGQXQJDEHUKLHHV'DV
YRQPLUXQWHUP 1RYHPEHUJHVWLIWHWH)LGHLNRPPLIlOOW
]XQlFKVWDQPHLQH*URQLFKWH $OH[DQGULQH)UHLLQYRQ5RWKNLUFK
VHLWYHUPlKOWPLWGHP*UDIHQ3KLOLSS]X(XOHQEXUJ]XU=HLW
 0DMRULP 8ODQHQUHJLPHQW]X3RWVGDP'DQDFKDEHUDQ
GHQlOWHVWHQ6RKQGLHVHU(KH GHQ*UDIHQ3KLOLSS]X(XOHQEXUJ
GHQMQJHUHQJHERUHQ]XU=HLW/LHXWHQDQWLP5HJLPHQW
*DUGHGX&RUSV'DPHLQ*HVFKOHFKWXQG1DPHPLWPHLQHP
$EOHEHQHUOLVFKWVRVWHOOLFKDQKHLPREGLH%HVLW]HUGLHVHVYRQ
PLUJHVWLIWHWHQ)LGHLNRPPLVVHVLKUHPHLJHQHQ1DPHQGHQ1DPHQ
+HUWHIHOGEHLIJHQZROOHQRGHUQLFKW

)ULHGULFK/HRSROGYRQ+HUWHIHOG
$OH[DQGULQH Y+JHE
.DUO Y+JHE
YHUPP*UDI'DQFNHOPDQQ
/HW]WHU+HUWHIHOG 

_
/XLVH&RPWHVVH'DQFNHOPDQQ
JHE
YHUPE%DURQ5RWKNLUFK 
_
(OLVH Y5JHE
$OH[DQGULQH Y5JHE
&ODUD Y5JHE
$QWRLQHWWH Y5JHE

'LHVHYLHU%DURQHVVHQ5RWKNLUFKZDUHQDOVR(QNHOLQQHQYRQ
$OH[DQGULQH YRQ+HUWHIHOG JHERUHQ XQG*URQLFKWHQYRQ
.DUOYRQ +GHVOHW]WHQ+HUWHIHOG$QVLHNDPGDV(UEHXQG
]ZDUDQGLH]ZHLWH 6FKZHVWHU$OH[DQGULQHYHUPlKOWPLW3KLOLSS
*UDI(XOHQEXUJ$XFKGLHGUHLDQGHUQ6FKZHVWHUQYHUPlKOWHQ
VLFK(OLVH PLWGHP|VWHUUHLFKLVFKHQ%DURQ'LOOHU$GMXWDQWHQGHV
)HOGPDUVFKDOOV+H&ODUD PLWGHP%DURQYRQ(VHEHFN0DMRULP
*DUGH)VLOLHUUHJLPHQWXQG$QWRLQHWWH PLWGHP*UDIHQYRQ
0RQWDXOW]X3DULV$OOHGUHLVLQGMHW]WYHUZLWZHW
(VZDUKLHUQDFK/LHEHQEHUJDOV)UDXHQHUEHDQGLHELVGDKLQ
DXVVFKOLHOLFKLQ2VWSUHXHQ EHJWHUWH)DPLOLHGHU(XOHQEXUJV
EHUJHJDQJHQ

'LH(XOHQEXUJVHLQXUDOWHVPHLQLVFKHV*HVFKOHFKWGDVVLFKQDFK
GHUMHW]LJHQ6WDGW(LOHQEXUJDQGHU0XOGH ]ZHL0HLOHQYRQ
/HLS]LJ GLH,OHEXUJVQDQQWHOHLWHWVHLQHQ8UVSUXQJYRQGHQ
:HWWLQHU%XUJJUDIHQDE2WWRYRQ,OHEXUJJHVWRUEHQ+HUU
XQG9RJWGHU+HUUVFKDIW(LOHQEXUJDXFKLP6DDONUHLVHEHJWHUW
ZDUQDFKDOWHULQ]ZLVFKHQKLVWRULVFKEHVWlWLJWHU7UDGLWLRQGHV
+DXVHVHLQ(QNHOGHV%XUJJUDIHQ8OULFKYRQ:HWWLQ(WZD
 -DKUHQDFKGHP7RGHMHQHV2WWRYRQ ,KDWWHGDV*HVFKOHFKW
GHQ+|KHSXQNWVHLQHU0DFKWXQGVHLQHV%HVLW]HVHUUHLFKWZHOFKHU
OHW]WHUH 5LWWHUJWHUXQGPHKUDOV]ZDQ]LJ6WlGWHPHLVWLQ
/DXVLW]XQG6DFKVHQJHOHJHQXPIDWH(VZDUHQ(LOHQEXUJ
0KOEHUJ/LHEHQZHUGD:DKUHQEUFNhELJDX'DKOHQ6WUHKOD
6RQQHQZDOGH6HQIWHQEHUJ.DODX/EEHQDX)RUVW)LQVWHUZDOGH
'UHENDX/LHEHURVH0XVNDX5XKODQG+R\HUVZHUGD=RVVHQ
'D]XLQ%|KPHQ(OERJHQ.O|VWHUOH%UJVWHLQXQG'UXP
8PHEHQGLHVH=HLWZDUHVDXFKGDGLH,OHEXUJVLQQlKHUH
%H]LHKXQJHQ]XP'HXWVFKHQ2UGHQWUDWHQ(LQHUYRQLKQHQ
%RWKR GHU-QJHUHIRFKWLQGHU6FKODFKWEHL7DQQHQEHUJ
XQGZDUGLQ$QHUNHQQXQJVHLQHUGDEHLJHOHLVWHWHQ'LHQVWHPLW
GHP*XWH6LFNDX.UHLV6FKZHW]LQ:HVWSUHXHQEHORKQW$EHU
GLHVHU%HVLW]ZDUHLQEORYRUEHUJHKHQGHU6FKRQLQGHU
]ZHLWIROJHQGHQ*HQHUDWLRQHUORVFKGHUZHVWSUHXLVFKH=ZHLJ
ZLHGHUXQGDQ6WHOOHGHVVHOEHQWUDW:HQG YRQ (GHUGHP2UGHQ
LQGHU(LJHQVFKDIWHLQHV6|OGQHUKDXSWPDQQVJHGLHQWDOV
QXQPHKULJHU6WDPPYDWHUDOOHURVWSUHXLVFKHQ /LQLHQ(VVLQG

GLHV]XU=HLWGUHLGLH*DOOLQJHQVFKHGLH/HXQHEXUJ3UDVVHQVFKH
XQGGLH:LFNHQVFKH/LQLHYRQGHQHQGLH*DOOLQJHQVFKHGLH
lOWHVWHGLH/HXQHEXUJ3UDVVHQVFKHGLHEHJWHUWVWHLVW(LQYLHUWHU
=ZHLJLVWQHXHUGLQJV  HEHQGXUFK$QWULWWGHVJURHQ
+HUWHIHOGVFKHQ(UEHVLQXQVUH0DUNYHUSIODQ]WZRUGHQXQG
UHSUlVHQWLHUWVHLWGHPHLQHQHXHEUDQGHQEXUJLVFKH /LQLHGHVDOWHQ
RVWSUHXLVFKHQ+DXVHV
(LQ%OLFNDXIGLH*HVFKLFKWHGLHVHV+DXVHVHUZHLVWDXIMHGHU6HLWH
GLHKRKHQ(KUHQLQGHQHQHVGXUFKDOOH-DKUKXQGHUWHKLQVWDQG
XQGGRFKEOLHEHVLKPPLW$XVQDKPH]ZHLHU)lOOH YHUVDJW
VHLQHQ1DPHQEHUGLHKHLPDWOLFKH3URYLQ]KLQDXVLQGLH
*HVDPWJHVFKLFKWH%UDQGHQEXUJ3UHXHQVHSRFKHPDFKHQG
HLQWUDJHQ]XN|QQHQ(UVWGLHQHXHVWH=HLWVFKXIKLHULQHLQHQ
:DQGHODEHUQXQDXFKLQVRJOlQ]HQGHU:HLVHGDZLUELVDXI
GDV6LHEHQJHVWLUQGHU'DQFNHOPDQQVRGHUGRFKZHQLJVWHQVELV
DXIGDVPRGHUQHUH'UHLJHVWLUQGHU0DQWHXIIHOV]XUFNJHKHQ
PVVHQXPHLQHPlKQOLFKHQSO|W]OLFKHQ$XIOHXFKWHQ]X
EHJHJQHQ


9RQGLHVHQ]ZHL)lOOHQLQGHQHQ$QJHK|ULJHGHV+DXVHV(XOHQEXUJLQQlKHUH
%H]LHKXQJHQ]X %UDQGHQEXUJ +RKHQ]ROOHUQ WUDWHQJHK|UWGHUHLQH)DOOGHP
GHUDQGHUHGHP -DKUKXQGHUWDQhEHUGHQ HUVWHUHQ ILQGLFKLP
8UNXQGHQEXFKH GDV)ROJHQGHZLUG :HQG +HUUYRQ,OHEXUJ]XP
+DXSWPDQQGHUJDQ]HQ0DUNEHVWHOOWHUKlOWHUGDV'RUI.ULHOH
+DYHOODQG ]X/HKQXQGGLH/HKQVDQZDUWVFKDIWDXI*RO]RZ,PVHOEHQ-DKUH
QRFKHUQHQQWLKQ.|QLJ6LJLVPXQG]XVHLQHP%RWVFKDIWHUEHLGHQ 6WlQGHQGHU
0DUNZHOFKHOHW]WHUHQEDOGGDUDXIDQJHZLHVHQZHUGHQLKPGHP:HQGYRQ
,OHEXUJDOV8QWHUKDXSWPDQQGHV%XUJJUDIHQ )ULHGULFKYRQ1UQEHUJ
*HKRUVDP]XOHLVWHQ9JOGDV.DSLWHO 4XLW]|ZHO 'HU]ZHLWH )DOOLVWGLHVHU
,P-XOL GLHVHOEH=HL WLQGHUGLHGUHLWlJLJH6FKODFKWEHL:DUVFKDX
JHVFKODJHQZXUGH ZXUGHGHU.DPPHUKHUU*HKHLPH.ULHJVUDW2EHUVWXQG
&KHIHLQHV,QIDQWHULHUHJLPHQWV/DQGUDWXQG/DQGYRJW]X6FKDNHQLQ
2VWSUHXHQ -RQDV&DVLPLU +HUU]X(XOHQEXUJVHLWHQVGHV*URHQ.XUIUVW HQ
]XPDXHURUGHQWOLFKHQ*HVDQGWHQEHLP PRVNRZLWLVFKHQ=DUHQ HUQDQQW-RQDV
&DVLPLUWUDILP6HSWHPEHULQ0RVNDXHLQXQGYHUHLQEDUWHPLWGHP=DUHQHLQ
)UHXQGVFKDIWVEQGQLV]ZLVFKHQ5XODQGXQG%UDQGHQEXUJ (UEOLHEDXFKQRFK
ZlKUHQGGHV0RQDWV2NWREHUXQGE HDQWUDJWHEHLP=DUHQGLH%HVWUDIXQJGHV
UXVVLVFKHQDXHURUGHQWOLFKHQ*HVDQGWHQIU 8QJHEKUOLFKNHLWHQ GLHVLFK
GHUVHOEHEHLGHU$XGLHQ]YRUGHP*URHQ.XUIUVWHQKDWWH]XVFKXOGHQ
NRPPHQODVVHQ -RQDV&DVLPLUVWDUE(UZDUPLWHLQHUYRQ %UDQGW
YHUPlKOW6HLQ5HJLPHQWIRFKWPLWLQGHU6FKODFKWEHL:DUVFKDXVHLQ%LOGQLV
EHILQGHWVLFKLP6FKORLQ3UDVVHQ 

8QWHUGHQ]Z|OIRGHUGUHL]HKQ(XOHQEXUJVGLHGHQ
JHJHQZlUWLJHQ)DPLOLHQEHVWDQGDXVPDFKHQEHILQGHQVLFKRGHU
EHIDQGHQVLFKELVJDQ]YRUNXU]HP]ZHL0LQLVWHUHLQ
/DQGWDJVPDUVFKDOOXQG5HJLHUXQJVSUlVLGHQWHLQ+RIPDUVFKDOO
XQG9L]H]HUHPRQLHQPHLVWHUHLQ6WLIWVKDXSWPDQQXQGHLQ3DULVHU
*HVDQGWVFKDIWVVHNUHWlU(LQHU JHVWRUEHQ ZDUPLWGHU
*UlILQ0DULHYRQ%LVPDUFN YHUOREWXQGHLQDQGHUHU$GMXWDQWEHLP
3ULQ]HQ$OEUHFKWYRQ3UHXHQ(VZLUGVLFKLQNDXPHLQHPDQGUHQ
+DXVHIUGHQ$XJHQEOLFNZHQLJVWHQVHLQJOHLFKHV,Q)URQW
6WHKHQHUNHQQHQODVVHQ
$XVGHU5HLKHGLHVHULKUHP$PWXQG7LWHOQDFKDXIJHIKUWHQ
(XOHQEXUJVLVWHVDXVVFKOLHOLFKGHU6WLIWVKDXSWPDQQ*UDI3KLOLSS
(XOHQEXUJDXIGHQLFKKLHUDOVDXIGHQ(UEHQXQG,QKDEHUGHU
+HUWHIHOGVFKHQ*WHU /LHEHQEHUJHWF GHVQlKHUHQHLQ]XJHKHQ
KDEH



(VJLEWLPPHUQXU]Z|OIRGHUGUHL]HKQ(XOHQEXUJVLQYROONRPPHQHP
(LQNODQJHPLWGHU)DPLOLHQVDJH1DFKGLHVHUWUDWHLQ/LOLSXWFKHQYRUGLH
6FKORIUDXYRQ6FKOR3UDVVHQXQGEDWXPGHQJURHQ6DDOZHLOPDQHLQH
+RFK]HLWDQULFKWHQZROOH'HU6DDOZXUGDXFKJHZlKUWXQGGLH+RFK]HLW
EHJDQQ$OVDEHUGLH/XVWDPK|FKVWHQZDU HUVFKLHQHLQ6RKQGHV+DXVHV
GHUYRQGHU9HUDEUHGXQJQLFKWVZXWHPLWWHQXQWHULKQHQXQGVW|UWHGLH
)UHXGHGHVNOHLQHQ9RONV$PDQGHUQ7DJHEUDFKWHGDV/LOLSXWFKHQHLQHQ5LQJ
XQGEHGDQNWHVLFKIUGHQ6DDO$EHUVLHVHLHQJHVW|UWZRUGHQXQGGDIU
VROOWHQQLHPHKUDOVGUHL]HKQ(XOHQEXUJVDP/HEHQVHLQ'HU5LQJH[LVWLHUW
QRFKXQGLVWHLQPLWWHOJURHU'LDPDQWLQHLQIDFKVWHU)DVVXQJ

*UDI3KLOLSS]X(XOHQEXUJ2EHUVWOLHXWHQDQW D '
6WLIWVKDXSWPDQQ]X=HKGHQLFN
*UDI3KLOLSS]X(XOHQEXUJZXUGHGHQ $SULOLQ.|QLJVEHUJ
LQ3UHXHQJHERUHQXQGWUDWLP'H]HPEHULQGDV
 2VWSUHXLVFKH .UDVVLHUUHJLPHQWGLHVSlWHUHQ:UDQJHO
.UDVVLHUH'DV$YDQFHPHQWJLQJQLFKWUDVFKXQGHUVW
QDFKEHLQDKHGUHL]HKQMlKULJHP'LHQVWZDUGHU3UHPLHUOLHXWHQDQW
XQG$GMXWDQWGHU .DYDOOHULHEULJDGH9LHU-DKUHVSlWHU  
HUEDWLKQVLFK*HQHUDOYRQ:UDQJHOHEHQIDOOVDOV$GMXWDQWHQ
ZHOFKHQ*HQHUDOHUQXQDXIDOOHQ,QVSL]LHUXQJHQLQGHU0DUN
VRZLHEHLGHQJURHQ.DYDOOHULHPDQ|YHUQEHJOHLWHWHVFKLHG
HUDXVGLHVHU6WHOOXQJXQGZXUGHEDOGGDQDFK5LWWPHLVWHUXQG
(VNDGURQFKHILP *DUGH8ODQHQUHJLPHQWEHL%HJLQQGHV
.ULHJHVJHJHQ'lQHPDUNEHULHILKQ:UDQJHOLQV+DXSWTXDUWLHULQ
ZHOFKHPHUQXQPHKUDOV$GMXWDQWGHU.DYDOOHULHIXQJLHUWH:LH
EHLGHQYRUDXIJHKHQGHQ*HIHFKWHQVRZDU*UDI (DXFKPLWYRU
'SSHOXQGKDWWH ZRULQHUHLQHPVSH]LHOOHQ%HIHKOHGHV
*HQHUDOIHOGPDUVFKDOOV)ROJHOHLVWHWH GHQ6WXUPDXI6FKDQ]H ,9LQ
GHUZHVWIlOLVFKHQ6WXUPNRORQQHGHV2EHUVWHQYRQ%XGGHQEURFN
PLW]XPDFKHQ,PIROJHQGHQ-DKUH]XP0DMRUDXIJHUFNWQDKP
HUDQGHP.ULHJHJHJHQgVWHUUHLFKWHLOZDUPLWEHL
.|QLJJUlW]XQGVFKLHGEDOGGDQDFKDOV2EHUVWOLHXWHQDQWDXVGHP
'LHQVWXPGLH%HZLUWVFKDIWXQJGHULKPZLHPHKUIDFKHUZlKQW
LQ]ZLVFKHQDOV)UDXHQHUEH]XJHIDOOHQHQ *WHU]XEHUQHKPHQ
]XP5HFKWVULWWHUGHV-RKDQQLWHURUGHQVHUQDQQWJLQJHU
LP'LHQVWHGLHVHV2UGHQVELVYRU3DULV
6WLIWVKDXSWPDQQYRQ=HKGHQLFN6FKRQXQPLWWHOEDUQDFKGHU
'SSHOHU$IIDLUHPLWGHP5RWHQ$GOHURUGHQPLW6FKZHUWHUQ
GHNRULHUWHPSILQJHUGHQ+RKHQ]ROOHUQVFKHQ+DXVRUGHQ
XQGGLH.DPPHUKHUUQZUGH(ULVWZLHVFKRQ
KHUYRUJHKREHQGHU%HJUQGHUHLQHUQHXHQ/LQLHVHLQHV+DXVHV
GHU*UDIHQ]X(XOHQEXUJLQGHU0DUN
,PZHVHQWOLFKHQVLQGGLHVHNXU]HQ$QJDEHQHLQHPYRP
*HKHLPHQ$UFKLYUDWYRQ0OYHUVWHGWKHUDXVJHJHEHQHQ8UNXQGHQ
XQG*HVFKLFKWVEXFKHGHV+DXVHV(XOHQEXUJHQWQRPPHQ,FK
YHUVXFKHGLHVHQ$QJDEHQHLQLJHV:HLWHUHKLQ]X]XIJHQ
LQVRQGHUKHLWDXVGHQ:UDQJHOWDJHQGHV*UDIHQ
(VOlWVLFKXQVFKZHUHUNHQQHQGD*UDI3KLOLSS(XOHQEXUJLQ
EHVRQGHUHU*XQVWEHL:UDQJHOVWDQG$EHUVRJHZLGLHV

HLQHUVHLWVHWZDV(UIUHXOLFKHVZDUVRZDUHVGRFKDQGHUHUVHLWVHLQ
JHIlKUOLFKHUXQGQLFKWLPPHUEHQHLGHQVZHUWHU9RU]XJ(VVFKHLQW
QlPOLFKLQGHU7DWGDGHUDOWH)HOGPDUVFKDOOVLFKYRUJHVHW]W
KDWWHVHLQVROGDWLVFKHV/HEHQDXFKVROGDWLVFK]XEHVFKOLHHQ
XQGGDHUZlKUHQGGHUJDQ]HQGlQLVFKHQ&DPSDJQHPLWHLQHU
$UWYRQ)UHXGLJNHLWDXIHLQHGlQLVFKH.XJHOZDUWHWH1LFKWVZDU
LKPGDKHUDQKHLPHOQGHUDOVPLWVHLQHQ$GMXWDQWHQXQG
2UGRQQDQ]RIIL]LHUHQLP6FKXEHUHLFKHGHV)HLQGHVDPOLHEVWHQ
DEHUXP6FKDQ]HQXQG)HVWXQJVZHUNHKHUXP]XUHLWHQXQGDXIGLH
)UDJHQDFKGHP:DUXPHQWZHGHUHOHJLVFKRGHUVDUNDVWLVFK]X
UHSOL]LHUHQ,PHOHJLVFKHQ)DOOHKLHHV'HUDOWH0DQQZLUG
WRWJHVFKRVVHQLPVDUNDVWLVFKHQ(LPHLQ6RKQZHQQGX
OLHEHUQDFK+DXVHUHLWHVWVRUHLWHQDFK+DXVH'RFKYHUODXWHW
QLFKWGDHUEHUVROFKH=ZLVFKHQIlOOHMHPDOVHUQVWOLFKE|VH
JHZRUGHQZlUH6HLQERQVHQVZDU]XJURDOVGDHUQLFKWGDV
%HUHFKWLJWHVROFKHU9RUVWHOOXQJHQHUNDQQWKDEHQVROOWH
1RFKLQGHPVHOEHQ-DKUHRGHUYLHOOHLFKWDXFKIUKHUVFKRQ
XQWHUQDKP:UDQJHOLQ%HJOHLWXQJ*UDI(XOHQEXUJVHLQH5HLVH
QDFK6FKZHGHQXPGLHGRUWLJH9HWWHUVFKDIW]XEHJUHQXQGGHQ
JURHQ(ULQQHUXQJHQDXVGHU=HLWGHVVFKZHGLVFKHQ
)HOGPDUVFKDOOVQDFK]XJHKHQ(LQHUVHLQHUHUVWHQ%HVXFKHJDOW
GHQQDXFKGHPHKHPDOLJHQ:UDQJHOVFKORVVH6NRNORVWHUDP
0lODUVHH'LH]HLWLJH%HVLW]HULQHLQHDOWH*UlILQ%UDKHPDFKWH
GLH+RQQHXUVGHV+DXVHVXQGEHUQDKPVHOEVWGLH)KUXQJLKUHV
EHUKPWHQ*DVWHVhEHUDOOLQDOOHQ%LOGHU XQG:DIIHQNDPPHUQ
ZDUHQGLH6FKlW]HJHVDPPHOWXQGDXIJHWUPWGLHGHU:UDQJHO
YRPEODXHQ5HJLPHQWH6GHUPDQODQGVHLQHU]HLWLQ
'HXWVFKODQGKDWWHPLWJHKHQKHLHQXQGLPPHUZHQQGLHDOWH
%UDKHVDJWH6HKHQ+HUU*UDIHLQZLHVFK|QHV7DEOHDX
UHSOL]LHUWHGHUDOWH:UDQJHO:LVVHQ)UDX*UlILQDOOHV
JHVWRKOHQ$EHUGLH*UlILQZDUHLQH'DPHYRQ:HOWXQGK|UWH
QLFKWVXQGOlFKHOWHQXUXQGVRNDPHVGDPDQVLFKQLFKWEOR
LQDOOHU)UHXQGVFKDIWWUHQQWHVRQGHUQVLFKDXFK*HVFKHQNH
]XVDJWHZREHLVHLWHQVGHVDOWHQ:UDQJHOVHLQ:UDQJHONUDLQ
$XVVLFKWJHVWHOOWZXUGH8QGLQGHU7DWDOVHUNDXPZLHGHULQ
VHLQHP+RWHO]XUFNZDUZDQGWHUVLFKDQ(XOHQEXUJXQGVDJWH
6FKLFNLKUPHLQHQ.UD ([]HOOHQ],KUHQ .UDKDEHQZLU
JDUQLFKWPLWJHQRPPHQ 'DQQVFKLFNLKUGHLQHQ8QGVR
NDPGHU(XOHQEXUJNUDDOV:UDQJHONUDLQVDOWH
:UDQJHOVFKOR8QWHUGHQ(XOHQEXUJVLVWDQOlOLFKGLHVHU
*HVFKLFKWHJHOHJHQWOLFKGLH)UDJHYHUKDQGHOWZRUGHQREHVVLFK

QLFKWJH]LHPHGHU*UlILQ%UDKHEH]LHKXQJVZHLVHGHUHQ(UEHQ
EHUGLHVH'LQJH0LWWHLOXQJ]XPDFKHQXQGLKQHQGHQHFKWHQ
:UDQJHONUDGHU]XIlOOLJYLHOH-DKUHVSlWHUDOV(UEVWFNDQ*UDI
(XOHQEXUJNDPDXI$XVWDXVFKDQ]XELHWHQ(VLVWDEHUVFKOLHOLFK
$EVWDQGGDYRQ JHQRPPHQZRUGHQZRKOLQ(UZlJXQJGDHVDOV
SUHXLVFKH.ULHJVOLVW]XU5FNHUREHUXQJHLQHVGRFKYLHOOHLFKW
HFKWHQ:UDQJHONUDDQJHVHKHQZHUGHQN|QQWH
$Q(UHLJQLVVHQZLHGLHHEHQJHVFKLOGHUWHQZDUHQGLH:UDQJHOWDJH
UHLFKDPUHLFKVWHQZHQQVLH]XJOHLFK,QVSL]LHUXQJVWDJHZDUHQ
(VJDEGDQQ$QHNGRWHQEHU$QHNGRWHQLQGHQHQGHU$GMXWDQW
RIWLQDOOHUGLUHNWHVWHU:HLVHPLW]XVSLHOHQKDWWH
:UDQJHOLQVSL]LHUWH7UXSSHQLQ5XSSLQ DXFKDQGHUH6WlGWH
ZHUGHQJHQDQQW XQGGLH5XSSLQHUKDWWHQLKUHQ-XQJIUDXHQIORULQ
GUHL*OLHGHUQDXIJHVWHOOW'LHKEVFKHVWHQQDWUOLFKLQGHU)URQW
:UDQJHONWHGLHJDQ]H)URQWUHLKHGXUFKXQGVDJWHGDQQDXI
GHQ5HVWGHXWHQG(XOHNVVHZHLWHU
,QGHU5HJHOLQGHVZDUGHU$GMXWDQWQXU$XJHQ XQG2KUHQ]HXJH
GHVVHQZDVYRUILHO6REHLIROJHQGHU*HOHJHQKHLW(LQ%DWDLOORQ
JHQJWHQLFKWDXIZHOFKH:DKUQHKPXQJKLQGHU$OWHVS|WWLVFK
XQG]ZHLGHXWLJEHPHUNWH'DVQlFKVWH-DKU+HUU0DMRUZHUG
LFK,KQHQZROOQLFKZLHGHUVHKQ $EHU([]HOOHQ]VLQGMDQRFK
VRUVWLJDQWZRUWHWHGLHVHU8QG:UDQJHOGHU
*HLVWHVJHJHQZDUWOLHEWHGURKWHQXUOlFKHOQGPLWGHP)LQJHUXQG
OLHHVIUGLHVPDOEHLGHPEORHQ$YLVEHZHQGHQ
$XIGHUVHOEHQ,QVSHNWLRQVUHLVHZHQQLFKQLFKWLUUHVDKGHU$OWH
GDHLQMXQJHU2IIL]LHUXQYRUVFKULIWVPlLJH6SRUHQWUXJXQGJDE
LKPRKQHZHLWHUHVYLHUXQG]ZDQ]LJ6WXQGHQ$UUHVW$EHU
([]HOOHQ]WUDJHQMDHEHQVROFKH -XWPHLQ6RKQ'DNDQQVW
GXMOHLFKQRFKYLHUXQG]ZDQ]LJ6WXQGHQYRUPLUPLWDEVLW]HQ

(VZDUHQLQWHUHVVDQWH-DKUHGLHVH:UDQJHOMDKUHZLFKWLJHUDEHU
LP/HEHQGHV*UDIHQZXUGHGRFKGLH=HLW  DOVHUGLH
%HZLUWVFKDIWXQJYRQ/LHEHQEHUJDQWUDW(UHUZLHVVLFKVRIRUWDOV
HLQHEHQVRWFKWLJHUZLHSDVVLRQLHUWHU/DQGZLUWXQGKREGHQLKP
]XJHIDOOHQHQJURHQ%HVLW]ZHLWEHUGDVKLQDXVZDVHUYRUKHU
JHZHVHQZDU$XFKGHUDOWH+HUWHIHOGKDWWHVHLQHU]HLWIUHLQHQ
DXVJH]HLFKQHWHQ/DQGZLUWJHJROWHQXQGQLFKWRKQH*UXQGDEHU

DXVJHUVWHWPLWHLQHUZDKUHQ3URELHU XQG([SHULPHQWDOPDQLH
ZDULKPGHUSUDNWLVFKH*HZLQQLPPHUQXUHLQ:QVFKHQVZHUWHV
QLHGLH+DXSWVDFKHJHZHVHQ'LH+DXSWVDFKHZDULKPGDV
EHVWlQGLJH6XFKHQXQG9HUVXFKHQXQGZHQQLKPGDEHLKRKH
6XPPHQYHUORUHQJLQJHQVRKLHOWLKQGDV,QWHUHVVHVFKDGORVGDV
GHU9HUVXFKDOVVROFKHULKPHLQJHIO|WKDWWH
6RGHUDOWH+HUWHIHOG
$EHUPLWGLHVHU)RUPHLQHUPHKURGHUZHQLJHUJHQLDOHQ$JULNXOWXU
ZDUHVYRQGHP$XJHQEOLFNDQYRUEHLZR*UDI3KLOLSS(XOHQEXUJ
GLH=JHOEHUQDKPXQGGHPEORHQ([SHULPHQWLHUHQXPGHV
([SHULPHQWLHUHQVZLOOHQHLQIUDOOHPDOHLQ(QGHPDFKWH-HGHU
1HXHUXQJHLQJOHLFKHV,QWHUHVVHVFKHQNHQGZLHVHLQ9RUJlQJHU
XQWHUOLHHUHVGRFKQLHGHQ:HUWRGHU8QZHUWGLHVHU
1HXHUXQJHQHUVWLPNOHLQHQ IHVW]XVWHOOHQXQGZXWHGDGXUFK
HLQHELVGDKLQPHKUWKHRUHWLVLHUHQGZLVVHQVFKDIWOLFKH
:LUWVFKDIWVIKUXQJLQHLQHSUDNWLVFKZLVVHQVFKDIWOLFKH]X
YHUZDQGHOQ,QHLQHSUDNWLVFKZLVVHQVFKDIWOLFKHGHUGHQQDXFK
DQ6WHOOHYRQHKHGHPPHLVWXQVLFKHUHQ5HVXOWDWHQDOVEDOGGLH
JHVLFKHUWVWHQ]XU6HLWHVWDQGHQ
,QVRQGHUKHLWHUIXKUGHU9LHKVWDQGHLQHVLFKEHVWlQGLJVWHLJHUQGH
3IOHJH0DVWYLHKZXUGH/LHEHQEHUJHU6SH]LDOLWlWXQGGLH
3UlPLLHUXQJGDIUHLQH6HOEVWYHUVWlQGOLFKNHLW:LHGHQQDXFK
ZLUNOLFKHLQPLWPHKUDOV]ZDQ]LJ3UHLVPHGDLOOHQDQJHIOOWHV
6FKXEIDFKYRQHEHQVRYLHOHQ$XVVWHOOXQJVVLHJHQHU]lKOW

.DSLWHO

/LHEHQEHUJ GDVJHJHQZlUWLJH VHLQ


6FKORXQGVHLQH%LOGHUVHLQH.XQVW XQG
(ULQQHUXQJVVFKlW]H
8QWHUGHPYLHOHQZDVVHLWLQ/LHEHQEHUJXPJHZDQGHOW
ZXUGHZDUDXFKGDV6FKOR

6FKOR/LHEHQEHUJZXUGHYRQGHQ%UHGRZVHUEDXWGLHEHLQDKH
]ZHL-DKUKXQGHUWHODQJYRQELV DQGLHVHU6WHOOH
VDHQ9RQGLHVHPXUVSUQJOLFKHQ%UHGRZVFKORVVHVLQGQXUQRFK
GLH6RXWHUUDLQVEULJSUlFKWLJH.HOOHUJHZ|OEHGDULQVLFKELV
GLHVHQ7DJGLH.FKHQ:DVFK XQG:LUWVFKDIWVUlXPHEHILQGHQ
:DVXPV-DKUDOVGDVYHUZVWHWH/LHEHQEHUJLQGHQ%HVLW]
-REVW*HUKDUGVYRQ+HUWHIHOGNDPDQEHZRKQEDUHQ2EHUUlXPHQ
DXVGHUXQPLWWHOEDUYRUDXIJHJDQJHQHQ(SRFKHQRFKH[LVWLHUWH
KDWVLFKLPHLQ]HOQHQQLFKWIHVWVWHOOHQODVVHQ$XV$XI]HLFKQXQJHQ
GHVYRQVWDWWJHKDEWHQKHUUVFKDIWOLFKHQ7UDXXQJHQXQG7DXIHQ
HU]lKOHQGHQ.LUFKHQEXFKHVJHKWDEHU]XU*HQJHKHUYRUGD
VROFKH5lXPHZHQLJVWHQVEHUKDXSWYRUKDQGHQJHZHVHQVHLQ
PVVHQXQGGDPDQVLFKPLWGLHVHQ5HVWHQDXVGHU%UHGRZ]HLW
ELV]X%HJLQQGHV -DKUKXQGHUWVEHJQJWHHUVWZXUGH
GDV8QDXVUHLFKHQGHGHUEHUNRPPHQHQ:RKQVWlWWHOHEKDIWHU
HPSIXQGHQXQGGHU2EHUMlJHUPHLVWHU6DPXHOYRQ+HUWHIHOG
HQWVFKLHGVLFKZLHVFKRQKHUYRUJHKREHQXQWHU%HLEHKDOWXQJGHU
DOWHQ)XQGDPHQWHIU(UULFKWXQJHLQHV1HXEDXHV$EHUDXFK
GLHVHU1HXEDX+RFKSDUWHUUH PLW0DQVDUGHEHVDLPPHUPHKU
QRFKGHQ&KDUDNWHUHLQHV+HUUHQKDXVHVDOVHLQHV6FKORVVHVXQG
QXUGDV7UHSSHQKDXVXQGGLH.RUULGRUH]HLJWHQHLQLJHUPDHQ
JURH9HUKlOWQLVVH
'LHVHU%DXGHV2EHUMlJHUPHLVWHUVEOLHEEHU -DKUHODQJ
XQYHUlQGHUWXQGHUVWXQWHUGHPOHW]WHQ+HUWHIHOGGHVVHQ
*DVWOLFKNHLWPHKU)UHPGHQ]LPPHUHUIRUGHUWHZXUGH]ZLVFKHQ
(UGJHVFKRXQG0DQVDUGHQGDFKHLQHUVWHV6WRFNHLQJHVFKREHQ
(VZDUGDV$QIDQJGHUGUHLLJHU-DKUHZRQDFKZLHGHU5XKH

IROJWHELV$QIDQJGHUVLHE]LJHU-DKUH*UDI(XOHQEXUJLPPHU
GHXWOLFKHUXQGLPPHUXQEHTXHPHUGLH:DKUQHKPXQJPDFKWH
GDHVGHP6FKORDOOVHLQHU5lXPOLFKNHLWHQXQHUDFKWHWRGHU
YLHOOHLFKWDXFKXPGLHVHUZLOOHQDQHLQHPJURHQ5DXPH
JHEUDFK8QGGDUDXIKLQHQWVWDQGHLQ$QEDXGHU
UHFKWZLQNOLJDXIGLH0LWWHGHVDOWHQ%DXHVJHULFKWHWDXVGHP
HLQIDFKHQ/DQJKDXV

HLQ+DXVLQ)RUPHLQHVODWHLQLVFKHQ 7

KHUVWHOOWH

'HU$QEDXVHOEVWHPSILQJPLWWOHUZHLOHGHQ&KDUDNWHUHLQHU
HLQ]LJHQJURHQ+DOOHGLHVRZHLWPHLQH.HQQWQLVPlUNLVFKHU
/DQGVLW]HUHLFKWLQXQVHUHU3URYLQ]LKUHVJOHLFKHQNDXPILQGHQ
GUIWH9LHOPHKUJOHLFKWVLHVRZHLW'LPHQVLRQHQPLWVSUHFKHQ
HLQHUPLWWHODOWHUOLFKHQHQJOLVFKHQKDOOXQGXQWHUVFKHLGHWVLFK
YRQHLQHUVROFKHQQXUGDGXUFKGDLKUXQWHU:HJIDOODOOHV
6WHLIHQXQG)HLHUOLFKHQXPJHNHKUW HLQKHLWHUHVXQG
DQKHLPHOQGHV$QVHKQ JHJHEHQZXUGH'LHVJHVFKDKHLQHUVHLWV
PLWWHOVW$XIVWHOOXQJHLQHU  %lQGH]lKOHQGHQ%LEOLRWKHN
DEHUZRKOPHKUQRFKGDGXUFKGDPDQHEHQGLHVHQ5DXP
XQEHNPPHUWXPVHLQH*U|H]XPHLJHQWOLFKVWHQ
9HUVDPPOXQJV XQG$XIHQWKDOWVUDXPNXU]XP]XP
JHPHLQVFKDIWOLFKHQ:RKQ]LPPHU PDFKWH+LHUVLW]HQGLH'DPHQ
DP6FKUHLE XQG0DOWLVFKKLHUZLUGJHOHVHQXQGPXVL]LHUW
JHSODXGHUWXQG%LOODUGJHVSLHOWRIWDOOHV]XJOHLFKHU=HLWXQG
HEHQGDGXUFKDOOHPMHQHUZDUPH7RQJHJHEHQRKQHGHQHVHLQH
ZDKUH:RKQOLFKNHLWQLFKWJLEW(LQYRUJHEDXWHU3DYLOORQXQGHLQ
%OLFNDXIGHQ3DUNXQWHUVWW]HQGLHVHQ(LQGUXFN
$XHUGLHVHP1HXEDXGDULQVLFKGDV/HEHQLP6FKORRGHUGRFK
VHLQHJHVHOOLJH6HLWHNRQ]HQWULHUWLVWHVEHVRQGHUVGDVDXVGHQ
7DJHQGHV2EHUMlJHUPHLVWHUVKHUUKUHQGH7UHSSHQKDXV ZDVHLQ
,QWHUHVVHZHFNW(VILQGHWVLFKKLHUDXI3RGHVWHQXQG.RUULGRUHQ
DOOMHQHU8UYlWHUKDXVUDW]XVDPPHQMHQHU1LSSLPJURHQ6WLO
GHUGHQ%HVXFKDOWHU6FKO|VVHUVROHKUUHLFKXQGDQ]LHKHQG]X
PDFKHQSIOHJW8KUHQPLWXQGRKQH6FKODJDOWH5VWXQJHQGLH
GDQQXQGZDQQHLQHQ+DQGVFKXKRGHUHLQH%HLQVFKLHQHYHUOLHUHQ
$QWLTXLWlWHQXQG.XULRVLWlWHQXQGYRUDOOHPJURHEXQWXQG
SUlFKWLJJHVFKULHEHQH6WDPPElXPHGLHNHLQHUUHFKWOLHVWDOV
IUFKWHMHGHUGLH6WHOOH]XILQGHQZRVHLQHLJHQHU1DPH
KLQNRPPHQXQG]X=XNXQIWVJHVFKOHFKWHUQVSUHFKHQZLUG

$XIHLQ]HOQHGLHVHU'LQJHGHVOlQJHUHQRGHUNU]HUHQHLQ]XJHKHQ
ZLUGPLULPQDFKVWHKHQGHQREOLHJHQ
%LOGHU
,FKEHJLQQHPLWGHQ)DPLOLHQELOGHUQ

$'LH+HUWHIHOGV
 +HLQULFK YRQ+WUlJWGLHRUDQJHIDUEHQH6FKlUSHGHU*HXVHQ
(UILHOLQGHU6FKODFKWDXIGHU0RFNHUKHLGHGLH*UDI/XGZLJ
YRQ1DVVDXJHJHQGHQ+HU]RJ$OEDYHUORU%UXVWELOG.RSLHQDFK
HLQHPQLHGHUOlQGLVFKHQ0HLVWHUYRQ)UDXYRQ(VHEHFNJHERUHQH
YRQ5RWKNLUFK6FKZHVWHU GHU*UlILQ(XOHQEXUJ
 2EHUMlJHUPHLVWHU-REVW*HUKDUG YRQ+JHVWRUEHQ
/DQJHVVFKZDU]HV+DDUXQGJURHUZHLHU)DOONUDJHQ(LQHQ
-DJGVSLHLQGHU+DQG0lQQOLFKHQHUJLVFKH=JH6HKUJXWHV
%LOG1LHGHUOlQGHU
 2EHUMlJHUPHLVWHU6DPXHO YRQ+JHVWRUEHQ,Q
5LWWHUUVWXQJLQGHUVLFK(QGHGHVXQG$QIDQJGHV
 -DKUKXQGHUWV$GOLJHPLW9RUOLHEHPDOHQOLHHQ,FKHULQQHUH
QXUDQGDVEHNDQQWH'HUIIOLQJHUSRUWUDLW 9LHOOHLFKWDEHUZDUHV
DXFKHLQHZLUNOLFKH.UDVVLHUXQLIRUPXQGQLFKW HLQH ILQJLHUWH
5LWWHUUVWXQJ 9RQ$QWRLQH3HVQH
 XQG .DPPHUKHUU/XGZLJ&DVLPLU YRQ +XQG)UDX/XLVH
6XVDQQHJHERUHQHYRQ%HVFKHIHU%HLGHYRQ$ 3HVQH
 .DPPHUKHUU/XGZLJ&DVLPLU YRQ+JHVWRUEHQ=ZHLWHV
%LOGYRQLKP,QVHLQHQOHW]WHQ/HEHQVMDKUHQYRQGHU0DGDPH
7HHUEXVFK JHPDOW
 /DQGUDW)ULHGULFK/HRSROG YRQ+JHVWRUEHQ'HUVHOEH
YRQGHPLFKLQGHP.DSLWHO'LH+HUWHIHOGVDXVIKUOLFKHU]lKOW
KDEH :HLOHU YLHOOHLFKWGHUHQGORVHQ6LW]XQJHQKDOEHU HLQHQ
:LGHUZLOOHQKDWWHVLFKPDOHQ]XODVVHQH[LVWLHUHQQXU]ZHLNOHLQH
3URILOELOGHUYRQLKPD HLQH6LOKRXHWWHXQGE HLQ0HGDLOORQLQ
%URQFH

 /XLVH)ULHGHULNH+HQULHWWH YRQ+6FKZHVWHU)ULHGULFK
/HRSROGVJHVWRUEHQ6WLIWVGDPHYRQ6WHGHUQEXUJ)UHXQGLQ
GHV+HU]RJVYRQ%UDXQVFKZHLJ9RQLKUVLQGHEHQIDOOV]ZHL
%LOGQLVVHYRUKDQGHQD HLQgOELOGLQ3KDQWDVLHNRVWPXQGE HLQH
VFK|QH=HLFKQXQJLQ5RWVWLIW
hEHUGLHVHGXUFK*HLVWXQG6FK|QKHLWDXVJH]HLFKQHWH'DPH
P|JHKLHUGDV)ROJHQGHVWHKHQ6LHZXUGHJHERUHQXQG
NDP]XQLFKWQlKHU]XEHVWLPPHQGHU=HLWDQGHQ
%UDXQVFKZHLJHU+RIZRVLHELVDQLKUHQ7RGHLQH5HLKH=LPPHU
LP6FKOREH]RJXQGHEHQVRODQJGLHYHUWUDXWH)UHXQGLQXQG
%HUDWHULQGHV+HU]RJVZDU(VEOLHELKUGXUFKLKUHQDP -XOL
HUIROJHQGHQ7RGGHU6FKPHU]HUVSDUWGLHYRQLKU
HPSIRKOHQH3ROLWLNVFKHLWHUQXQGGHQ+HU]RJVHOEVW GHUEHL
$XHUVWHGWNRPPDQGLHUWH DXIGHQ7RGYHUZXQGHW]XVHKHQ
,KU%UXGHU)ULHGULFK/HRSROGYRQ+KDWWHHLQHKRKH0HLQXQJ
YRQLKUXQGVSULFKWVLFKLQYHUVFKLHGHQHQ%ULHIHQEHULKUHQ
&KDUDNWHUXQGLKUH%HJDEXQJDXIVDQHUNHQQHQGVWHDXV6LHZDU
HLQHJXWWlWLJHYHUQQIWLJH3HUVRQVFKUHLEWHUXQGHVZDULKU
8QJOFNGDVLHGLH7ROOKHLWHQXQVHUHU=HLWVFKPHU]OLFKHU
HPSIDQGDOVDQGHUH6HLWGHU*XLOORWLQHQZLUWVFKDIWXQGGHP7RGH
/XGZLJ ;9,KDWWHVLHNHLQH5XKHPHKUJHKDEW,KU$EVFKHXYRU
GHQ)UDQ]RVHQZDUVRJURGDVLHYRQGHU9RUDKQXQJHUIOOW
GLHVHOEHQEHUNXU]RGHUODQJDXFK1RUGGHXWVFKODQG
EHUVFKZHPPHQ]XVHKHQLPPHUEHUHLWZDU%UDXQVFKZHLJ]X
YHUODVVHQ0HKUHUH.RIIHUXQGHLQH5HLVHNDVVHWWHPLW 7DOHUQ
LQ*ROGZDUWHWHQQXUDXIGHQUHFKWHQ$XJHQEOLFN(LQ7HLOGHU
/LHEHQEHUJHU%LEOLRWKHNVWDPPWDXVLKUHU+LQWHUODVVHQVFKDIWZDV
VLFKDXVQDFKVWHKHQGHP%ULHIH)ULHGULFK/HRSROGVHUJLEW,FK
VFKLFNH 'LUOLHEH7RFKWHUHLQSDDU%UDFHOHWWHVDXVGHP
1DFKODVVHGHU7DQWH6LHEHVDQLFKWYLHOYRQGLHVHQ'LQJHQZHLO
VLHZDVVLHKDWWHEDOGZLHGHUIRUWJDE6RIDQGLFKDXFK
EHLVSLHOVZHLVHNHLQH8KUZHLOVLHNHLQHWUXJ6LHZDUVHKU
ZRKOWlWLJPDFKWHYLHO *HVFKHQNHXQGPDQFKH)DPLOLHQZHUGHQ
VLHVHKUYHUPLVVHQ$Q3RU]HOODQ*ODV0RELOLHQKDWVLHYLHO
KLQWHUODVVHQLFKKDEDEHUGHUKRKHQ6WHXHUKDOEHUQXU

HLQHUVHLWVLKU6LOEHU]HXJXQGGLHZHQLJHQ1LSSHVVDFKHQ
DQGHUHUVHLWVGLH%LEOLRWKHN XQGGLH.XSIHUVWLFKHKLHUKHUNRPPHQ
ODVVHQ
 5LWWHUVFKDIWVUDW.DUO YRQ+GHUDOWH+HUWHIHOGHLQH
1XPPHUGHUYRQLKPJHJUQGHWHQ5HYXHLQ+lQGHQ
*HVWRUEHQgOELOGYRP3URIHVVRU(UQVW+LOGHEUDQG

%'LH(XOHQEXUJV
 (UQVW&KULVWRSK ]X(XOHQEXUJKLHUQRFKDOV&RUQHWLPYRQ
5RHGHUVFKHQ.UDVVLHUUHJLPHQW]X%UHVODXJHVWRUEHQ
'LHVHU(UQVW&KULVWRSK*URYDWHUGHVJHJHQZlUWLJHQ%HVLW]HUV
YRQ/LHEHQEHUJLVWHVGHULQGHQ*UDIHQVWDQGHUKREHQ
ZXUGH6HLQ3RUWUDLWLVWHLQNOHLQHVQXUHWZDHLQ)XKRKHV
3DVWHOOELOG
 )ULHGULFK /HRSROG*UDI]X(XOHQEXUJJHVWRUEHQ(UWUDW
DOV2IIL]LHULQGDV)VLOLHUEDWDLOORQYRQ6WXWWHUKHLPXQGPDFKWH
PLWGLHVHPGLH6FKODFKWEHL3UHXLVFK(\ODXELV
DEHULP2VWSUHXLVFKHQ.UDVVLHUUHJLPHQWGLH6FKODFKWHQGHV
%HIUHLXQJVNULHJHVPLW$XIOlQJHUH=HLWZDUHULQV+DXSWTXDUWLHU
GHV)UVWHQ%OFKHUDENRPPDQGLHUW (ULVWGHU9DWHUGHV
JHJHQZlUWLJHQ%HVLW]HUVYRQ/LHEHQEHUJ6HLQ3RUWUDLW %UXVWELOG
LQgO ]HLJWLKQLQGHU)VLOLHUXQLIRUPGHV%DWDLOORQVYRQ
6WXWWHUKHLP
 )ULHGULFK $OEUHFKW*UDI]X(XOHQEXUJlOWHVWHU6RKQGHV
9RUJHQDQQWHQXQG%UXGHUGHV*UDIHQ3KLOLSS YRQ (
JHJHQZlUWLJHQ%HVLW]HUVYRQ/LHEHQEHUJZXUGHPLW/HLWXQJ
XQVUHUHUVWHQRVWDVLDWLVFKHQ([SHGLWLRQ QDFK-DSDQXQG&KLQD 
EHWUDXW0LQLVWHUGHV,QQHUQYRQELV%UXVWELOGYRQ
(GXDUG0DJQXV
 $OH[DQGULQH *UlILQ(XOHQEXUJJHERUHQH)UHLLQYRQ5RWKNLUFK
*HPDKOLQGHVJHJHQZlUWLJHQ%HVLW]HUVYRQ/LHEHQEHUJgOELOG
.QLHVWFN YRQ$QJHOL (LQ]ZHLWHV3RUWUDLW3DVWHOOELOGUKUWYRQ
GHU6FKZHVWHUGHU*UlILQ)UDXYRQ(VHEHFNKHU 
 $GGD*UlILQ.DOQHLQJHERUHQH*UlILQ(XOHQEXUJ7RFKWHUGHV
JHJHQZlUWLJHQ%HVLW]HUV3DVWHOOELOGHEHQIDOOVYRQ)UDXYRQ
(VHEHFNDXVJHIKUW
 $XJXVWH *UlILQ(XOHQEXUJJHERUHQH*UlILQ6DQGHOV*HPDKOLQ
GHVMQJHUHQ*UDIHQ3KLOLSS]X(XOHQEXUJNQIWLJHQ%HVLW]HUVYRQ
/LHEHQEHUJ]XU=HLW/HJDWLRQVUDWLQ0QFKHQ9HUI GHV'UDPDV
6HHVWHUQXQGDQGHUHU'LFKWXQJHQ
hEHUGLH)DPLOLHGLHVHUVFKZHGLVFKHQ*UDIHQYRQ6DQGHOVP|JHQ
HLQLJH1RWL]HQKLHUHLQH6WHOOHILQGHQ

'LH6DQGHOV VLQGLQ'DOHNDUOLHQ]X+DXVZRVLHQRFK]X%HJLQQ
GLHVHV-DKUKXQGHUWVHLQHQHQRUPHQ*UXQGEHVLW]LQQHKDWWHQ(U
JLQJDEHUGXUFK,QWULJHQHLQHU*HJHQSDUWHL]XJU|HUHP7HLO
YHUORUHQJHUDGHDOVGHUEHUKPWHVWH 6RKQGHV+DXVHV-RKDQQ
$XJXVW *UDI6DQGHOVJHJHQ5XODQGLP)HOGHVWDQGXQGVLFK
GXUFKVHLQH9HUWHLGLJXQJ)LQQODQGVLP-DKUH DXV]HLFKQHWH'HU
VFKZHGLVFKHQ+DXSWDUPHHZDU%HIHKO]XJHJDQJHQVLFKYRUGHU
HUGUFNHQGHQIHLQGOLFKHQhEHUPDFKW]XUFN]X]LHKHQDEHU
6DQGHOVDOV%HIHKOVKDEHUHLQHVNOHLQHQ6HLWHQFRUSVRSHULHUWHPLW
VRJURHP*HVFKLFNXQG(UIROJGDHUGHQ5XVVHQ
XQYHUKlOWQLVPlLJH9HUOXVWHEHLEUDFKWH6HLQH7DWHQHULQQHUQDQ
GLHJOHLFK]HLWLJHQ$QGUHDV+RIHUVXQGZXUGHQHEHQVR
YRONVWPOLFK(LQEHUKPWHV*HGLFKWYRQ5XQHQEHUJGDV
6DQGHOVKHLWZLUGLQDOOHQVFKZHGLVFKHQ6FKXOHQDXVZHQGLJ
JHOHUQW(UVWDOVGLHJHPHVVHQVWHQ%HIHKOHNDPHQ]RJVLFK
6DQGHOVDXV)LQQODQGQDFK6FKZHGHQ]XUFN(UIKUWHYLHU-DKUH
VSlWHUHLQH'LYLVLRQLQ'HXWVFKODQGJHJHQ1DSROHRQXQGHUIRFKW
GHQ6LHJEHL5RODX=XGHQK|FKVWHQ:UGHQDXIJHVWLHJHQ
VWDUEHUDOV)HOGPDUVFKDOOXQG9L]HN|QLJYRQ1RUZHJHQ  
6HLQH*HPDKOLQZDUHLQH)UHLLQYRQ+HUPHOLQDXVHLQHP
DOWVFKRWWLVFKHQ*HVFKOHFKWGDVZlKUHQGGHU.lPSIHGHU+WH
XQG0W]HQXQWHU)ULHGULFKXQG$GROI)ULHGULFKHLQHJURH5ROOH
VSLHOWH'HUlOWHVWH6RKQGLHVHV(KHSDDUHVLVWGHUJHJHQZlUWLJH
*UDI6DQGHOV6DPXHO$XJXVWJHERUHQ(UWUDWIUKLQGLH
$UPHHZDUDEHUQLFKWVGHVWRZHQLJHUGXUFKHLQHODQJH5HLKHYRQ
-DKUHQKLQ.DPPHUKHUUEHLGHU.|QLJLQ'pVLUpH*HPDKOLQ.DUO
-RKDQQV ;,9 %HUQDGRWWHV YRQ6FKZHGHQ'pVLUpHZDUHLQH
7RFKWHUGHV0DUVHLOOHU%DQTXLHU&ODULXQGJDE1DSROHRQHLQHQ
.RUEXPGHQGDPDOLJHQ$GYRNDWHQ%HUQDGRWWH]XKHLUDWHQ6LH
ZDUHLQHVHKURULJLQHOOH'DPHVFKOLHIEHL7DJXQGZDUDXILQGHU
1DFKW8PYLHU8KUPRUJHQVDVLH]X0LWWDJ,QMHGHP-DKUH
UHLVWHVLHPLWJURHP7URQDFK)UDQNUHLFKNDPDEHULPPHUQXU
ELVDQGLHVFKZHGLVFKH.VWHXQGNHKUWHGDQQDXV)XUFKWYRU
GHP:DVVHUQDFK6WRFNKROP]XUFN(VZDUGHVKDOE5HJHODXI
GHU+LQUHLVHVFKRQGLH1DFKWTXDUWLHUHIUGLH5FNUHLVH]X
EHVWHOOHQ,P'LHQVWHGLHVHU'DPHVWDQG*UDI6DQGHOVELVDQGHQ
7RGGHUVHOEHQ(UZXUGHGDQQDXIZHLWHUH]HKQ-DKUHKLQ
+RIPDUVFKDOOEHL.|QLJ 2VNDU ,$OOGLHVHU+RIlPWHUXQHUDFKWHW
EOLHEHULP$UPHHGLHQVWXQGLVWJHJHQZlUWLJNRPPDQGLHUHQGHU

*HQHUDOGHU*DUGHWUXSSHQXQGGHV&RUSVYRQ6GHUPDQODQG
*RXYHUQHXUYRQ6WRFNKROP3UlVHVGHVREHUVWHQ
0LOLWlUJHULFKWVKRIHVXQG5LWWHUGHV6HUDSKLQHQRUGHQV(U
YHUPlKOWHVLFKPLWGHU)UHLLQYRQ7HUVPHGHQHLQHU
KXJHQRWWLVFKHQ)DPLOLH]XJHK|ULJGLHVFKRQEDOGQDFKGHU
%DUWKRORPlXVQDFKWDXV)UDQNUHLFKHPLJULHUWH

&9HUVFKLHGHQH%LOGHULQ)DUEH6WLFKXQG
*LSV
 :UDQJHOSRUWUDLW.XSIHUVWLFK*HVFKHQN:UDQJHOVPLWHLQHU
HLJHQKlQGLJHQ:LGPXQJGHVVHOEHQDQ*UDI (6LHODXWHW'HP
2EHUVWOLHXWHQDQW D '*UDIHQ]X(XOHQEXUJGHPPXWLJHQ
.lPSIHULQ6FKOHVZLJ+ROVWHLQGHUVHFKV-DKUHODQJLQ)UHXGXQG
/HLGHLQWUHXHU6WDEXQG6WW]HPLUZDUZHLKHLFKGLHVHV%LOGDOV
=HLFKHQPHLQHU'DQNEDUNHLWXQG)UHXQGVFKDIW
%HUOLQGHQ'H]HPEHU
*UDI:UDQJHO)HOGPDUVFKDOO
 :UDQJHO(LQNOHLQHV*LSVPHGDLOORQ'LHV*LSVPHGDLOORQ
VFKHQNWH:UDQJHODOOHU:DKUVFKHLQOLFKNHLWQDFKLQGHQIQI]LJHU
-DKUHQVFKRQ DQGHQ|VWHUUHLFKLVFKHQ)HOGPDUVFKDOO+HGHVVHQ
$GMXWDQW%DURQ'LOOHUHLQ6FKZDJHU*UDI(XOHQEXUJVZDU$OV
+HVWDUENDPGDV*LSVPHGDLOORQDQGLHGDPDOVVFKRQ
YHUZLWZHWH%DURQLQ'LOOHUJHERUHQH5RWKNLUFKGLHEHL
*HOHJHQKHLWHLQHV%HVXFKHVLQ/LHEHQEHUJLKUHP6FKZDJHU
(XOHQEXUJGDVNOHLQH5HOLHIDOVHLQHQZHLWHUHQ%HLWUDJ]XP
/LHEHQEHUJHU:UDQJHOPXVHXP]XP*HVFKHQNPDFKWH
 :UDQJHOV+DXSWTXDUWLHU LP:LQWHU(LQHYRPGDPDOLJHQ
+DXSWPDQQMHW]LJHQ*HQHUDOPDMRUYRQ/XFDGRXHQWZRUIHQH
ILJXUHQUHLFKH)HGHU]HLFKQXQJGLHGLHZLQWHUOLFKYHUPXPPWHQ
*HVWDOWHQGHVYLHUXQGVHFK]LJHU+DXSWTXDUWLHUVHEHQVR
KXPRULVWLVFKZLHVFKDUIFKDUDNWHULVLHUWLQODQJHU5HLKH
ZLHGHUJLEW
 )UlXOHLQYRQ.DOFNVWHLQ 6RSKLH)ULHGHULNH:LOKHOPLQH 
JHERUHQJHVWRUEHQ 6LHZDUZlKUHQGGHUYLHU]LJHU
-DKUH+RIGDPHGHU.|QLJLQPXWWHUXQGPLWGHP)UlXOHLQYRQ
3DQQHZLW]GHUVSlWHUHQ*UlILQ9RDXIVLQQLJVWHEHIUHXQGHW,Q
GHQ0HPRLUHQGHUOHW]WHUHQZLUGGLHVHU)UHXQGVFKDIWHUZlKQW
HEHQVRZLHGHU9HUKHLUDWXQJGHU)UHXQGLQ,P6RPPHU
VRKHLWHVZ|UWOLFKYHUKHLUDWHWHVLFK)UOYRQ.DOFNVWHLQPLW
GHP$GMXWDQWHQGHV.|QLJV*HQHUDOYRQ:\OLFK,KU$EJDQJYRP
+RIHZDUIUPLFKHLQJURHU9HUOXVW9RQ.LQGKHLWDQZDUVLHPLU
PHLQHEHVWH)UHXQGLQJHZHVHQREJOHLFKVLHPHKUHUH-DKUHlOWHU

ZDUDOVLFK6LHKDWWHGHQEHVWHQ&KDUDNWHUYRQGHU:HOWZDU
EHUDXVVDQIWXQGOLHEHQVZUGLJXQGGDEHLYROO*HLVWXQG/HEHQ
(LQ)UOYRQ9LHUHFNWUDWDQLKUH6WHOOHNRQQWHPLUDEHUGHQ
WUHXHQ5DWXQGGLHWUHXH/LHEHQLFKW HUVHW]HQGLHLFKEHL)UOYRQ
.DOFNVWHLQLPPHUJHIXQGHQKDWWH
 /DSRXOHEODQFKH'LHVLVWGDVLQWHUHVVDQWHVWH%LOGLP6FKOR
XQGYLHOOHLFKWDXFKGDVNQVWOHULVFKDPK|FKVWHQVWHKHQGH
PHLQHU0HLQXQJQDFKXQ]ZHLIHOKDIWYRQ3HVQHSHUV|QOLFK
KHUUKUHQG XQGQLFKWZLHVRYLHOHVDQGHUHGLHVHV0HLVWHUVEOR
DXVVHLQHP$WHOLHUKHUYRUJHJDQJHQ(VLVWHPLQHQWJHLVWUHLFKXQG
VWHOOWLQ)URQWHLQHV6FKORVVHV ZDKUVFKHLQOLFK6FKOR0RQELMRX 
HLQ]LHUOLFKHVZHLHV+XKQXQGHLQHQNROOULJHQVFKZDU]HQPLW
HLQHPURWHQ+DOVODSSHQDQJHWDQHQ+DKQGDUGHUVLFKXPGDV
EHUOHJHQOlFKHOQGHZHLH+XKQ SRXOHEODQFKH VWRO]XQG
]lUWOLFK]XJOHLFKEHZLUEW$OOGLHVLVWXPVROHLFKWHUDXVGHP%LOGH
KHUDXV]XOHVHQDOVVRZRKO+XKQZLH+DKQ0HQVFKHQN|SIHWUDJHQ
GHUHQ=JHGDVLQ GHQ7LHUN|USHUQ$QJHGHXWHWHEHVWlWLJHQXQG
XQWHUVWW]HQ8QGEHLGH.|SIHVLQG3RUWUDLWV$EHUZlKUHQGEHU
GHQ)UDXHQNRSIRGHUGLHSRXOHEODQFKHNHLQ=ZHLIHOZDOWHW HV
LVWHEHQGDVYRUJHQDQQWHVFK|QH)UlXOHLQYRQ.DOFNVWHLQ VLQG
EHUGHQHUUHJWHQ.ROOHUKDKQQXU0XWPDXQJHQJHVWDWWHW(V
ZHUGHQGLHYHUVFKLHGHQVWHQ1DPHQJHQDQQWDOOHPLWGHPVHOEHQ
$QVSUXFK8QGHVJLOWDXFKJOHLFK$OVDEHUGLHVFK|QH.DOFNVWHLQ
LP6RPPHUZLHGDV)UOYRQ3DQQHZLW]XQVEHULFKWHWHLQH
%DURQLQ:\OLFKJHZRUGHQZDUXQGGDVLKU]X(KUHQJHPDOWH%LOG
PLWLQGLH(KHEUDFKWHZDUGHVLKUHP(KHKHUUQXQEHTXHP7DJ
XP7DJDQHLQHQIUKHUHQ8PZHUEHUVHLQHUVFK|QHQ)UDX
JHPDKQW]XZHUGHQZHVKDOEHUHUEDUPXQJVORVDXIhEHUPDOXQJ
GUDQJXQGVRZRKO+XKQZLH+DKQLQGHQLKQHQ]XNRPPHQGHQ
7LHUN|SIHQ]XVHKHQZQVFKWH'LHVJHVFKDKGHQQDXFKXQGHUVW
DOVEHLQDKHKXQGHUW-DKUHVSlWHUGDVUHL]HQGH%LOGDXV2QNHO
:\OLFKVUKHLQLVFKHU+LQWHUODVVHQVFKDIWLQV0lUNLVFKHQDFK
/LHEHQEHUJ]XUFNZDQGHUWHVFKULWWHLQHJHVFKLFNWH+DQG]XU
UHVWLWXWLRLQLQWHJUXP8QGPLW0HQVFKHQN|SIHQZLH
V3HVQH
XUVSUQJOLFKJHZROOWXQGJHPDOWEOLFNHQZLHGHUODSRXOHEODQFKH
XQGLKU8PZHUEHUOlFKHOQGXQGNROOHUQGLQGLH:HOWKLQHLQ

'7LHUELOGHU
/DSRXOHEODQFKHELOGHWHLQHQJXWHQhEHUJDQJ]XGHQ7LHUELOGHUQ
GHV6FKORVVHV'LHVHKDEHQGLH5HSUlVHQWDWLRQV XQG
:RKQUlXPHZHQQVLHMHGDULQ3ODW]KDWWHQDXIJHEHQXQGLP
7UHSSHQKDXVHLQ8QWHUNRPPHQVXFKHQPVVHQDXIGHVVHQ
$EVlW]HQPDQLKQHQLQUHLFKHU=DKOEHJHJQHW6FKDIH:LGGHU
+LUVFKH5HKH%IIHOXQG3IHUGH6RQGHUEDUHUZHLVHVWHOOHQVLH
PHLVWHQV0RQVWURVLWlWHQGDUXQGZXUGHQEHUKDXSWQXUJHPDOW
XPLUJHQGHLQHQDEQRUPHQ=XVWDQG]XYHUHZLJHQ(VVLQGDOVR
.XULRVD'DVLHGHQQRFKPHKULQWHUHVVDQWDOVKlOLFKZLUNHQLVW
HLQ%HZHLVGHUDXVJH]HLFKQHWHQ7HFKQLNPLWGHUVLHJHPDOW
ZXUGHQ$OOHVWDPPHQZRKOQRFKDXVGHU=HLWGHV
2EHUMlJHUPHLVWHUVXQGODVVHQGLHEULOODQWHQLHGHUOlQGLVFKH6FKXOH
OHLFKWHUNHQQHQ
:HUILFKHLQHQ%OLFNDXIGLH*HVDPWKHLWGHVVHQZDVDQ%LOGHUQ
YRUKDQGHQLVWVREOHLEHQQXU HWZDVHFKVEULJGLHPLUDOVYRQ
NQVWOHULVFKHU%HGHXWXQJHUVFKLHQHQVLQG8QG]ZDU/DSRXOH
EODQFKHYRQ3HVQH*UlILQ(XOHQEXUJJHERUHQHYRQ5RWKNLUFK
YRQ$QJHOL-REVW*HUKDUGYRQ+HUWHIHOGPLWGHP-DJGVSLHGHV
2EHUMlJHUPHLVWHUV 0DOHUXQEHNDQQW  /XGZLJ&DVLPLUYRQ
+HUWHIHOGYRQGHU0DGDPH7HHUEXVFK XQG0LQLVWHU*UDI(XOHQEXUJ
YRQ0DJQXV,QGLHVHU$XI]HLFKQXQJNRPPW3HVQHYRQGHPGRFK
VRYLHOH%LOGQLVVHGDVLQGDQVFKHLQHQG]XNXU]DEHULFKELQQLFKW
LPVWDQGHJHZHVHQGHUJDQ]HQ5HLKHGLHVHUVHLQHU$UEHLWHQ
DXHUGHUPHKUJHQDQQWHQSRXOHEODQFKHHLQHQ*HVFKPDFN
DE]XJHZLQQHQ$OOHUGLQJVLVWLQ(UZlJXQJ]X]LHKHQGDVLH
GRSSHOWJHOLWWHQKDEHQXQG]ZDUHUVWGXUFKhEHUPDOXQJXQG
KLQWHUKHUGXUFK&RXSLHUHQPLWGHU6FKHUH'HUDOWH+HUWHIHOG
QlPOLFKHQWEHKUWHZLHGLH=HLWGHUHQ.LQGHUZDUDOOHVHLJHQWOLFK
KLVWRULVFKHQ6LQQHVXQGQDKPEHLGHPLP$QIDQJHGHUGUHLLJHU
-DKUHVWDWWILQGHQGHQ8PEDXGLHKRKHQOHEHQVJURHQXQGLQ
EUDXQH/HGHUWDSHWHQHLQJHODVVHQHQ$KQHQELOGHUPlQQOLFKHZLH
ZHLEOLFKHQLFKWEORDXVHEHQGLHVHQ7DSHWHQKHUDXVVRQGHUQ
VFKQLWWVLHVLFKDXFKQDFKGHPMHZHLOLJHQ%HGUIQLVHLQHUQHXHQ
=LPPHUHLQULFKWXQJ]XUHFKW(UNDQQWHGDEHLNHLQDQGHUHV*HVHW]
DOVGDVGHU6\PPHWULHGHU]XOLHEHGLHVWDWWOLFKHQ9ROOELOGHULQ
%UXVWELOGRGHU.QLHVWFNXPJHZDQGHOWZXUGHQ

%FKHU
'LHMHW]WLQGHUJURHQ+DOOHEHILQGOLFKH%LEOLRWKHNXPIDWZLH
VFKRQKHUYRUJHKREHQELVJHJHQ  %lQGH:lKUHQGGHU
3OQGHUXQJVWDJHYRQJLQJQDFKZHLVOLFKHLQLJHVYHUORUHQLP
JDQ]HQMHGRFKZDUGHU%FKHUVFKDGHQQLFKWJURGDVLFKGLH
5DXEOXVWGHV)HLQGHVDXISUDNWLVFKYHUZHQGEDUHUH'LQJHULFKWHWH
'HQ$QIDQJHLQHU%LEOLRWKHNPDFKWHGHU2EHUMlJHUPHLVWHUXP
YRQZHOFKHU=HLWDQVLHUDVFKXQGEHVWlQGLJZXFKVGD
VlPWOLFKHQ+HUWHIHOGVLQVRQGHUKHLW GHQHQGHVYRULJHQ
-DKUKXQGHUWVHLQOLWHUDULVFKHU=XJLQQHZRKQWH-HGHUVDPPHOWH
QDWUOLFKVHLQHUVSH]LHOOHQ1HLJXQJHQWVSUHFKHQGZRGXUFKHV
NDPGD)ULHGULFK/HRSROGYRQ +GLH%LEOLRWKHNDXIGHP*HELHWH
GHU*HVFKLFKWH.DUOYRQ +DXIGHPGHU1DWLRQDO|NRQRPLH
EHUHLFKHUWH'DV:HUWYROOVWHZXUGHDXVGHU+LQWHUODVVHQVFKDIWGHU
6WLIWVGDPH+HQULHWWHYRQ+HUWHIHOG 6FKZHVWHU)ULHGULFK
/HRSROGV EHUQRPPHQ,FKHUZlKQWHGHVVHQVFKRQ$P
UHLFKVWHQLQGHU%LEOLRWKHNEHUKDXSWVLQG0HPRLUHQXQG
&KURQLNHQYHUWUHWHQDXFKLOOXVWULHUWH%FKHUDXVGHPXQG
 -DKUKXQGHUW6RILQGHQVLFKEHLVSLHOVZHLVH'DQWHV*|WWOLFKH
.RP|GLHYRP-DKUH$XVJDEHYRQ6DQVRYLXVLQ)ROLR
ELEOLVFKH'DUVWHOOXQJHQQDPHQWOLFKDXV%XFK+LREYRQ-RKDQQHV
)UHOORQLXVLOOXVWULHUWYRQ+ROEHLQ/\RQGLH3VDOPHQYRQ
$PEURVLXV/REZDVVHULQ0XVLNYRQ&ODXGLQOHMHXQH$PVWHUGDP
EHL(O]HYLHU
$XFKHLQH.XSIHUVWLFKVDPPOXQJLVWYRUKDQGHQPLW]DKOUHLFKHQ
%OlWWHUQYRQ$OEUHFKW'UHU+ROEHLQ/XFDVYRQ/H\GHQ6DOYDWRU
5RVD5HPEUDQGWXQGDQGHUHPHKU

:DIIHQXQG.XULRVD
 7UNLVFKH)OLQWHPLWHLQJHOHJWHQURWHQ.RUDOOHQ*HVFKHQNGHV
WUNLVFKHQ*HVDQGWHQDQGHQ2EHUMlJHUPHLVWHU6DPXHOYRQ +
 6SDQLVFKH%FKVHGLHGHUlOWHUH*UDI6DQGHOV VSlWHU
VFKZHGLVFKHU)HOGPDUVFKDOOXQG9L]HN|QLJYRQ1RUZHJHQ LQGHQ
.lPSIHQJHJHQ5XODQGIKUWH*HVFKHQNGHVMHW]LJHQ*UDIHQ
6DQGHOVDQVHLQHQ6FKZLHJHUVRKQ*UDI3KLOLSS(XOHQEXUJGHQ
-QJHUQ
 (LQSDDU3LVWROHQGLH:UDQJHOYRQELVIKUWH
*HVFKHQNDQ*UDIHQ3K (GHQ9DWHU
 (LQ5HYROYHU*HVFKHQN:UDQJHOVDQ*UDI3K (GHQ6RKQ
'D]XIROJHQGH:RUWH+HUUVHJQHGXGLH:DIIHVHJQHGLHVLH
KHEWGLH+DQG*UDI:UDQJHO)HOGPDUVFKDOO%HUOLQ-XOL
 )D\HQFHQDFKELOGXQJHLQHVJURHQLQ3RPSHMLDXVJHJUDEHQHQ
0RVDLNIXERGHQV'LH$OH[DQGHUVFKODFKWLQ1HDSHO
JHNDXIWXQG]X6FKLII EHU6WHWWLQ QDFK/LHEHQEHUJJHVFKDIIW
 (OIHQEHLQVWRFN'RQ3HGURV,.DLVHUVYRQ%UDVLOLHQ6HKU
ZHUWYROO$OOHVHLQ6WFNYRQ+|KHXQG'LFNHHLQHVVWDUNHQ
%DPEXV 'LHVHU6WRFNVWDPPWDXVGHU+LQWHUODVVHQVFKDIWGHU
.|QLJLQPXWWHUYRQ6FKZHGHQXQGZXUGH QLHPDQGZHLZLHGRUW
KLQJHUDWHQ DXIHLQHU|IIHQWOLFKHQ$XNWLRQHUVWDQGHQ
 *URHMDSDQLVFKH%URQFHYDVHQ6HKUVFK|Q*HVFKHQNGHV
0LQLVWHUV*UDI)ULHGULFK(XOHQEXUJ DQVHLQHQ%UXGHUGHQ*UDIHQ
3KLOLSS
 *URHUMDSDQLVFKHU.DVWHQUHLFKRUQDPHQWLHUWXQGDXIGHP
'HFNHOREHQGDV(XOHQEXUJLVFKH:DSSHQ LQ*ROGEURQFH 'LHVHV
:DSSHQZXUGHQDFKHLQHU=HLFKQXQJGHV0LQLVWHUVGDPDOLJHQ
*HVDQGWHQ*UDIHQ(XOHQEXUJJOHLFK LQ<RNRKDPDYRQHLQHP
MDSDQLVFKHQ $UEHLWHUDXVJHIKUW
8QGDQGLHVHU6WHOOHPDJGHQQDXFKKHUYRUJHKREHQZHUGHQGD
MDSDQLVFKH5HPLQLV]HQ]HQEHUDOOLQ/LHEHQEHUJQDFKNOLQJHQ$XV
GHU)OOHGHVVHQZDV*UDI)ULHGULFK (YRQVHLQHURVWDVLDWLVFKHQ
*HVDQGWVFKDIWVUHLVHPLWKHLPEUDFKWHNDPYLHOHVGHP6FKORVVH
VHLQHV%UXGHUV]XJXWHEHVRQGHUV%LOGHUPLWGHQHQGLH

)UHPGHQ]LPPHURGHUGRFKHLQLJHGHUVHOEHQLQIULHVDUWLJHU
0DQLHUXPNOHLGHWZXUGHQ,QGLHVHQ=LPPHUQOlWVLFKYRP
6FKDXNHOVWXKORGHUPRUJHQVYRP%HWWDXVLQGLH*HKHLPQLVVH
MDSDQLVFKHU.XQVWHLQGULQJHQXQGLFKPXEHNHQQHQPDQFKH
EHUKPWH*DOHULHEHUKPWHU6WlGWHPLWZHQLJHU1XW]HQ
EHUIORJHQ]XKDEHQ$OOGLHVH'LQJHVWHKHQLKUHP3UHLVXQG
LKUHU3UlWHQWLRQQDFKQXUHWZDDXIHLQHU*XVWDY.KQVFKHQ
%LOGHUERJHQVWXIHVLQGDEHULQ+LQVLFKWLKUHU7HFKQLNHEHQVR
OHKUUHLFKZLHEHGHXWVDP(VZLUGLQLKQHQGLH.XQVWJHEWHLQHQ
(IIHNWRGHUHLQH3HUVSHNWLYHPLWDOOHUJHULQJVWHQ0LWWHOQ
KHUYRU]XEULQJHQXQGLVWPLUQDPHQWOLFKDOOHUOHL/DQGVFKDIWOLFKHV
LQ(ULQQHUXQJJHEOLHEHQDXIGHPGHU=HLFKQHURGHU0DOHUDXV
GUHL/LQLHQXQGHLQHP)DUEHQNOHFNVHLQHQ%LQQHQVHHVDPW%HUJ
XQG/DQG]XQJHYRUPLFKKLQ]X]DXEHUQZXWH)DVWP|FKWLFK
JODXEHQGDVLFKHLQ6WXGLXPGLHVHU$UEHLWHQXQGLKUHU7HFKQLN
DXFKXQVHUHUVHLWVYHUORKQHQZUGHZLHGHQQEHUHLWV$PHULNDQHU
XQG(QJOlQGHU LFKHULQQHUHQXUDQGLHHQJOLVFKHQ.LQGHUEFKHU 
DOOHUKDQGGDUDXVJHOHUQW]XKDEHQVFKHLQHQ

'HU3DUNXQGGLH.LUFKH
'HU3DUNGHUVLFKLQHLQHQLQQHUHQXQGlXHUHQWHLOWLVWGXUFK
8PIDQJXQG6FK|QKHLWDXVJH]HLFKQHWXQGVWDPPWLQVHLQHU
XUVSUQJOLFKHQ*HVWDOWDXVGHQ7DJHQGHV2EHUMlJHUPHLVWHUV
,FKEHJLQQHPLWGHP,QQHQSDUN(UJLQJZLHGDV6FKORVHOEVW
GXUFKDOOHUKDQG3KDVHQXQGYHUZDQGHOWHVLFKDOOPlKOLFKDXV
JUDGOLQLJHQIUDQ]|VLVFKJHVFKQLWWHQHQ*lQJHQLQHLQHQ3DUNLP
HQJOLVFKHQ6WLOH6HLQJHJHQZlUWLJHV$XVVHKHQHPSILQJHUGXUFK
/HQQpGHUEULJHQVHLQLJH5HVWHGHUXUVSUQJOLFKHQ$QODJH
IRUWEHVWHKHQOLHXQGGXUFKGLHVHQ$NWGHU3LHWlWDXFKGHU
6FK|QKHLWHLQHQ'LHQVWOHLVWHWH=XGHPZDVEOLHEJHK|UHQXQWHU
DQGHUQHLQLJHGHUVFK|QVWHQ+HFNHQLQVRQGHUKHLWHLQHGLFKWH
]HKQ)XKRKH%XFKVEDXPKHFNHGLHZHJHQLKUHU]ZHL
DUPVVWDUNHQ6WlPPHGLH%HZXQGHUXQJDOOHU*DUWHQNQVWOHU]X
VHLQSIOHJWhEHUKDXSWLVWGHU3DUNUHLFKDQDOWHQXQGHLJHQDUWLJHQ
%lXPHQXQWHUZHOFKHQOHW]WHUHQZLHGHUXPHLQH7UDXHUKDVHO GLH
LQ3DULVSUlPLLHUWZXUGH GHQHUVWHQ5DQJHLQQLPPW$XHUGHP
DEHUZlUHQHLQSDDU7D[XVElXPH]XQHQQHQGLHQDFK$OWHUXQG
8PIDQJGHP7D[XVLP*DUWHQXQVUHV+HUUHQKDXVHV/HLS]LJHU
6WUDH JOHLFKNRPPHQGUIWHQ$XIGDV*DQ]HKLQDQJHVHKHQ
HUNHQQLFKLQGHVVHQGLH6FK|QKHLWGHV3DUNHVQLFKWLQHLQHU5HLKH
GLHVHURGHUlKQOLFKHU(LQ]HOQKHLWHQVRQGHUQLQVHLQHU
7HUUDVVLHUXQJXQG3HUVSHNWLYH'DVLQ6FKUlJOLQLHQXUPlLJ
DQVWHLJHQGH7HUUDLQLVWGXUFK$EVWHFKXQJLQGUHLJURH6WXIHQ
XPJHZDQGHOWZRUGHQDXIGHUHQMHGHUZLHGHUHLQTXDGUDWLVFKHU
7HLFKDXIEOLW]W,QHLQHU8PUDKPXQJRIWVHOWQHUXQGMHGHQIDOOV
LPPHUVFK|QHU%lXPHJHZlKUHQGLHVH:DVVHUIOlFKHQHLQHQ
JURHQ5HL]
8QPLWWHOEDUDQGLHOHW]WH7HUUDVVHVFKOLHWVLFKGHU$XHQSDUN
HLQ:DOGKJHOGHUPLWVHLQHQKRKHQ(LFKHQXQG:HLEXFKHQGHQ
,QQHQSDUNEHUUDJWXQGEHKHUUVFKW(UKDWGLH)RUPHLQHV
7RSINXFKHQVYRQGHVVHQK|FKVWHP3XQNWDXVHLQH0HQJHKHOOHU
JHIlUEWHU/LQLHQQDFKDOOHQ6HLWHQKLQQLHGHUODXIHQ'LHVVLQGGLH
:HJH'DV*DQ]HIKUWGHQ1DPHQGDV.DSSK|O]FKHQRGHU
DXFKGHU2EULVWHQEHUJZHLO6D0DMHVWpOH&RORQHOGH&RFFHML
KLHU]XVLW]HQXQG]XPHGLWLHUHQOLHEWH=XJOHLFKEHILQGHWVLFKKLHU
DXFKGDVXQWHULUGLVFKHYRQ%OXPHQEHUZDFKVHQH*HZ|OEH
GDULQGHUVHOEHEHLJHVHW]WZXUGH

1RFKHLQDQGUHVVSULFKWXQGPDKQWDQGLHVHU6WHOOHGDV
0RQXPHQWGDVGLHWUHXH6HHOHGLH1HXPDQQLQ(ULQQHUXQJDQ
GLH6FKUHFNHQVWDJHYRQDQQRVHFKVVHOEVWlQGLJXQGDXVHLJHQHQ
0LWWHOQHUULFKWHQOLH(VWUlJWIROJHQGH,QVFKULIW

$OVLQGHQXQJOFNVYROOHQ-DKUHQ
'HU)HLQGGHQ+HUUQYRP+HUGHWULHE
8QGXQWHUW|GOLFKHQ*HIDKUHQ
,KPQLFKWVYRQVHLQHU+DEHEOLHE
$OVLKPXQGGLHLKPWUHXHUJHEHQ
'HV6FKPHU]HVELWWUH7UlQHQWILHO
'DGLHQWHXQWHU)XUFKWXQG%HEHQ
8QVGLHVH 6WHOOH]XP$V\O
)U(XFKGLH,KU
VHPSILQGHQN|QQW
(UEDXWHPDQGLHV0RQXPHQW

""" 
'LHGUHL)UDJH]HLFKHQLQ3DUHQWKHVHVLQGPLWLQGHQ6WHLQ
HLQJHJUDEHQXQGVROOHQVHKUZDKUVFKHLQOLFKHLQHQ VWLOOHQ3URWHVW
JHJHQGLHIUDQ]|VLVFKH:LUWVFKDIWDXVGUFNHQ(WZDGLH)UDJH
:LHODQJHQRFK"
'LH.LUFKHQDFK$UWHLQHU+DXVNDSHOOHVWHKWQXUZHQLJH6FKULWWH
YRP6FKORHQWIHUQW(VLVWHLQHLQIDFKHV*HElXGHZLHGLH
5HIRUPLHUWHQ XQGGLH+HUWHIHOGVZDUHQUHIRUPLHUW HVLPPHU]X
KDOWHQSIOHJWHQ(UVWLQDOOHUQHXHVWHU=HLWXQWHUGHQ(XOHQEXUJV
LVWHLQLJHVJHVFKHKHQXPGLH1FKWHUQKHLW]XEDQQHQXQGGLH
EHNDQQWHZHLH7QFKHGXUFK)DUEH]XEHOHEHQ$QGLH6WHOOH
GHUVR]XVDJHQLPPHUPHKU/LFKWIRUGHUQGHQHLQIDFKHQ
6FKHLEHQVLQGIQI)HQVWHUPLW*ODVPDOHUHLHQJHWUHWHQYRQGHQHQ
]ZHLGHQ0DWWKlXVXQG3DXOXVGLHGUHLDQGHUQDEHUGLH
:DSSHQVFKLOGHGHU+HUWHIHOGV(XOHQEXUJVXQG5RWKNLUFKV
GDUVWHOOHQ$XFKDQ*HGlFKWQLVWDIHOQXQG,QVFKULIWHQIHKOWHV
QLFKWYRQGHQHQHLQHKLHULKUH6WHOOHILQGHQPDJ$XVIUHLHP
$QWULHEJLQJIUV9DWHUODQG.DUO)UHLKHUUYRQ+HUWHIHOGNHKUWHLQ
GDVYlWHUOLFKH+DXV]XUFNGHQ $XJXVW-RDFKLP6FKXO]
6RVFKOLFKWXQGXQEHGHXWHQGGDVNOLQJWVRKDWHVGRFKVHLQH
%HGHXWXQJXQGHU]lKOWXQVLP=XVDPPHQKDQJHPLWGHUREHQ
]LWLHUWHQ6WHLQLQVFKULIWLP3DUNYRQMHQHU3DWULDUFKDOLWlWXQG
+XPDQLWlWGLHKLHUDOOH]HLWLKUH6WHOOHKDWWHQ(VJDEGDQLFKWV
YRQ+RFKIDKUHQKHLWXQGVWUHQJHP5HJLPHQWDOOHVZDU0LOGH

:RKOWXQXQG )UHXQGOLFKNHLWXQGGXUFKPHKUDOV]ZHL
*HQHUDWLRQHQKLQZXUGHLQVFK|QHV%HLVSLHOJHJHEHQZLHYLHO
ZHQQVLHQXUHFKWLVW XQGQLFKW]X NLUFKOLFKDXIWULWW GLH/LHEH]X
GHQ8QWHUJHEHQHQYHUPDJ
$QHLJHQWOLFKHQ:HUWJHJHQVWlQGHQELUJWGLH.LUFKHQLFKWVGRFK
LVWHLQLJHVGDZDVHLQ,QWHUHVVHZHFNHQPDJ$XIGHP
$EHQGPDKOVNHOFKHILQGHQVLFKIROJHQGH:RUWH=XU)HLHUGHVDP
 0DL]X3DULVDEJHVFKORVVHQHQJORUUHLFKHQ)ULHGHQVXQG
]XP(UVDW]GHVDP 2NWREHUYRQGHQIUDQ]|VLVFKHQ
7UXSSHQJHUDXEWHQ.LUFKHQJHUlWV(EHQVRPDJQRFKHUZlKQW
ZHUGHQGDVRZRKO.UX]LIL[ZLH.RPPXQLRQVOHXFKWHUDXV
2OLYHQKRO]DQJHIHUWLJWZXUGHQGDVGHUMQJHUH*UDI3KLOLSSYRQ
HLQHU5HLVHQDFK-HUXVDOHPXQG3DOlVWLQDPLWKHLPEUDFKWH'HU
)XERGHQGHU.LUFKHEHVWHKWDXV LWDOLHQLVFKHQ)OLHVHQGLH
JOHLFK]HLWLJPLWGHPYRUHUZlKQWHQJURHQ0RVDLNELOGHQDFK
/LHEHQEHUJNDPHQ
hEHUDOOGLHVKLQDXVDEHUXQGDOVHWZDVUHODWLY:LFKWLJHVPXGDV
.LUFKHQEXFK JHOWHQGDVVHLWH[LVWLHUWXQGEHUYLHOH3XQNWH
GHU+HUWHIHOGVFKHQ)DPLOLHGLHGDQNHQVZHUWHVWHQ$XIVFKOVVH
JLEW(EHQVRYHU]HLFKQHWHVHLQH]X/LHEHQEHUJYROO]RJHQHFpOqEUH
7DXIH'HQ 0lU]LVW+DEED6FKDFKDVDJDHLQH
JHERUHQH7UNLQQDFKGHPGLHVHOEHLQXQVHUHUFKULVWOLFKHQ
5HOLJLRQXQWHUZLHVHQXQGLKU*ODXEHQVEHNHQQWQLV|IIHQWOLFK
DEJHOHJHWJHWDXIHWZRUGHQXQGKDWGHQ1DPHQ0DULD/RXLVD
EHNRPPHQ*RWWUHJLHUHVLHIHUQHUGXUFKVHLQHQKHLOLJHQ*HLVW
XQGHUKDOWHVLHEHLGHUHUNDQQWHQXQGDQJHQRPPHQHQ:DKUKHLW
ELVDQLKUVHOLJHV(QGH'LH3DWHQZDUHQ+HUU0DMRU YRQ
%RUQVWlGW+HUU6DPXHOYRQ+HUWHIHOG+HUU:LOKHOPYRQGHU
*U|EHQ)UDX2EHUVWYRQGHU*U|EHQ)UDX+DXSWPDQQYRQGHU
*U|EHQ
9RQDQGHUHQ(LQWUDJXQJHQLQGDV.LUFKHQEXFKJHKLFKQXUQRFK
IROJHQGH]ZHL'HQ )HEUXDUKDWGHUUHIRUPLHUWH
3UHGLJHU$GROSK&KULVWRSK6WRVFKLXV GHUMQJHUH LQGHU
=HKGHQLFNVFKHQ6WDGWNLUFKHHLQHPOXWKHULVFKHQ 2EULVWOLHXWHQDQW
YRQ-HHW]HGLH3DUHQWDWLRQJHKDOWHQZHLOHVLP/HW]WHQYRQLKP
EHJHKUWZRUGHQ8QG$P 0lU]VWDUELQ/LHEHQEHUJ
GHU.|QLJOLFKSUHXLVFKH2EHUVW+HUUYRQ&RFFHML DP6FKODJIOX
XQGZXUGHVHLQHUEHLVHLQHQ/HE]HLWHQJHJHEHQHQ9HURUGQXQJ

JHPlLQHLQHPIUVHLQH/HLFKHLQGHP.DSSK|O]FKHQEHVRQGHUV
KHUJHULFKWHWHQ*HZ|OEHGHQGHVVHOEHQ0RQDWVEHLJHVHW]W
8QGKLHUPLWKDEHQZLUXQVHUHQ5XQGJDQJGXUFK6FKORXQG3DUN
XQG.LUFKHJHHQGHWXQGQHKPHQ$EVFKLHGYRQ/LHEHQEHUJDEHU
QLFKWRKQHYRUKHUHLQH3DUDOOHOH]ZLVFKHQGHP/HEHQYRQVRQVW
XQGGHP/HEHQYRQKHXWHJH]RJHQ]XKDEHQ
(VLVWQLFKWOR\DOHUJHZRUGHQGLHV/HEHQGLH+HUWHIHOGVZDUHQ
OR\DODEHUSUHXLVFKHU ZXUGHVXQGDQGLH6WHOOHGHVGHP
YRULJHQ-DKUKXQGHUWHQWVWDPPWHQ$XINOlUXQJVHYDQJHOLXPVPLW
VHLQHP+DQJH]X:HOWEUJHUWXPXQG3KLORVRSKLHWUDWHQZLHGHU
.RQIHVVLRQXQG1DWLRQDOLWlWGLH6FKHLGXQJHQXQG*OLHGHUXQJHQ
HLQHU ZHLWHU]XUFNOLHJHQGHQ=HLW(LQ%HJUHQ]WHVDQ6WHOOHGHV
8QEHJUHQ]WHQ
$EHUZHQQGLH%HWUDFKWXQJGHV/HEHQVZHFKVHOWHGLH7HPSHUDWXU
GHV/HEHQVZHFKVHOWHQLFKW(VHUNKOWHVLFKQLFKWVLQGHQ+HU]HQ
XQGMHQH+LOIHEHUHLWVFKDIWXQGVFK|QH*DVWOLFKNHLWGLHKLHU
DOOH]HLWKHLPLVFKXQGGDVDOWH9RUUHFKWGHU+HUWHIHOGVZDUVLH
OHEWIRUWELVGLHVH6WXQGH'LHMDSDQLVFKH=LPPHUUHLKHZLUG
QLFKWOHHUXQGQLFKWPGHZLUGGHU(LIHUDOOHVZDV]X%HVXFK
XQG6RPPHUIULVFKHNRPPWLQGLHZHFKVHOYROOHQW]FNHQGH
/DQGVFKDIWRGHUDXIGLH+|KHQXQG$XVVLFKWVSXQNWH
KLQDXI]XIKUHQ
8QWHUGLHVHQDPOLHEVWHQDXIGLH%XUJEHUJ6WHOOHGLH]XJOHLFK
YROOKLVWRULVFKHPXQGODQGVFKDIWOLFKHP5HL]DXI:DOGXQG:LHVHQ
XQGGLHYRQ0XPPHOQEHUEOKWH*URH/DQNHQLHGHUEOLFNW
+LHUKHUJHKWHVLQ6RPPHU]HLWXPLQHLQHP%RUNHQKlXVFKHQGHQ
7HH]XQHKPHQXQGVLFKXQWHUQHFNLVFKHP6SLHODOVZlUHVLP
6RPPHUQDFKWVWUDXPEHU:DOGXQG6HHKLQ]XYHUWHLOHQ]X
KDVFKHQXQG]XVXFKHQ$QGHP6FKLOIJUWHOHQWODQJVFKLHEWVLFK
GDV%RRWXQWHUGHQ8IHUElXPHQLVWHVZLH)OVWHUQXQGOHLVHV
/DFKHQXQGQXQJHKWGHU0RQGDXIXQGJLHWVHLQ/LFKWEHUGLH
VWLOOEHZHJWH)OXW

'UHLOLQGHQ
.DSLWHO

(UVWHU%HVXFKLQ'UHLOLQGHQ
-DJGVFKOR'UHLOLQGHQZDU/LHEOLQJVDXIHQWKDOWGHV3ULQ]HQ
)ULHGULFK.DUO-HGHUZlKUHQGGHUVLHE]LJHU-DKUHNDQQWHGDV
6FKORZHQQQLFKWYRQ$QVHKHQVRGRFKDXVGHQ
+RIQDFKULFKWHQLQGHQHQHVLQEHVWLPPWHQ$EVWlQGHQKLH
6HLQH.|QLJOLFKH+RKHLWNDPKHXWHYRQ'UHLOLQGHQKHUHLQLQGLH
6WDGWXQGNHKUWHJHJHQ$EHQGGDKLQ ]XUFN'UHLOLQGHQZDUHLQ
SRSXOlUHU1DPHJHZRUGHQIDVWVRSRSXOlUZLHGHUGHV3ULQ]HQ
VHOEVW
,FKSHUV|QOLFKOHUQWHGDV-DJGVFKORHUVWLP6SlWKHUEVW
NHQQHQXQGZLHVLFK
VPLUGDPDOVGDUVWHOOWHGDUEHUZLOOLFKLQ
QDFKVWHKHQGHPEHULFKWHQ

(LQKDOEGXUFKVLFKWLJHU1RYHPEHUQHEHODXVGHPHVLQNOHLQHQ
7URSIHQQLHGHUILHOODJZHLWKLQEHUGHU/DQGVFKDIWXQGDQDOOHUOHL
ZLH6FKDWWHQDXVGHU8QWHUZHOWGDVWHKHQGHQ9HUJQJXQJVORNDOHQ
YRUEHUGLHWUDXULJHQ%OLFNVXQVQDFKVDKHQDOVREVLHElWHQ
VLHGRFKPLW]XQHKPHQLQ/LFKWXQG/HEHQMDJWHQZLUHUVW
GXUFKGHQ6WHJOLW]HU%DKQKRIXQGJOHLFKGDQDFKGXUFKGHQYRQ
/LFKWHUIHOGHKLQ$OOHVZDU|GXQGOHHUXQGVHOEVWGHU
.DGHWWHQGRPVWDQGZLHLQ7UDXHU
8QGQXQKLHOWHQZLU:DQQVHH:DQQVHH
'HQJDQ]HQ=XJHQWODQJ|IIQHWHQVLFKQLFKWPHKUDOV]ZHL
&RXSpVGHUHQ,QVDVVHQLQHLQHUOlQJHUHQXQGHLQHUNU]HUHQ
6FKUlJOLQLHVRIRUWGHPVHOEHQ=LHOH]XVWHXHUWHQXQG]ZDUDXI
]ZHLKDUWDQHLQHU:LQGHFNHKDOWHQGHSULQ]OLFKH:DJHQGLHOXIWLJ
XQGRIIHQLQLKUHUJDQ]HQ(UVFKHLQXQJXQ]ZHLIHOKDIWHLQH:RQQH
IUWDSIHUHVXQGDEJHKlUWHWHV.ULHJVYRONDEHUYRQGHVWR
]ZHLIHOKDIWHUHP:HUWHIUDOOHQRFK]XGHQ7UDGLWLRQHQGHU
]XLJHQ'URVFKNHKDOWHQGH=LYLOSHUVRQHQZDUHQ,FKGHUGHQ
NU]HUHQ:HJKDWWHQDKPGDV0DUVFKWHPSRVRGDLFKPLWGHU

+DXSWNRORQQHGLFKWDQGHU:LQGHFNH]XVDPPHQVWRHQPXWH
VWHOOWHPLFKKLHUYRUXQGWDXVFKWHGDIUDOV*HJHQJDEHYLHURGHU
IQI1DPHQHLQGLHGLHJHVDPWHQ3HUVRQDOYHUKlOWQLVVHJHQDXVR
GXQNHOEHOLHHQZLHVLHELVGDKLQJHZHVHQZDUHQ
hEULJHQVHQWVSUDQJDXVGLHVHU'XQNHOKHLWZHGHU9HUZLUUXQJQRFK
*rQHYLHOPHKUOLHVLFKXPJHNHKUWOHLFKWHUNHQQHQGDHLQ
XQWHUJOHLFKHQ9HUKlOWQLVVHQDQGLHVHU(FNHVWDWWILQGHQGHV
=XVDPPHQWUHIIHQHLQJDQ]DOOWlJOLFKHV(UHLJQLVZDU-HGHQIDOOV
DEHUNOlUWHVLFKGLH6LWXDWLRQVRIRUWDOVGLH3OlW]HKEHQXQG
GUEHQHLQJHQRPPHQXQGXQWHU=LWLHUXQJHLQLJHUZLH:KLVWZLW]H
VWDWLRQlUDXIWUHWHQGHQ6FKlNHUHLHQXQVUHYLHU%HLQSDDUHQDFK$UW
HEHQVRYLHOHU5DXWHQZDSSHQLQHLQDQGHUJHVFKREHQZDUHQ8QG
QXQVDHQZLU)HUWLJ(LQ3HLWVFKHQNQLSVQRFKXQGLQUDVFKHP
7UDEHJLQJHVXQWHUHLQHP%UFNHQEHUEDXZHJLQHLQHEUHLWH
FKDXVVHHDUWLJH)DKUVWUDHKLQHLQGLHQDFKOLQNVKLQHLQHPLW
KRKHQ.LHIHUQEHVHW]WH:DOGOLVLqUHVWUHLIWH+DUW]XU5HFKWHQDEHU
OLHIGHU%DKQGDPPDXIGHPHEHQGLHURWHQXQGJUQHQ
6LJQDOOLFKWHUDQJH]QGHWZXUGHQ
$P:DOGVDXPKLQZREQRFK'lPPHUXQJLQGHPVHOEHQ
$XJHQEOLFNHMHGRFKZRZLUYRQGHUEUHLWHQ)DKUVWUDHKHULQ
HLQHQVFKPDOHQXQGUHFKWHLJHQWOLFKHQ:DOGZHJHLQERJHQXPJDE
HVXQVZLH1DFKW.HLQ/LFKWEOLW]NHLQ7DJHVVFKLPPHUPHKUVR
GLFKWZ|OEWHVLFKEHUXQVGDVYRQUHFKWVXQGOLQNVKHU
LQHLQDQGHUJHVFKREHQH*H]ZHLJ
8QGQXQVFKZLHJDXFKGLH+HLWHUNHLW$OOHVUFNWHVLFK]XUHFKW
XQGOLHGHXWOLFKHUNHQQHQGDZLUXQVLQXQPLWWHOEDUHU1lKH
XQVHUV=LHOHVEHILQGHQPXWHQ8QGZLUNOLFKHLQHVFKDUIH
%LHJXQJQRFKXQGGHU:DJHQKLHOW
8QYHUJHOLFK%LOG$XVHLQHUPLWEHLGHQ)OJHOQRIIHQVWHKHQGHQ
7UHUJRVLFKHLQ/LFKWVWURPDXIHLQHQURQGHHODUWLJHQXQGYRQ
7DQQHQXPVWHOOWHQ9RUSODW]ZlKUHQGVLFKLQGHU7UVHOEVWXQG
ZHLWHU]XUFNHLQEXQWHV*HZLUUYRQ8QLIRUPHQXQG/LYUHHQ
]HLJWH'LH0lQWHOJOLWWHQXQVYRQGHU6FKXOWHUXQGLPQlFKVWHQ
$XJHQEOLFNHVFKRQWUDWHQZLUDXVGHP9RUIOXULQHLQHGDKLQWHU
JHOHJHQHJU|HUH)OXUKDOOHYRQGHUDXVHLQH6WHLQWUHSSH
JUDGOLQLJXQGPLWOHLFKWHP(LVHQJHOlQGHULQGLH=LPPHUGHV
HUVWHQ6WRFNHVKLQDXIIKUWH+LHUDP(LQJDQJHPSILQJXQVGHU
3ULQ]HLQJQlGLJHV:RUWDQDOOHGLHJQlGLJVWHQDQGLH1HXOLQJH

ULFKWHQGDEHUHKHQRFKGDV:RUWHLQ *HVSUlFKZHUGHQNRQQWH
WDWVLFKDXFKVFKRQGHUXQVXQPLWWHOEDU]XU6HLWHJHOHJHQH
6SHLVHVDDODXIDXIGHVVHQYRQ/LFKWHUQEHUVWUDKOWHU7DIHOHVYRQ
JROGQHP*HUlWXQGHLJHQDUWLJHQDXVGHU-DJGZHOWVWDPPHQGHQ
$XIVDW]VWFNHQEOLQNWH'LH)OOHGHU(LQGUFNHQDKPGHU=HLWLKU
0DGLH6WXQGHQZXUGHQ]X0LQXWHQXQGHKHQRFKGLH
0|JOLFKNHLWJHZRQQHQZDUVLFKLQGHP%LOGHYRQ/LFKWXQG*ODQ]
]XUHFKW]XILQGHQZDUDXFKGLH=HLWVFKRQZLHGHUXPXQGGDV
9RUIDKUHQGHU:DJHQZXUGHJHPHOGHW(LQ$EVFKLHGVZRUWQRFK
JQlGLJZLHGDVGHV(PSIDQJHVXQGVLHKHGDGXUFK1DFKWXQG
'XQNHOKLQXQGJOHLFKGDQDFKDQGHUYRQHLQ]HOQHQ/LFKWHUQ
HUKHOOWHQ/LVLqUHYRUEHUJLQJXQVHUH)DKUWLPPHUUDVFKHUXQG
UDVFKHUGHQQGHUHEHQODXWZHUGHQGH3ILIIGHU/RNRPRWLYH
PDKQWHEHUHLWV ]XU(LO$EJHSDW,PVHOEHQ0RPHQWHZRGHU
=XJKLHOWKLHOWHQDXFKZLUXQGDEHUPDOVHLQHNOHLQH:HLOHVR
ZDUGLHOHW]WH6WDWLRQXQGGLHOHW]WH*LWWHUEUFNHSDVVLHUWXQGLQ
GDV%DKQKRIVSRUWDOHLQJOHLWHQGZ|OEWHVLFKZLHGHUGHUPlFKWLJH
%RJHQEHUXQV$XVVWHLJHQ(LQ6WURPHLQ*HZLUU3HO]H.RIIHU
XQG*HVFKUHLGHUJDQ]H/lUPHLQHUJURHQ6WDGW
8QG'UHLOLQGHQODJKLQWHUPLUZLHHLQ7UDXP

.DSLWHO

'UHLOLQGHQKLVWRULVFKWRSRJUDSKLVFK
'UHLOLQGHQVHLQ)RUVWKDXVXQGVHLQ-DJGKDXVGD]XGLH
JOHLFKQDPLJH:DOGSDU]HOOHGDULQEHLGH)RUVWKDXVZLH-DJGKDXV
JHOHJHQVLQGELOGHWGHQZHVWOLFKHQ7HLOGHV5LWWHUJXWHV'SSHO
GDV DXI$QWUDJGHU7HOWRZHU.UHLVVWlQGHGXUFK.|QLJ
:LOKHOPLQ$QHUNHQQXQJGHU9HUGLHQVWHGHV3ULQ]HQ)ULHGULFK.DUO
JHJUQGHW DXVHLQHU$FNHU XQGHLQHU)RUVWKlOIWHEHVWHKW
'LH$FNHUKlOIWHKLH XQGKHLWQRFK *XWRGHU9RUZHUN1HX
=HKOHQGRUI
'LH)RUVWKlOIWHGDJHJHQKLHGLH+HLQHUVGRUIHU+HLGHGDULQLQ
DOWHQ=HLWHQVFKRQHLQ)RUVWKDXVXQWHUGHP1DPHQGHU
+HLGHNUXJJHOHJHQZDU
%HLGH+lOIWHQKDEHQHLQH*HVFKLFKWHGLHKLHULQ.U]HJHJHEHQ
ZHUGHQP|JH

9RUZHUN1HX=HKOHQGRUI
*XWRGHU9RUZHUN1HX=HKOHQGRUIEHVWDQGELV]XVHLQHP
$XIJHKHQLQGDV5LWWHUJXW'SSHODXVHLQHP$OW=HKOHQGRUIHU
%DXHUQKRIHGHPZHQQLFKUHFKWEHULFKWHWELQDXHUVHLQHP
DOWHQXQGHLJHQWOLFKHQ+RIEHVLW]DXFKQRFKHLQNOHLQHUHVGXUFK
.DXIRGHU(UEHKLQ]XJHNRPPHQHV$FNHUVWFN]XJHK|ULJZDU
$XIGLHVHP$OW=HKOHQGRUIHU%DXHUQKRIHQXQVDHQELV
ElXHUOLFKH/HXWHGLH*HVFKZLVWHU3DVHZDOG8PGLHJHQDQQWH
=HLWDEHUYHUNDXIWHQGLHVHOEHQLKU%DXHUQJXWDQGHQ6DO] XQG
6FKLIIDKUWVGLUHNWRU%HQVFKGHUGDIU 7DOHU]DKOWH
%HQVFKEHDQWUDJWHJOHLFKQDFKGHUhEHUQDKPHGLH6HSDUDWLRQ
GHUELVGDKLQQRFKLQGHU*HPHLQVFKDIWYHUEOLHEHQHQ'RUIlFNHU
EHLZHOFKHU$QWUDJVWHOOXQJHUVLFKGXUFKGLHJHVDPWH
%DXHUQVFKDIWXQWHUVWW]WVDK,QIROJHGLHVHU8QWHUVWW]XQJ
RUGQHWHQVLFKDOOH]XU$XVHLQDQGHUOHJXQJHUIRUGHUOLFKHQ
6FKULWWHUDVFKXQGPLWYHUKlOWQLVPlLJOHLFKWHU0KHVRGD
QRFKYRU-DKUHVDEODXIHLQ$QWHLOYRQ 0RUJHQDQ%HQVFKILHO
$XIHEHQGLHVHP$QWHLOEHJDQQ%DOVEDOGHLQ9RUZHUN
DXI]XEDXHQGHPHUGHQ1DPHQ1HX=HKOHQGRUIJDE
8QGVREHVWDQGGHQQXPGLHVH=HLWXQG]ZDULP*HJHQVDW]H]X
ZHLWHUKLQ]XQHQQHQGHQXQGHEHQIDOOVDXV%HQVFKVFKHQ0LWWHOQ
HUZRUEHQHQ1DFKEDUEHVLW]XQJHQGHU=HKOHQGRUIHU %HVLW]GHV
6DO] XQG6FKLIIDKUWVGLUHNWRUV %DXVIROJHQGHQ(LQ]HOVWFNHQ



%HQVFKZDUHVDXFKGHUDXIGHP*XWVKRIHGLHVHV9RUZHUNV1HX =HKOHQGRUI
]XU(UULFKWXQJHLQHVLQHLQHU$UW 7XGRUVWLOJHKDOWHQHQ +HUUHQKDXVHVVFKULWW
'DVVHOEHHPSILQJEHLQDKGUHLLJ-DKUHVSlWHUHLQH0DUPRUWDIHOPLWIROJHQGHU
,QVFKULIW'XUFKGLH*QDGH.|QLJ:LOKHOPV ,ZXUGHGLHVHPYRP3ULQ]HQ
)ULHGOLFK.DUOYRQ3UHXHQLP)HEUXDUJHNDXIWHQ%DXHUQJXWH 1HX
=HKOHQGRUIDXI$QWUDJGHU7HOWRZHU.UHLVVWlQGH]XJOHLFKDXFKLQ
$QHUNHQQXQJVHLQHU6LHJHLP.ULHJHJHJHQ'lQHPDUNGLH
5LWWHUJXWVTXDOLWlWXQGGLH%HQHQQXQJ5LWWHUJXW 'SSHO ODXW3DWHQWYRP
 -DQXDUYHUOLHKHQ

 DXVGHP$OW=HKOHQGRUIHURGHU3DVHZDOGVFKHQLP'RUIHVHOEVW
JHOHJHQHQ%DXHUQKRIHGHPEORHQ*UXQGVWFNVDPWHUHUEWHP
RGHUHUNDXIWHP$FNHUDQQH[
 DXVGHPEHLGHU6HSDUDWLRQDXVGHU'RUIJHPHLQVFKDIWLKP
]XJHIDOOHQHQ$FNHUYRQ 0RUJHQXQG
 DXVGHPDXIHEHQGLHVHP$FNHU XQWHUGHP1DPHQ1HX
=HKOHQGRUI HUEDXWHQ9RUZHUNH
6REOLHEHQDXFKGLH9HUKlOWQLVVHYRQELVLQZHOFKHP
-DKUHGHUVRJHQDQQWH6HHSODQHLQH+WXQJV XQG
:HLGHSDU]HOOHGXUFK%HQVFKKLQ]XJHNDXIWXQGGHP9RUZHUNH
1HX=HKOHQGRUIDQJHIJWZXUGH

-DJGEHJDQJ'UHLOLQGHQ
,QYRUVWHKHQGHPKDELFKEHUGLH)HOG XQG$FNHUKlOIWHYRQ
5LWWHUJXW'SSHOEH]LHKXQJVZHLVH'UHLOLQGHQEHULFKWHW,FK
EHULFKWHQXQPHKUDXFKEHUGLH)RUVWKlOIWHGHQ-DJGEHJDQJ
'UHLOLQGHQ
'HUMHW]LJH-DJGEHJDQJ'UHLOLQGHQ KLHZLHVFKRQHLQJDQJV
KHUYRUJHKREHQLQDOWHQ=HLWHQGLH+HLQHUVGRUIHU+HLGHZHOFKH
+HLGHYRQDQELV]X%HJLQQGLHVHV-DKUKXQGHUWVGHUDXI
GHP7HOWRZUHLFKEHJWHUWHQ)DPLOLHYRQ+DNH JHK|UWH9RQGHQ
+DNHVNDPHEHQGLHVH+HLQHUVGRUIHU+HLGH GHUZLU XQWHU
,JQRULHUXQJGHU%HVLW]YHUKlOWQLVVHGHVJOHLFKQDPLJHQ5LWWHUJXWHV
+HLQHUVGRUI DOOHLQKLHUJHGHQNHQ DQGHQ/LHXWHQDQW0XPPH
ZHOFKHUGLH+HLGHQXUNXU]H=HLWEHVDXQGVFKRQZLHGHUDQ
GHQVFKRQYRUJHQDQQWHQ6DO] XQG6FKLIIDKUWVGLUHNWRU%HQVFK
YHUNDXIWH%HQVFKZDUDOVREHUHLWVVHFKV-DKUHODQJLQGLHVHP
+HLQHUVGRUIHU+HLGH%HVLW]DOVHUGDVYRUHUZlKQWH
3DVHZDOGVFKH%DXHUQJXWLQ$OW=HKOHQGRUIHUZDUEXQGGXUFK
VRIRUWLJH=XVDPPHQOHJXQJEHLGHUDXVGHP=HKOHQGRUIHU
%DXHUQJXWHLQHUVHLWVXQGGHP+HLQHUVGRUIHU+HLGHODQG
DQGHUHUVHLWVHLQHQ*HVDPWEHVLW] KHUVWHOOWHGHULPZHVHQWOLFKHQ
GHP8PIDQJHGHVJHJHQZlUWLJHQVHLWEHVWHKHQGHQ
5LWWHUJXWHV'SSHO HQWVSUDFK,QGLHVHP*HVDPWEHVLW]YHUEOLHE
GHU6DO]GLUHNWRUELVXPZHOFKH=HLWHUVHLQHPLWHEHQVRYLHO
/LHEHZLH9HUVWlQGQLVLQV/HEHQJHUXIHQH6FK|SIXQJ GHQQYRQ
HLQHUVROFKHQZLUGVLFKVSUHFKHQODVVHQ DQGHQ.DXIPDQQ*LOND
]X%HUOLQEHUOLH/HW]WHUHU*LONDKDWWHGDV*XWQXUGUHL-DKUH
ODQJQDFKGHUHQ$EODXIHU$FNHUXQG)RUVWXQWHUP -DQXDU
DQGHQ3ULQ]HQ)ULHGULFK.DUOYHUNDXIWH.DXIVXPPH
  7DOHU
3ULQ])ULHGULFK.DUOEHJDQQVRIRUWPLW(UZHLWHUXQJVHLQHV
%HVLW]HVXQG]ZDUGXUFK(UZHUEXQJHLQHVNOHLQHQDP:DQQVHH
KLQJHOHJHQHQ8IHUVWUHLIHQVGHUELVGDKLQ WURW]GHUOlQJVWYRUKHU
YROO]RJHQHQ6HSDUDWLRQLQGHU$OW=HKOHQGRUIHU*HPHLQVFKDIW
YHUEOLHEHQZDU'DPLWDEHUKDWWHQGLH7HUULWRULDOlQGHUXQJHQLKUHQ
$EVFKOXHUUHLFKW9RQHLQHUZHLWHUHQ$XVGHKQXQJQDFKDXHQ
KLQZDUG$EVWDQGJHQRPPHQXQGGDIUGHUHQHUJLVFKH9HUVXFK
HLQHUVHOEVWlQGLJHQ%HZLUWVFKDIWXQJJHPDFKWELVGLH
:DKUQHKPXQJXQDXVUHLFKHQGHU(UWUlJH]XUHQGOLFKHQ

9HUSDFKWXQJ GLHVHU$FNHUKlOIWHGHV*HVDPWWHUULWRULXPVIKUWH
*HJHQZlUWLJHU3lFKWHULVW/LHXWHQDQW 5HVHUYHRIIL]LHU 5LQJHLQ
EHZlKUWHU/DQGZLUWGHUGDV*XWXQG]ZDUQHXHUGLQJVPLW
EHVWHP(UIROJDXVVFKOLHOLFKDOV$FNHUJXWEHZLUWVFKDIWHW
QDFKGHPHUGLHIUKHUHYRU]XJVZHLVHPLW5FNVLFKWDXIGLH1lKH
YRQ%HUOLQ3RWVGDPXQWHUQRPPHQH0LOFK XQG*DUWHQZLUWVFKDIW
DOVXQOXNUDWLYKDWIDOOHQODVVHQ
0LWHLQHUVHOEVWlQGLJHQ$FNHUEHZLUWVFKDIWXQJZDUGHU3ULQ]
JHVFKHLWHUWDEHULQDQGUHPZDVHUXQWHUQDKPZDUHU
HUIROJUHLFKHUXQGVFKXIEHLVSLHOVZHLVH)RUVWNXOWXUHQXQG
:LOGEHVWlQGHPLWVRYLHOHP*OFNGDLKP(QGHGHUVHFK]LJHU
-DKUHGHU*HGDQNHNDPDXFKLQPLWWHQGLHVHUVHLQHU:DOGZHOW
OHEHQXQGLQVLHKLQHLQEHUVLHGHOQ]XZROOHQ



=XGHPZDVGHU3ULQ]KLHULQV/HEHQULHIJHK|UWHQHEHQGHQLP7H[W
JHQDQQWHQ)RUVWNXOWXUHQHWFDXFKHLQDXIGHU1HX =HKOHQGRUIHU)HOGPDUN
HUULFKWHWHV*HVW WGDV*HVWW'SSHO 'HU+HOGGHU6LWXDWLRQ DOVLFKLP
6RPPHUXQWHUVDFKNXQGLJHU)KUXQJGLHV*HVWWEHVXFKWH ZDUGHU
+HQJVW:LOGOLQJGHUQDFKDOOHPZDVLFKEHLGHU*HOHJHQKHLWVDKXQGK|UWH
VHLQHP1DPHQ(KUHPDFKWH)UKHUZDUHUPLWEHL. |QLJJUlW]JHZHVHQ$XI
ZHOFKHQ/HEHQVDEVFKQLWWHUSHUV|QOLFKPLWPHKU%HIULHGLJXQJVDKDXIGHQ
HKHPDOLJHQRGHUGHQMHW]LJHQPXXQJHVDJWEOHLEHQ$XFKKLHUKHLWHV:HU
VLHKWLQV+HU]hEULJHQVZDUHVGLH:DKUKHLW]XJHVWHKQQLFKWHLJHQWOLFKGHU
:LOGOLQJZDVPLFKGDPDOVDPPHLVWHQHQW]FNWHVRQGHUQVHLQHVLFKLQ
YHUVFKLHGHQHQ(LQIULHGLJXQJHQXPKHUWXPPHOQGH1DFKNRPPHQVFKDIW]XGHU
HULQGHQNRPSOL]LHUWHVWHQXQG]XJOHLFKXQ]XOlVVLJVWHQ
9HUZDQGWVFKDIWVJUDGHQVWDQG'LHMXQJH1DFKNRPPHQVFKDIWVHOEVWD EHUZDU
VLFKGLHVHU8Q]XOlVVLJNHLWVRZHQLJEHZXWGDVLHJUDGXPJHNHKUWLQGHU
/XVWXQGGHPhEHUPXWLKUHU%HZHJXQJHQQLFKWVDOVHLQHQ3URWHVWJHJHQDOOH
VFKZHUIlOOLJHUH:HOWDQVFKDXXQJDXV]XGUFNHQVFKLHQ$OOHVDQLKQHQZDU
*UD]LHGDEHL]XJOHLFKYRQ HLQHUVRLQWHOOLJHQWHQ&RTXHWWHULHGDPDQVLFK
YHUVXFKWIKOHQNRQQWHPLWLKQHQ]XVSUHFKHQ(VZDUVR]LHPOLFKGHUVHOEH
(LQGUXFNZLHZHQQPDQLQ(QJODQGHLQHUDXIHLQHU:DOGZLHVHVSLHOHQGHQ
0lGFKHQSHQVLRQEHJHJQHW$OOGLHVH)RKOHQHUIUHXWHQVLFKGH UEHVRQGUHQ
$XIPHUNVDPNHLWGHV3ULQ]HQGHULKU:DFKVWXPPLWGHUVHOEHQ/XVWXQG/LHEH
ZLHGDVVHLQHU'UHLOLQGQHU%lXPHYHUIROJWH'LH1DPHQGHU)RKOHQZXUGHQ
]XP%HLVSLHOGXUFKLKQSHUV|QOLFKEHVWLPPW8QWHUGLHVHQDXFK1DPHQDXV
GHQGUHL.ULHJHQ]XEHJHJQ HQZLUGQLHPDQGHQEHUUDVFKHQ'DZDUHQ$OVHQ
2EHUVHON6FKOHVZLJ6DWUXS2VWHU 'SSHOIHUQHU0QFKHQJUlW].|QLJJUlW]
XQG%HQDWHNHQGOLFKDXVGHP6LHE]LJHU.ULHJH/H0DQV9HUQHYLOOH
5H]RQYLOOH/DGRQFKDPS:DVVLFKVRQVWQRFKDQ1DPHQYRUIDQGJHK |UWH
IUHLOLFKHLQHU VHKU DQGHUQDEHUIDVWHEHQVREHVWLPPWHQ*HVFKLFKWVHSRFKHDQ
$WWLOD.ULPKLOG2GRDNHU%HUHQJDU

$XVGLHVHP*HGDQNHQKHUDXVHQWVWDQGHLQ-DJGKDXV
%DXPHLVWHU1DEEDWK1RFKLPVHOEHQ-DKUHEH]RJHVGHU3ULQ]
XQGJDELKPGHQ1DPHQ'UHLOLQGHQ
'LHVHU1DPH'UHLOLQGHQZDUEULJHQVNHLQH1HXVFK|SIXQJXQG
H[LVWLHUWEHUHLWVVHLWLQZHOFKHP-DKUHGDVXUDOWHVFKRQ
HLQJDQJVHUZlKQWH)RUVWHWDEOLVVHPHQW+HLGHNUXJPLW5FNVLFKW
DXIGUHLDOWHYRUVHLQHU7UVWHKHQGH/LQGHQGLH%H]HLFKQXQJ
)RUVWKDXV 'UHLOLQGHQHUKDOWHQKDWWH%DOGGDQDFKHPSILQJDXFK
GLH)RUVW VHOEHUHEHQGLHVH%H]HLFKQXQJVRGDZLUVHLWGHPHLQ
XQGGHPVHOEHQ1DPHQGUHLIDFK EHJHJQHQGHLQH)RUVW YRQ
'UHLOLQGHQHLQ)RUVWKDXVYRQ'UHLOLQGHQXQGHQGOLFKGULWWHQVHLQ
-DJGKDXVYRQ'UHLOLQGHQXQWHUVFKHLGHQPVVHQ'LH)RUVWVSULFKW
IUVLFKVHOEVWGDV)RUVWKDXVLVW)|UVWHUHLGDV-DJGKDXVDEHU
SULQ]OLFKH9LOOD

.DSLWHO

'UHLOLQGHQLP6RQQHQVFKHLQ
.OHLQDEHUPHLQ
6SUXFKDP-DJGKDXVHYRQ'UHLOLQGHQ

(VZDULQ1RYHPEHUQHEHOGDLFK'UHLOLQGHQ]XPHUVWHQ0DOH
VDK$EHUQXQKDWWHQZLU6RPPHUXQGLFKEUDFKDXIGLHVPDO
HLQIDFKDOV:DQGHUHUXQG]X)XXPGDV-DJGKDXVGDVPLU
ELVGDKLQQXUHLQ1HEHOELOGJHZHVHQZDUDXFKLQKHOOHP
7DJHVVFKHLQH]XVHKQ,FKZROOWHPLFKYRQVHLQHU:LUNOLFKNHLW
EHU]HXJHQ
8QGHLQSUlFKWLJHU-XQLWDJZDU
V(UVWDP:DQQVHHGDQQDP
:DOGKLQDXVGHPKHXWH.XFNXFNVUXIXQG)LQNHQVFKODJ]XPLU
KHUEHUVFKROOVFKULWWLFKDQGlFKWLJOLFKIUEDELVLFKQDFK
NXU]HP0DUVFKLQKHLHP6RQQHQEUDQGLQGHQ:DOGVHOEHU
HLQERJXQGDOVEDOGHLQHV*LHEHOGDFKVXQWHU=ZHLJHQXQGJOHLFK
GDQDFKHLQHUGLFKWDQGHQ:HJKHUDQWUHWHQGHQ'XOFDPDUDKHFNH
JHZDKUZXUGHGHUHQJHOEXQGYLROHWWH%OWHQSUDFKWZXFKHUQG
IDVWDXVGHPGLFKWHQ%ODWWJUQKHUYRUVFKLPPHUWH.HLQ=ZHLIHO
GLHVH%LWWHUV+HFNHZDUHLQ=XIDOOQLFKWVZHLWHUXQGGRFK
PXWLFKXQZLOONUOLFKHLQHV$XVVSUXFKVGHVDOWHQ)HOGPDUVFKDOOV
'HUIIOLQJHUJHGHQNHQGHULQVHLQHQ*XVRZHU
=XUFNJH]RJHQKHLWVWDJHQ]XVDJHQOLHEWH+DEHGHV6DXUHQ
XQG6HQ YLHOJHQRVVHQDEHUGHV6DXUHQZDUPHKU2IW
YHUJHVVHQHV:RUW LPPHUZLHGHULQ+RIIQXQJ YHUJHVVHQ DEHU
ZHUGHUDXIGHQ+|KHQGHV/HEHQVZDQGHOQGXUIWHKlWWHV
VFKOLHOLFKQLFKW JHVSURFKHQ
8QGQXQKDWWHLFKGLH+HFNHSDVVLHUWXQGVWDQGZLHGHUDXIGHP
9RUSODW]GHQLFKELVGDKLQLPPHUQXULQHLQHPGDVGUDXHQ
OLHJHQGH'XQNHOGXUFKIOXWHQGHQ/LFKWVWURPJHVHKQKDWWH
:HVKDOELFKGLH6WHOOHNDXPZLHGHUHUNDQQWH
9RP:DOGKHUYRUJHVFKREHQH7DQQHQXPVWDQGHQHLQ5RQGHHODQ
GHVVHQHLQHU6HLWHGDVSULQ]OLFKH-DJGKDXVDXIUDJWHZlKUHQGDQ
GHUDQGHUHHLQGlQLVFKHU5XQHQVWHLQVWDQGHLQ0LWEULQJVHODXV
-WODQGKHU'DV-DJGKDXVVHOEVWDEHU]HLJWHQLFKWVDOV6RXWHUUDLQ
XQG(UGJHVFKRXQGEHUGLHVHPHLQHUVWHV6WRFNZHUNLP

6FKZHL]HUVWLOXPGDVKHUXPVLFK+RO]EDONRQH]RJHQ$QGLHVHQ
DOOHUOHL6SUFKH

)UHXGLJWUHWHKHUHLQXQGIURKHQWIHUQHGLFKZLHGHU
=LHKVWGXDOV:DQGUHUYRUEHLVHJQHGLH3IDGHGLU*RWW
$QGHUHZDUHQOlQJHUDXFKNU]HUXQWHUGHQNU]HVWHQGHUGHQ
LFKGLHVHP.DSLWHOYRUJHVHW]WKDEH.OHLQDEHUPHLQ
,QGHU7DW-DJGKDXV'UHLOLQGHQLVWNOHLQXQGZLUNWQDFK$UWHLQHU
9LOODYRQDFKW=LPPHUQDEHUHVJHODQJQLFKWVGHVWRZHQLJHUPLW
+LOIHJHVFKLFNWHU5DXPDXVQXW]XQJHLQHGRSSHOWH=DKOYRQ
=LPPHUQXQG*HODVVHQKHU]XVWHOOHQ8QG]ZDULQIROJHQGHU
(LQWHLOXQJLP6RXWHUUDLQGLH:LUWVFKDIWVUlXPHGDUEHULP
(UGJHVFKRGLH+RIPDUVFKDOO XQG$GMXWDQWHQ]LPPHUHQGOLFK
LPHUVWHQ6WRFNGLH=LPPHUGHV3ULQ]HQVHOEVWHLQ9RU]LPPHU
HLQ:RKQ XQG$UEHLWV]LPPHUHLQ6FKODI]LPPHUHLQ(VDDO'HU
5HVWNOHLQH*HODVVHIUGLH'LHQHUVFKDIWHQ
$OOHYRP3ULQ]HQVHOEVWEHZRKQWHQ5lXPHVLQGDXVQDKPHORVPLW
(ULQQHUXQJVVWFNHQUHLFKJHVFKPFNWVR UHLFKGDVLHGHQ
&KDUDNWHUHLQHVKLVWRULVFKHQ0XVHXPVDQQHKPHQ(LQ]HOQHVDXFK
YRQNQVWOHULVFKHP:HUW$OOHVLQDOOHPDEHULVWHVLQGUHL
*HVWDOWHQGDXQVGHU3ULQ]DXVGLHVHQVHLQHQ
(ULQQHUXQJVVWFNHQHQWJHJHQWULWWHUVWDOV-lJHUGDQQDOV6ROGDW
XQGHQGOLFKGULWWHQVXQGOHW]WHQVLQVHLQHQLQWLPHUHQ%H]LHKXQJHQ
]X)DPLOLH)UHXQGHQ.XQVW8QGLP(LQNODQJHKLHUPLWLVWGHQQ
DXFKGLH5HLKHQIROJHGDULQLFKGLHVH0XVHXPVVFKlW]HGHP/HVHU
YRU]XIKUHQJHGHQNH'HQ-DJGHULQQHUXQJHQVROOHQ
.ULHJVHULQQHUXQJHQXQGGLHVHQZLHGHUXP(ULQQHUXQJHQDXVGHP
KlXVOLFKHQ/HEHQGHV3ULQ]HQVLFKDQVFKOLHHQ

-DJGHULQQHUXQJHQ
0LWGHQ-DJGHULQQHUXQJHQEHJLQQLFK,VWHVGRFK-DJGKDXV
'UHLOLQGHQXPGDVVLFK
VDQGLHVHU6WHOOHKDQGHOW$XI)OXUXQG
7UHSSHMDPHKUELVXQWHUGDV'DFKKLQDXILVW-DJGKDXV
'UHLOLQGHQPLW-DJGHPEOHPHQJHVFKPFNWXQGDOOHVZDV]X
3UVFKXQG:DLGZHUN JHK|UWHUVFKHLQWKLHUXQGPLW5HFKWDOV
GDV(LJHQWOLFKVWH0LW$XVQDKPHGHVLQGHPXPKHUJHOHJHQHQ
-DJGUHYLHUHJHVFKRVVHQHQ:LOGHVEHILQGHQVLFKGHQQDXFKQXU
*HZHLKHJXWHU +LUVFKHUHVSHNWLYH6FKDXIOHUDQGLHVHU6WHOOH
JXWHU+LUVFKHGLHVHLW(UEDXXQJGHV-DJGKDXVHV  YRP
3ULQ]HQVHOEVWHUOHJWZXUGHQ(VVLQGGLHV 5RWKLUVFKJHZHLKH
 'DPKLUVFKJHZHLKH 5HKNURQHQ9RQGHQ
 'DPKLUVFKHQZXUGHQLQGHU'UHLOLQGHQHU)RUVW
JHVFKRVVHQGLH 5HKE|FNHVlPWOLFK$OOH*HZHLKHGLHVHU
OHW]WHUHQVLQGLP6FKODI]LPPHUGHV3ULQ]HQDQJHEUDFKW$OV)OXU
XQG7UHSSHQRUQDPHQWEHJHJQHQZLULPZHLWHUQHLQHP
.RUPRUDQHLQHU7UDSSHYHUVFKLHGHQHQ.DPSI XQG%LUNKlKQHQ
:LOGVFKZHLQVN|SIHQXQGYRUDOOHPHLQHPUXVVLVFKHQ:ROIHLQHP
EHVRQGHUVVFK|QHQXQG JURHQ([HPSODUH
'LHVDOOHVDEHUUHFKQHWQLFKW]XGHQHLJHQWOLFKHQHLQH*HVFKLFKWH
KDEHQGHQ-DJGEHXWHVWFNHQGHUHQ$XI]lKOXQJZLUXQVQXQPHKU
]XZHQGHQ
 (LQ(OFKNRSI3ULQ])ULHGULFK.DUOVFKRGLHVHQ(OFKKLUVFK
HLQHQXQJUDGHQ=HKQHQGHULQGHU2EHUI|UVWHUHL,EHQKRUVWDP
 2NWREHU*HZLFKWPLW$XIEUXFK 3IXQG(LQQRFK
JU|HUHU(OFKKLUVFKHLQ=ZHLXQG]ZDQ]LJHQGHUZXUGHYRP
3ULQ]HQDP 6HSWHPEHUHEHQIDOOVLQGHU,EHQKRUVWHU
2EHUI|UVWHUHL 2VWSUHXHQ JHVFKRVVHQ*HZLFKW 3IXQG'HU
.RSIGLHVHVJU|HUHQ(OFKVEHILQGHWVLFKLQ-DJGVFKOR*OLHQLFNH
EHL3RWVGDP,FKIJHQRFKIROJHQGHVKLQ]X1XUQRFKLQ
YRUJHQDQQWHU2EHUI|UVWHUHL,EHQKRUVWNRPPHQ(OFKHYRUZLHVLFK
DQGHUHUVHLWV$XHURFKVHQ NQVWOLFKH=XFKWQHXHUGLQJVYRQ
5XODQGKHUHLQJHIKUW QXUQRFKLQGHQ:DOGXQJHQGHV)UVWHQ
3OHLQ2EHUVFKOHVLHQYRUILQGHQ'LH-DJGDXIGHQJU|HUHQLQ
-DJGVFKOR*OLHQLFNHEHILQGOLFKHQ(OFKZXUGHYRQGHPEHNDQQWHQ
7LHUPDOHU*UDIHQ.URFNRZLQHLQHP-DJGVWFNYRQPLWWOHUHU*U|H
GDUJHVWHOOW(VLVWGHU0RPHQWGHU(UOHJXQJ'DV%LOGKDWVHLQHQ
3ODW]LP7UHSSHQKDXVHYRQ'UHLOLQGHQJHIXQGHQ$XVGHQ/lXIHQ

GHVHWZDVNOHLQHUHQHUVWJHVFKRVVHQHQ(OFKVZXUGHQ]ZHL
%FKVHQIXWWHUDOHYRQEHVRQGHUHU6FK|QKHLWDQJHIHUWLJW
 $XHURFKV .RSI ZXUGHYRP3ULQ]HQ)ULHGULFK.DUODP
 'H]HPEHULQ3OHEHLP)UVWHQ3OHJHVFKRVVHQ
 %IIHONRSI 3UDFKWH[HPSODU *HVFKHQNGHV*UDIHQ+HUPDQQ
YRQ$UQLPGHUGHQ%IIHODXIHLQHU3UlULHMDJGHUOHJWH
 'HUZHLH+DQV'LHVHUKDWHLQH7DIHOPLW,QVFKULIWGHULFKGDV
1DFKVWHKHQGHEHLQDKHZ|UWOLFKHQWQHKPH'LHVHUVWDUNHXQG
VHOWHQHZHLH'DPVFKDXIOHU'HUZHLH+DQVZDUGDQQR
DXVGHPKRFKJUlIOLFK5HGHUQVFKHQ:LOGSDUN]X*|UOVGRUI
8FNHUPDUNLQGHQ:LOGSDUN6HLQHU.|QLJOLFKHQ+RKHLWGHV
3ULQ]HQ .DUOXQZHLWVHLQHU6RPPHUUHVLGHQ]6FKOR*OLHQLFNH
YHUVHW]WEUDFKGDUDXILP0DLDQQRDXVGLHVHP:LOGSDUNDXV
XQGWUDWGHQJURHQ:DQQVHHGXUFKVFKZLPPHQGLQGHQ
*UXQHZDOG$P 0DLGHVVHOEHQ-DKUHVZHFKVHOWHHUYRP
*UXQHZDOGKHULQGLH-DJGUHYLHUH 6HLQHU.|QLJOLFKHQ+RKHLWGHV
3ULQ]HQ)ULHGULFK.DUO XQGZlKOWHVHLQHQ6WDQGYRQQXQDQLQ
QlFKVWHU1lKHGHV+RFKSULQ]OLFKHQ-DJGKDXVHV'UHLOLQGHQ'HQ
IRUWJHVHW]WHQ%HPKXQJHQ6HLQHU.|QLJOLFKHQ+RKHLWVRZLH
+|FKVWGHVVHQ-lJHUHLJHODQJHVGDVHGOH7LHUVRDQ5XIXQG
6WLPPH]XJHZ|KQHQGDHVEDOGDXIGHQ1DPHQ+DQVK|UWH
XQG.DUWRIIHOQ+DIHUHWFYRUGHP-DJGKDXVHDXIQDKP6HLQHP
%HLVSLHOHIROJWHQ]ZHLDQGUH+LUVFKHGLHJOHLFKLKP]DKP
ZXUGHQ:lKUHQGGHU%UXQVWZDU+DQVXQEHVWULWWHQHU3ODW]KLUVFK
DEHUVHLQ/LHEHVJOFNZDUGLKPQLFKWYHU]LHKHQGHQQLQGHU
1DFKWYRP]XP 1RYHPEHUZXUGHUYRQVHLQHQ
EHLGHQ*HQRVVHQ]X7RGHJHVSLHWXQGDQGHUQWDJVYHUHQGHW
YRUJHIXQGHQ 'HU$XVGUXFNJHVSLHWLVWQLFKWMDJGJHUHFKW
XQGVWHKWHWZDDXIGHU+|KHYRQ%OXWRGHU2KUHQ,FKKDEH
PLFKDEHU]XGHPMDJGJHUHFKWHQ$XVGUXFNGHQGLH-lJHU
VFKPHU]OLFKYHUPLVVHQZHUGHQQLFKWHQWVFKOLHHQN|QQHQ 
 5LHVHQKLUVFK*HZHLK.HLQ2ULJLQDOVRQGHUQHLQH1DFKELOGXQJ
GHVVHOEHQYRQGHU+DQG%HQYHQXWR&HOOLQLV1RFK
ZDKUVFKHLQOLFKHUHLQH1DFKELOGXQJGHU1DFKELOGXQJ=ZHL
,QVFKULIWHQHLQHIUDQ]|VLVFKHXQGHLQHGHXWVFKHJHEHQ$XVNXQIW
EHUDOOHVZDV]XZLVVHQQRWWXW

&HWRXYUDJHFRSLHGHVERLVG
XQFHUIWXpYHUVO
DQGH*UDFHGH
1 6 - &K GDQVODIRUHVWG
(UEDFKSDUGHX[3ULQFHV)UDQFV
GHODOLJQpHPpURYLQJLHQQHDHVWpIDLFWSDU%HQYHQXWR&HOOLQL GH
)ORUHQFHPDLVWUHVFXOSWHXUHWRUIHVYUHHQUHQRPGHSDUHWSRXU
OH5R\&KDUOHVOHKXLFWLHVPHGXQRPQRVWUHWUqVKDXWWUqV
SXLVVDQWHWWUqVQREOH3ULQFHHW5R\GH)UDQFH/HVXVGLFW
FRQWUHIDLWDHVWpGUHVVpDXFKDVWHO5R\DOG
$PER\VHHQO
DQGH
*UDFH
$OVRLQhEHUVHW]XQJHWZD
'LHV:HUNGLH1DFKELOGXQJGHV*HZHLKVHLQHVLP-DKUH
GXUFK]ZHLIUlQNLVFKH3ULQ]HQDXVGHP+DXVHGHU0HURZLQJHULP
:DOGHYRQ(UEDFKJHW|WHWHQ+LUVFKHVLVWGXUFKGHQEHUKPWHQ
IORUHQWLQLVFKHQ%LOGKDXHUXQG*ROGVFKPLHG%HQYHQXWR&HOOLQLLP
$XIWUDJXQG]X%HVLW].DUOGHV$FKWHQXQVUHVDOOHUK|FKVWHQXQG
JURPlFKWLJVWHQ.|QLJVYRQ)UDQNUHLFKDQJHIHUWLJWXQGLP-DKUH
GHU*QDGHDP.|QLJOLFKHQ6FKORVVHYRQ$PERLVH
DQJHEUDFKWZRUGHQ
'LHGHXWVFKH,QVFKULIWGLHVLFKLQ+H[DPHWHUQYHUVXFKWOHJWGDV
(UHLJQLVLQGLH=HLWGHVHOIWHQ /XGZLJXQGODXWHW

,QGHQ$UGHQQHQOHEWHDOV+LUVFKLFKHLQVHOWVDPHV:XQGHU
7UXJDXIGHP6FKHLWHOGHU6WLUQGLHVHV DOVNU|QHQGH=LHU
:XFKVGRUWPHKUHUH-DKUHKLQGXUFKIUQLHPDQGEH]ZLQJEDU
1XUYRUPLUVHOEVWKDWWLFK)XUFKWZHJHQGHUVFKUHFNOLFKHQ/DVW
8QWHUGHVHOIWHQ/XGZLJV5HJLHUXQJUDXEWHHLQ3IHLOPLU
)OLHJHQGYRQW|GOLFKHU+DQG/HEHQXQG)UHLKHLW]XPDO
6WDXQHQGVDKPHLQH=HLWPLFKXQGZXQGHUEDUEOHLELFKGHU
=XNXQIW
'DGHU1DWXUHVJHILHOPLU]XHUVFKDIIHQVROFK+DXSW

.ULHJVHULQQHUXQJHQ
:DV'UHLOLQGHQDQ.ULHJVHULQQHUXQJHQDXIZHLVWLVWPLQGHU
]DKOUHLFKDOVPDQLQ$QEHWUDFKWHLQHVDQNULHJHULVFKHQ
(UHLJQLVVHQXQG(KUHQVRUHLFKHQ/HEHQVZLHGDVGHV3ULQ]HQ
HUZDUWHQVROOWH=XP7HLOHUNOlUWVLFKGLHVGDUDXVGD-DJGKDXV
'UHLOLQGHQQLFKWDOOHV+LHUKHUJHK|ULJHEHVLW]WHLQLJHVEHILQGHW
VLFKLQ-DJGVFKOR*OLHQLFNHQRFKDQGUHVLQGHU6WDGWZRKQXQJ
GHV3ULQ]HQLP.|QLJOLFKHQ6FKOR$XFK|IIHQWOLFKH6DPPOXQJHQ
HUKLHOWHQGDVHLQRGHUDQGUH6REHILQGHWVLFK]XP%HLVSLHOHLQ
DXVHLQHPMWLVFKHQ+JHOJUDEH VWDPPHQGHU+RO]VDUJLQXQVUHP
0XVHXPIUQRUGLVFKH$OWHUWPHU(LQ*HVFKHQNGHV3ULQ]HQ
$OOHGLHVH.ULHJVHULQQHUXQJHQXPEHULKUH*HVDPWKHLWHLQHQ
NODUHUHQhEHUEOLFN]XJHEHQWHLOLFKLQQDFKVWHKHQGHPLQYLHU
*UXSSHQXQG]ZDUQDFKGHQYLHU.ULHJHQDQGHQHQGHU3ULQ]
ZHQQHUVLHQLFKWOHLWHWHZHQLJVWHQVWHLOQDKP
XQG
(UVWHU.ULHJJHJHQ'lQHPDUN
XQG)HOG]XJLQ%DGHQ
 (LVHQWHOOHUPLWHLQHU9LHUSIQGHUNXJHOGDUDXI8PVFKULIW'HU
HUVWH6DOXWVFKXDQ6LHPHLQ3ULQ]$P $SULOKLHOW
3ULQ])ULHGULFK.DUOGDPDOV+DXSWPDQQLP6WDEH:UDQJHOVDQ
GHU6HLWHGHV*HQHUDOVGHUHEHQGHQ6WXUPDXIGDV'DQHZHUN
NRPPDQGLHUWH'LHVH9LHUSIQGHUNXJHOVFKOXJQHEHQEHLGHQHLQ
XQGGHU$OWHZlKUHQGHUVLFKVFKPXQ]HOQGJHJHQGHQ3ULQ]HQ
ZDQGWHWDWREHQ]LWLHUWHQ$XVVSUXFKLQGHPVLFKHFKW
ZUDQJHOVFKHEHQVRYLHO&RXUWRLVLHZLHVDQJIURLGDXVVSULFKW
 (LQGlQLVFKHU'DQHEURJ'D]XIROJHQGH:RUWH'LHVHU
'DQHEURJZHKWHDXIGHU=LWDGHOOHYRQ)ULHGHULFLDXQGZXUGHEHL
GHU(LQQDKPHGXUFKGLHSUHXLVFKHQ7UXSSHQDP 0DL
YRQ6HLQHU .|QLJOLFKHQ+RKHLWGHP3ULQ]HQ)ULHGULFK.DUO
HLJHQKlQGLJQLHGHUJHKROW

 (LQ$VFKEHFKHU PLWVLOEHUQHP'HFNHODXVHLQHP9RUGHUKXIGHV
$UWHPLGRUXVDQJHIHUWLJW(VZDUGLHVGDV3IHUGGDVGHU3ULQ]LQ
GHP*HIHFKWHEHL.XSSHQKHLPLQ%DGHQDP -XQLULWW
=HKQ7DJHYRUKHUDP-XQLZDUGDV*HIHFKWEHL:LHVHQWKDO
LQGHP/LHXWHQDQWYRQGHP%XVFKH0QFK$GMXWDQWGHV3ULQ]HQ
W|GOLFKGHU3ULQ]VHOEVWDEHUZLHDXFKGDV3IHUGGDVHUULWW
OHLFKWYHUZXQGHWZXUGH'DV3IHUGHPSILQJ]XU(ULQQHUXQJDQ
GLHVHQ7DJGHQ1DPHQ:LHVHQWKDOXQGZXUGH]X7RGH
JHSIOHJW8QPLWWHOEDUKLQWHUGHP'UHLOLQGHU*HK|IWKDWHVHLQHQ
*UDEVWHLQPLWIROJHQGHU,QVFKULIW:LHVHQWKDOEUDXQHU+HQJVW
JHERUHQGXUFKHLQHQ%DMRQHWWVWLFKDP.RSIHEOHVVLHUWDP
 -XQLJHVWRUEHQ 0DL) . 3U Y 3
.ULHJJHJHQ'lQHPDUN
 (LQ$VFKEHFKHU DXVHLQHP+XIYRQ$QDFUHRQ)XFKVVWXWH
GLHGHU3ULQ]EHLPhEHUJDQJEHUGLH6FKOHLEHL0LVVXQGHXQG
DP'SSHOWDJHULWW
 .XJHODXIVDW]$XV'SSHOJHVFKRVVHQDOOHU$UW
]XVDPPHQJHVHW]W
 =LJDUUHQNDVWHQ*HVFKHQNGHV3ULQ]HQ$OEUHFKW 9DWHU DQ
3ULQ])ULHGULFK.DUO$XV(LFKHQKRO]UlKPFKHQKHUJHVWHOOWLQGLH
GDQQNOHLQH0DUPRUSODWWHQHLQJHOHJWZXUGHQ-HGH3ODWWHWUlJW
HLQH,QVFKULIW(FNHUQI|UGH )HEUXDU0LVVXQGH )HEUXDU
2EHU6HON )HEUXDU$UQLV )HEUXDU'SSHO :HJQDKPHYRQ
'RUI2VWHU'SSHO  0lU].DQRQDGH $SULO6RGLH
6HLWHQIHOGHU'LH+DXSWLQVFKULIWDEHUWUlJWGHU'HFNHO6WXUPDXI
GLH'SSHOHU6FKDQ]HQ6FKOHVZLJ+ROVWHLQGHQ $SULO
 5XQHQVWHLQDXV-WODQG(WZDHLQHQ0HWHUKRFKQDFKREHQ
]XJHVFKUlJW$P)XHGHV6WHLQHVVLQG5XQHQLQDOOHU'HXWOLFKNHLW
HUNHQQEDU6LHVLQGDXI+HLUXOIUKLQHQW]LIIHUWZRUGHQ:DVGLHV
EHGHXWHWVWHKWQLFKWIHVW9LHOOHLFKWHLQ1DPH'HU6WHLQEHILQGHW
VLFKQLFKWLP -DJGKDXVHVRQGHUQYRU GHPVHOEHQDXIHLQHP
EHUHLWV]X%HJLQQGLHVHV.DSLWHOVHUZlKQWHQ*UDV XQG
%OXPHQURQGHHO

.ULHJJHJHQgVWHUUHLFK
$QGLHVHQ.ULHJHULQQHUQQXUGLH6WlGWHZDSSHQ ]ZHLHUJURHU
*ODVIHQVWHUDXVGHUHQ*HVDPW]DKOVLFKMHYLHUDXIGLH)HOG]JH
YRQXQGDFKW DEHUDXIGHQVHFKVXQGVHFK]LJHU.ULHJ
EH]LHKHQ(VVLQGDOOHVLQDOOHPIROJHQGH'lQHPDUN6FKOHVZLJ
/DXHQEXUJ)OHQVEXUJIHUQHUgVWHUUHLFK%|KPHQ8QJDUQ
0lKUHQ5RKDQ7XUQDX3UDJ3UHEXUJ*LWVFKLQVFKOLHOLFK
1DQF\0HW]2UOHDQV/H0DQV
XQG.ULHJJHJHQ)UDQNUHLFK
 (LQHIUDQ]|VLVFKH7URSKlH*HZHKUH3LVWROHQ)DKQHQXQG
6lEHODOOHVYRQHLQHUJROGERUGLHUWHQ*HQHUDOVPW]HJHNU|QW
 (LQ.DQGHODEHU DXVVLHE]LJHU.XJHOQXQG%DMRQHWWHQ
DXIJHEDXW
 (LQ%ULHIEHVFKZHUHU2UOHDQV'H]HPEHU
 (LQSDDUJURH/DPSHQDXVVLHE]LJHU*UDQDWHQNRQVWUXLHUW
 (LQH5RNRNR:DQGXKU*HVFKHQNYRQVHLWHQGHU2IIL]LHUHGHV
6WDEHVLQ2UOHDQV:HLKQDFKWHQ
 (LQH6WXW]XKUGHUHQ8KUZHUNYRQ*HZHLKHQXPIDWXQG
JHWUDJHQZLUG$PLQWHUHVVDQWHVWHQLVWGHU3HUSHQGLNHODXI
GHVVHQHWZDWDOHUJURHPLQVHLQHPWHUPLQXVWHFKQLFXVPLU
XQEHNDQQWJHEOLHEHQHQVFKHLEHQI|UPLJHQ$EVFKOXVLFKHLQ
0LQLDWXUELOGLQ*RXDFKHEHILQGHW'LHVH0LQLDWXUHVWHOOWGHQ
0RPHQWGDUZR/RXLV1DSROHRQGHP.|QLJ:LOKHOPGHQ'HJHQ
EHUUHLFKW
 $OWH*ODVPDOHUHL %UXFKVWFN HLQHQ0RPHQWDXVHLQHUGHU
IUKHUHQ%HODJHUXQJHQYRQ0HW]  GDUVWHOOHQG$OOHU
:DKUVFKHLQOLFKNHLWQDFKZDUGLHV*ODVELOGHKHPDOVHLQHPJURHQ
6FKOR RGHU.LUFKHQIHQVWHU]XJHK|ULJ=HLFKQXQJXQG.RORULW
YRU]JOLFK*HVFKHQNGHV*HQHUDOV9RJHOYRQ)DONHQVWHLQ'HU
3ULQ]KDWHVLP7UHSSHQKDXVDOVXQWHUVWHV)HQVWHUHLQVHW]HQ
ODVVHQGHVVHQEHVRQGHUHQ6FKPXFNHVQXQDXVPDFKW
%HLGLHVHU*HOHJHQKHLWVWHKHKLHUIROJHQGHV

8QWHUGHQGUHLJURHQ%HODJHUXQJHQYRQ0HW]XQG
LVWGLHYRQGLHSRHWLVFKVWHZHLOHQWZHGHUGLH=HLW
EHUKDXSWRGHUDEHULKUHKLVWRULVFKH%HULFKWVHUVWDWWXQJ
SRHWLVFKHUZDU-HW]W KHUUVFKWGDVVSH]LILVFK0LOLWlULVFKHYRUGDV
EHLQDKHJUXQGVlW]OLFKDQGHP,QWHUHVVDQWHQDQGDVHVQLFKW
UHFKWJODXEWYRUEHUJHKW,FKJHEHKLHUHLQSDDUGHUHUVWHQ
HU %HODJHUXQJHQWQRPPHQH=JH
6FKRQGLH9HUDQODVVXQJ]XGLHVHU%HODJHUXQJZDUDSDUW(LQH
,OLDGHNOHLQHUHQ6WLOV'LH0HW]HUZHLOLKQHQ+HUU5HQp.|QLJYRQ
3URYHQFH6L]LOLHQXQG-HUXVDOHPHLQH6FKXOGYRQ
  *XOGHQDOOHU0DKQXQJHQXQHUDFKWHWQLFKW]DKOHQZROOWH
QDKPHQVHLQHU*HPDKOLQ 6FKZHVWHU.DUOV 9,,YRQ)UDQNUHLFK 
LKUHZHUWYROOH*DUGHUREHZHJ,QIROJHGLHVHV$IIURQWV]RJHQEHLGH
6FKZlJHU.|QLJ.DUO 9,,XQG.|QLJ5HQpYRU0HW]$XIVHLWHQ
GHU6WDGW]HLFKQHWHQVLFKDOVEDOG]ZHL0lQQHUDXV-RKDQQYRQ
9\WRXOXQG-DFRE6LPRQ-RKDQQYRQ9\WRXO ZDUGLH6HHOHGHU
9HUWHLGLJXQJXQGULWWXQDXVJHVHW]WXPKHUXPGLH3RVWHQ]X
UHYLGLHUHQZDUDEHUGRFKJXWKHU]LJJHQXJHLQ*O|FNFKHQDQGHQ
6FKZHLIVHLQHV3IHUGHV ]XELQGHQZHLOHUQXUlQJVWLJHQXQG
DQVSRUQHQDEHUQLFKWVWUDIHQZROOWH1XUJHJHQGLH)HLQGHZDUHU
XQHUELWWOLFKYHUXUWHLOWHGLH*HIDQJHQHQ]XP6WUDQJXQGZLHV
MHGHQ$XVZHFKVHOXQJVYRUVFKODJ]XUFN,KP]XU6HLWHVWDQGGHU
VFKRQJHQDQQWH-DFRE6LPRQ6WDGWVFK|IIHXQG:HLQJXWVEHVLW]HU
DXIGHP%DQQHYRQ/RQJHYLOOH(UKDWWHJHVFKZRUHQGDHUWURW]
GHU%HODJHUXQJVHLQH:HLQOHVHGUDXHQKDOWHQZROOH8QG
ZLUNOLFKEHJDQQHUHLQJURHV6FKLIIDXV]XUVWHQLQGHPHUHVPLW
6|OGQHUQEHZDIIQHWHGLHPLW0XVNHWHQXQG$UPEUVWHQ
EHZDIIQHWZDUHQXQGIXKUQXQPHKUGLH0RVHODXIZlUWVELV
/RQJHYLOOH1DFKGHPHUGRUWDQJHOHJWVFKLFNWHHUVHLQH:LQ]HU
XQG:LQ]HULQQHQLQGHQLKP]XJHK|ULJHQ:HLQEHUJ$OVEDOG
HUVFKLHQGHU)HLQGXPGLHMXQJHQ:LQ]HULQQHQ]XHQWIKUHQ
DEHULPVHOEHQ$XJHQEOLFNHZXUGHGHUIHLQGOLFKH7UXSSYRP6FKLII
KHUPLW.XJHOQXQG3IHLOHQEHUVFKWWHW$OOHVIORKXQGDOVGLH
.|UEHPLW7UDXEHQJHIOOWZDUHQNHKUWHPDQLQGLH6WDGW]XUFN
$QlKQOLFKHQ=JHQLVWGLHVHEHUKPWJHZRUGHQH%HODJHUXQJYRQ
0HW]UHLFKXQGJDELQDOOHPPDOHULVFKXQGSODVWLVFKHLQHQ
KXQGHUWIlOWLJHQ$QUHL]]XNQVWOHULVFKHU%HKDQGOXQJ8QWHU
VROFKHU$QUHJXQJHQWVWDQGDXFKZRKOGDV*ODVELOGLQ'UHLOLQGHQ

'LH]ZHLWH%HODJHUXQJZDUGLH YRQ.DUO 9ZDUGHU


%HODJHUHUXQGGHU+HU]RJYRQ*XLVH GHU%HODJHUWH'LH
%HODJHUXQJPLODQJLQIROJHGHVVHQ.|QLJ+HLQULFK ,,YRQ
)UDQNUHLFKLQ'DQNEDUNHLWXQG]X(KUHQGHV+HU]RJVHLQH0HGDLOOH
SUlJHQOLHDXIGHULQOlQJHUHU,QVFKULIWJHVDJWZXUGH0DUV
YRXVDGRQQpXQHFRXURQQHG
KHUEH&RQWLQXH]LOYRXVUHQGUDOHV
FRXURQQHVUR\DOHVGH-pUXVDOHPHWGH6LFLOHTXLRQWDSSDUWHQXj
YRVDQFrWUHV
(ULQQHUXQJHQXQG*HVFKHQNHDXVGHP)DPLOLHQ XQG
)UHXQGHVNUHLVH
.XQVWVFKlW]H%LOGHU3RUWUDLWV
$OOHVRGHUGRFKIDVWDOOHVZDVLFKKLHUDXI]X]lKOHQKDEHQZHUGH
EHILQGHWVLFKLPHUVWHQ6WRFN,FKEHJLQQHPLWGHU*UXSSH
5DULWlWHQXQG.XULRVD
 (LQ0DPPXWV]DKQ%ULHIEHVFKZHUHU,QGHU'UHLOLQGQHU=LHJHOHL
EHLP$XVVFKDFKWHQGHV/HKPVJHIXQGHQ
 (LQDXV+LUVFKJHZHLKHQNXQVWYROO]XVDPPHQJHVHW]WHU
5LHVHQNURQOHXFKWHU(UEUHQQWPLW /LFKWHUQXQGHUOHXFKWHWZLH
VFKRQKHUYRUJHKREHQGDVTXDGUDWLVFKH6SHLVH]LPPHU
 'UHLJOGQH+XPSHQ*HVFKHQNHGHUGUHL3ULQ]HVVLQQHQW|FKWHU
GHV3ULQ]HQ3ULQ]H0DULHYHUZLWZHWH3ULQ]HVVLQ+HLQULFKGHU
1LHGHUODQGHJHVWRUEHQDOV3ULQ]HVVLQYRQ6DFKVHQ
$OWHQEXUJ3ULQ]H(OLVDEHWK(UEJURKHU]RJLQYRQ2OGHQEXUJ
XQG3ULQ]H/XLVH0DUJDUHWKD+HU]RJLQYRQ&RQQDXJKW
 (LQDXVHLQHPNRORVVDOHQ(OHIDQWHQ]DKQ DQJHIHUWLJWHU+XPSHQ
]HKQ=ROOKRFKXQGEHUIQI=ROOLP'XUFKPHVVHU'LHEHLGHQ
+HQNHOHEHQIDOOVYRQ(OHIDQWHQ]DKQ*HVFKHQNGHV+HU]RJVYRQ
&RQQDXJKW
 6FKDXIHOQ YRQ'DPZLOG5LHVHQH[HPSODUHGLHZLHGLH
YRUJHQDQQWHQ+XPSHQDOV7DIHODXIVlW]HGLHQHQ
 (LQ7ULQNKRUQ$EZXUI DEHUQXUGLH+lOIWHGDYRQ HLQHV
9LHU]HKQHQGHUVGHULQGHU)RUVWYRQ1DVVDZHQ

2VWSUHXHQJHIXQGHQZXUGH $XVGLHVHP7ULQNKRUQERWGHU
3ULQ]MHGHP]XPHUVWHQPDOLQ'UHLOLQGHQHUVFKHLQHQGHQ*DVWH
GHQ:LOONRPPWUXQNDXIZHOFKHQSULQ]OLFKHQ*UXKLQGHU*DVW
DXVHEHQGLHVHP7ULQNKRUQH%HVFKHLGWXQPXWH9RQZHOFKHU
6WHOOHZLOOVDJHQYRQZHOFKHP$QVHW]HSXQNWDXVGDUEHU
HQWVFKLHGHQGLH5DQJYHUKlOWQLVVH'DV7ULQNKRUQKDWQlPOLFKGUHL
VROFKHU$QVHW]HSXQNWH]XGHQHQVLFKXQG]ZDU]ZLVFKHQ
*HZHLK]DFNHQKLQGXUFKGLH/LSSHQGHU7ULQNHQGHQPKVDP
KHUDQIKOHQPVVHQ(QJSlVVH'HILOpVXQWHUGHQHQGLH
*HQHUDOV(QJHGLHUHODWLYEHTXHPVWHGLH/LHXWHQDQWV(QJH
GDJHJHQGLHVFKZLHULJVWHLVW,QGLHVHUOHW]WHUHQVWHKHQGLH/LSSHQ
GHUDUWLJJHNHLOWLQGUDQJYROOIUFKWHUOLFKHU(QJHGDHLQH
YROONRPPHQYLUWXRVH/HLVWXQJGHU$XIJDEHGLHGDULQEHVWHKW
DXFKQLFKWHLQHQ 7URSIHQYRUEHL]XVFKWWHQ]XGHQlXHUVWHQ
6HOWHQKHLWHQJHK|UW8PVRJU|HUGHU7ULXPSKZHQQ
VJOFNW
6RYLHOEHUGLH*HJHQVWlQGHGLHPLW$XVQDKPHGHV
HUVWJHQDQQWHQ DOVRGHV0DPPXWV]DKQV DOV7DIHOVFKPXFN
GLHQHQ8PGLH7DIHOVHOEVWKHUDEHUEHILQGHQVLFK
.XQVWHU]HXJQLVVHPDQQLJIDFKVWHU$UWDXVGHUHQ5HLKHKLHUGLH
YRU]JOLFKHUHQRGHUGXUFKLKUH*HVFKLFKWHEHPHUNHQVZHUWHUHQ
(UZlKQXQJILQGHQP|JHQ
.XQVW XQG.XQVWLQGXVWULHVDFKHQ
 (LQDXVYHUWLHIWHP0HLQHU3RU]HOODQHLJHQDUWLJ
]XVDPPHQJHVHW]WHU.DPLQ RGHU2IHQVFKLUP
 (LQ6DW]EHPDOWHU7HOOHUPLW'DUVWHOOXQJHQDXVGHP
+XVDUHQOHEHQ$QGHQNHQDQGLH=HLWZRGHU3ULQ]DOV
(VNDGURQFKHIGHP*DUGHKXVDUHQUHJLPHQWDQJHK|UWH9RQHLQHP
*DUGHKXVDUHQPLW.XQVWXQG6DXEHUNHLWDXVJHIKUW
 (LQDQGUHU6DW]7HOOHU QHXQ]HKQDQGHU=DKODOOHPLWGHP
JURHQSUHXLVFKHQ:DSSHQ JHVFKPFNW LVW*HJHQVWDQGHLQHU
6SH]LDOJHVFKLFKWH.|QLJ)ULHGULFK ,EHVWHOOWHYLD+ROODQGHLQ
FKLQHVLVFKHV3RU]HOODQVHUYLFH]XJOHLFKGDVSUHXLVFKH:DSSHQLQ
DOOHUOHLNRORULHUWHQ=HLFKQXQJHQHLQVHQGHQG8QGZLUNOLFKDOOH

6FKLOGHUHLHQZLHGLHVHQHXQ]HKQ7HOOHUVLHMHW]W]HLJHQZXUGHQ
LQ&KLQDJHPDOW$EHUVLHVROOWHQLKUHQ%HVWLPPXQJVRUWQLFKW
HUUHLFKHQZHQLJVWHQVGDPDOV QLFKW'DVKROOlQGLVFKH6FKLIIGDV
VLHKHLPEUDFKWHOLWW6FKLIIEUXFKXQGGLHJHVDPWH/DGXQJ NDP
QDFK6WUDQGUHFKW DQRVWIULHVLVFKH6FKLIIHUGLHGDVSUHXLVFK
FKLQHVLVFKH6HUYLFHPLWGHPVLHQLFKWV5HFKWVDQ]XIDQJHQ
ZXWHQQDFK+DQQRYHUKLQYHUNDXIWHQDOOZRVLFK
V -DKUH
ODQJLQ+lQGHQYRQ+lQGOHUQXQG3ULYDWHQEHIDQG(UVWDOVR
QDFK(LQYHUOHLEXQJ+DQQRYHUVLQ3UHXHQNDPGDV6HUYLFH
ZLHGHUDQV/LFKWXQGZXUGHYRQYHUVFKLHGHQHQ3ULQ]HQGHV
.|QLJOLFKHQ+DXVHVDXIJHNDXIW'HU.URQSULQ]XQG3ULQ]$OEUHFKW
HUVWDQGHQGHQJU|HUHQ7HLOHLQNOHLQHUHU GLHVH 7HOOHU NDP
LQGHQ%HVLW]GHV3ULQ]HQ)ULHGULFK.DUO
 (LQH%URQFHVFKVVHOLQ+DXWUHOLHIHLQHQ3ULQ]HQDXVGHP
+DXVH1DVVDX2UDQLHQGDUVWHOOHQG*HVFKHQNGHU3ULQ]HVVLQ
)ULHGULFK.DUO
 (LQH6WDWXHWWHGHVIQI]HKQMlKULJHQ.XUSULQ]HQ )ULHGULFK
:LOKHOPGHVVSlWHUHQ*URHQ.XUIUVWHQ
%LOGHU/DQGVFKDIWHQXQG3RUWUDLWV
'LH%LOGHU/DQGVFKDIWHQXQG3RUWUDLWVGLH-DJGKDXV'UHLOLQGHQ
DXIZHLVWEHILQGHQVLFK]XJU|WHP7HLOLP$UEHLWV]LPPHUGHV
3ULQ]HQ
,FKQHQQH]XQlFKVWGLH/DQGVFKDIWHQ PLWXQGRKQH6WDIIDJH
:LQWHUODQGVFKDIWYRQ(G +LOGHEUDQGW1HDSHOYRQ*XGLQ
7DRUPLQDYRQ*HOHQJ.|QLJVVHHYRQHLQHP8QEHNDQQWHQ
6DO]EXUJEHL0RQGVFKHLQYRQ+HQQLQJV6WDIID )LQJDOVK|KOH YRQ
(G .UDXVH7LUROHU%DXHUQYRQ.DOWHQPRRU-DJGV]HQHGHU3ULQ]
PLWEHIUHXQGHWHQ+HUUHQHLQ)UKVWFNQHKPHQGYRQ6WHIIHFN
7LUROHU:LOGHUHUYRQ$OE 0HXURQ(LQLJHGLHVHU%LOGHUVRGDV
VFK|QH%LOG'LH)LQJDOVK|KOHEHIDQGHQVLFKLP%HVLW]GHU
.|QLJLQ(OLVDEHWK*HPDKOLQ.|QLJ)ULHGULFK:LOKHOPV ,9XQG
JLQJHQODXW9HUPlFKWQLVDQ3ULQ])ULHGULFK.DUOEHU

'LH=DKOGHU3RUWUDLWV XQWHULKQHQDXFKHLQVGHVDOWHQ=LHWHQ LVW


QLFKWJUR(LQEHVRQGUHV,QWHUHVVHZHFNHQPHKUHUHJU|HUH
3KRWRJUDSKLHQ%LOGQLVVHIUKUHUSHUV|QOLFKHU$GMXWDQWHQ RGHU
GXUFKGHQ'LHQVWQlKHUDWWDFKLHUWHU2IIL]LHUHGHV3ULQ]HQGLH
VlPWOLFKZlKUHQGGHVVLHE]LJHU.ULHJHVILHOHQEH]LHKXQJVZHLVH
LKUHQ:XQGHQHUODJHQ(VVLQGGLHVGLHIROJHQGHQ
2EHUVW*UDI:DOGHUVHHJHIDOOHQEHL/H%RXUJHWDOV.RPPDQGHXU
GHV*DUGHJUHQDGLHUUHJLPHQWV$XJXVWD



'LH=DKOXQG5HLKHQIROJHGHU SHUV|QOLFKHQ $GMXWDQWHQGHV3ULQ]HQZDULQ


GHPODQJHQ=HLWUDXPHYRQELVGLHQDFKVWHKHQGH/LHXWHQDQW
YRQGHP%XVFKH 0QFK/LHXWHQDQW*UDI:DOGHUVHHXQG
)UHLKHUUYRQ'LHSHQEURLFN *UWHUELV/LH XWHQDQWYRQ=LHWHQ
ELV/LHXWHQDQWYRQ&RVHOELV5LWWPHLVWHUYRQ
6FKRHQLQJELV %UXGHUGHVDOV.RPPDQGHXUGHV
 5HJLPHQWVEHL0DUVOD7RXUJHEOLHEHQHQ2EHUVWHQYRQ6FKRHQLQJ 
3UHPLHUOLHXWHQDQWYRQ$OYHQVOHEHQXQG2 EHUVWOLHXWHQDQWYRQ
%OXPHQWKDOELV VSlWHU.RPPDQGHXUGHV,9 $UPHHFRUSV 
+DXSWPDQQYRQ:LW]HQGRUIIELV ]XU=HLW.RPPDQGHXUGHV
9,, $UPHHFRUSV 3UHPLHUOLHXWHQDQWYRQ-DJRZELV
3UHPLHUOLHXWHQDQW)UHLKHUUYRQ/RsELV0DM RUYRQ%HUQXWK
ELV0DMRUYRQ(UFNHUWELV3UHPLHUOLHXWHQDQW*UDI.DQLW]
ELV VSlWHU+RIPDUVFKDOOGHV3ULQ]HQ)ULHGULFK.DUO 5LWWPHLVWHU
YRQ.URVLJNELV VSlWHU2EHUVWXQG.RPPDQGHXUGHU
*DUGHKXVDUHQ 3UHPLHUOLHXWHQDQWYR Q1RUPDQQELV5LWWPHLVWHU
*UDI$OH[DQGHUYRQ:DUWHQVOHEHQELV0DMRUYRQ9DHUVW
5LWWPHLVWHUYRQ%RUFNHELV5LWWPHLVWHUYRQ%URHVLJNHELV
 VSlWHU)OJHODGMXWDQW6HLQHU0DMHVWlWGHV.DLVHUV 5LWWPHLVWHU
)UHLKHUUYRQ0 DOW]DKQVHLW+DXSWPDQQYRQ.DOFNVWHLQVHLW
,FKIJHGLHVHU$QJDEHJOHLFKQRFKHLQLJH1RWL]HQKLQ]X:lKUHQGGHU
-XJHQG  XQG(U]LHKXQJVMDKUHGHV3ULQ]HQZDU*UDI%HWKXV\ +XFVHLQ
0LOLWlUJRXYHUQHXUDQGHVVHQ6WHOOHQDFKYROOHQGHWHP /HEHQVMD KU
 GLHPLOLWlULVFKHQ%HJOHLWHUWUDWHQ'LHVZDUHQ0DMRUYRQ 5RRQ
GHUVSlWHUH.ULHJVPLQLVWHUYRQELV0DMRUYRQ 6FKOHJHOO 
0DMRUYRQ +LOOHUlOWHUHU%UXGHUGHVEHL&KOXPJHIDOOHQHQ*HQHUDOVYRQ
ELV9RQGLHVHP=HLWSXQNWDQZ DUGHU3ULQ]VHOEVWlQGLJ hEHU
GLHVH'LQJHP|JOLFKVW$XWKHQWLVFKHV]XJHEHQKDELFKQLFKWYHUVlXPHQ
ZROOHQGDPLUDXV(UIDKUXQJEHNDQQWLVWZLHVFKZHUHVVFKRQQDFK
YHUKlOWQLVPlLJNXU]HU=HLWKlOWVLFK*HZLKHLWEHUlKQOLFKH)UDJHQ]X
YHUVFKDIIHQ 8PQXUHLQ%HLVSLHO]XJHEHQGLH1DPHQGHU$GMXWDQWHQ
GHV5KHLQVEHUJHU3ULQ]HQ+HLQULFKIHVW]XVWHOOHQKDWPLU QLFKW JHOLQJHQ
ZROOHQhEHUHWZDVHFKV1DPHQELQLFKLQGHUODQJHQ(SRFKHYRQ
ELVQLFKWKLQDXVJHNRPPHQ 

*HQHUDOPDMRUYRQ'LHSHQEURLFN*UWHUELVSHUV|QOLFKHU
$GMXWDQWGHV3ULQ]HQJHIDOOHQDOV.RPPDQGHXUGHU
 .DYDOOHULHEULJDGH%UDQGHQEXUJHU.UDVVLHUH)UVWHQZDOGHU
8ODQHQXQG 6FKOHVZLJ+ROVWHLQVFKHV 8ODQHQUHJLPHQWEHL
9LRQYLOOH
*HQHUDOPDMRUYRQ'RHULQJ*HQHUDOVWDEVRIIL]LHUGHV3ULQ]HQ
LQ6WHWWLQILHODOV.RPPDQGHXUGHU ,QIDQWHULHEULJDGHEHL0DUV
OD7RXU
2EHUVWYRQ=LHWHQELVSHUV|QOLFKHU$GMXWDQWGHV3ULQ]HQ
JHIDOOHQDOV.RPPDQGHXUGHU=LHWHQKXVDUHQEHL0DUVOD7RXU
2EHUVWYRQ(UFNHUWELVSHUV|QOLFKHU$GMXWDQWGHV
3ULQ]HQJHIDOOHQDOV.RPPDQGHXUGHV*DUGHIVLOLHUUHJLPHQWVEHL
6W 3ULYDW$XIHLQHQ:HJZHLVHUEOLFNHQGZXUGHUYRQHLQHU.XJHO
LQGHQ.RSIJHWURIIHQXQGVDHLQH:HLOHQRFKWRWLP6DWWHO0DQ
EHJUXELKQ]XQlFKVWDXIGHP%HJUlEQLVSODW]HYRQ6DLQWH0DULH
DX[&KrQHVVSlWHUZXUGHUH[KXPLHUWXQGQDFK'HXWVFKODQG
ZRKLQNRQQWHLFKQLFKWHUIDKUHQ ]XUFNJHEUDFKW
2EHUVWYRQ6FKDFN'LYLVLRQVDGMXWDQWGHV3ULQ]HQILHODOV
.RPPDQGHXUGHV +DQQ|YHUVFKHQ8ODQHQUHJLPHQWV1U EHL
0DUVOD7RXU
2EHUVWOLHXWHQDQWYRQ6WOSQDJHO'LYLVLRQVDGMXWDQWGHV3ULQ]HQ
ILHODOV%DWDLOORQVNRPPDQGHXULP *DUGHUHJLPHQW ] )EHL
6W 3ULYDW
0DMRUYRQ6FKPLHGHQ'LYLVLRQVDGMXWDQWGHV3ULQ]HQ
%DWDLOORQVNRPPDQGHXULP %UDQGHQE,QI5HJLPHQW1U ILHO
EHL9HQG{PHDP -DQXDU
+DXSWPDQQYRQ*ODVHQDSS'LYLVLRQVDGMXWDQWGHV3ULQ]HQILHODOV
&RPSDJQLHIKUHULP %UDQGHQE,QI5HJLPHQW1U EHL
9LRQYLOOH
+DXSWPDQQYRQ+DGHOQ'LYLVLRQVDGMXWDQWGHV3ULQ]HQILHODOV
$GMXWDQWLQGHU $UWLOOHULHEULJDGHEHL9HUQHYLOOH ]ZLVFKHQ
$PDQYLOOLHUVXQG*UDYHORWWH 
=lKOWPDQKLQ]XGDGHU GHU=HLWQDFK HUVWHSHUV|QOLFKH
$GMXWDQWGHV3ULQ]HQ/LHXWHQDQWYRQGHP%XVFKH0QFKLP

*HIHFKWHEHL:LHVHQWKDODP -XQLDXIGHQ7RGYHUZXQGHW
ZXUGHVRZLUGVLFKQLFKWEHKDXSWHQODVVHQGDGHUSHUV|QOLFKHQ
RGHUGLHQVWOLFKHQ$GMXWDQWXUGHV3ULQ]HQDXVGLHVHU$XV]HLFKQXQJ
HLQHJHVLFKHUWH/HEHQVVWHOOXQJHUZDFKVHQZlUH
1HEHQGHP$UEHLWV]LPPHUGHV3ULQ]HQEHILQGHWVLFKVHLQ
6FKODIFDELQHW(VHQWKlOWHLQH0HQJHNOHLQHU6FKLOGHUHLHQXQG
LQPLWWHQGHUVHOEHQHLQHLQIDFKXPUDKPWHV%DOGXLQ
0|OOKDXVHQVFKHV*HGLFKWGDVLQHLQHU$Q]DKOUHIUDLQDUWLJ
JHKDOWHQHU6WURSKHQHUVWGHP3ULQ]HQ XQGGDQQGHP.ODXVQHU
YRQ'UHLOLQGHQGLH+XOGLJXQJHQGHV'LFKWHUV GDUEULQJW

.DSLWHO

:LH3ULQ])ULHGULFK.DUOLQ'UHLOLQGHQOHEWH
2FXOLGDNRPPHQVLH

,Q.DSLWHOKDELFK-DJGKDXV'UHLOLQGHQLQVHLQHPbXUHQXQG
,QQHUQ]XVFKLOGHUQYHUVXFKWLFKYHUVXFKHGDUDQDQVFKOLHHQG
HLQH6FKLOGHUXQJZLHGHU3ULQ]LQ'UHLOLQGHQOHEWH
,QHUVWHU5HLKHZHQLJHUDQGDXHUQGXQGZHQLJHUDXVVFKOLHOLFK
DOVHUHVZQVFKWHXQG DOVHVVFKLHQ(VEOLHEQlPOLFKVHLQ
ZLUNOLFKHU$XIHQWKDOWGDVHOEVWKLQWHUGHPSURJUDPPlLJHQ
HUKHEOLFK]XUFN,QVSHNWLRQHQ5HYXHQ)HVWOLFKNHLWHQXQGQLFKW
]XPZHQLJVWHQHQWIHUQWHUOLHJHQGH-DJGDXVIOJHVRUJWHQ
EHVWlQGLJIU$E]JHVHKHQZLUDEHUYRQVROFKHQLQ:HJIDOO
NRPPHQGHQ(LQ]HOWDJHQ GLHVLFKJHOHJHQWOLFKDXFKZRKO]X
KDOEHQ:RFKHQDXVGHKQWHQ DEVRZLUGVLFKVDJHQODVVHQGD
HWZDIQI0RQDWHGHV-DKUHVGHP'UHLOLQGQHU$XIHQWKDOWH
JHK|UWHQXQG]ZDUGLH]ZHL6SlWKHUEVWPRQDWHYRP 2NWREHU
ELV]XP 'H]HPEHUXQGGLHGUHL)UKMDKUVPRQDWHYRQ0LWWH
0lU]ELV0LWWH-XQL
'LHVHGUHL)UKMDKUVPRQDWHZDUHQZRKOZHQQLFKUHFKWEHULFKWHW
ELQGLHEHVRQGHUVEHYRU]XJWHQZHLOVLHGHPMDJGOLHEHQGHQ
3ULQ]HQ*HOHJHQKHLWJDEHQDXFKVHLQHU]ZHLWHQVHLQH-DJGOXVW
YLHOOHLFKWQRFKEHUELHWHQGHQ3DVVLRQ]XOHEHQGHU/XVWDP
:DOG

2)UKOLQJVOXIWR)UKOLQJVGXIW
,P6FKORZLUGPLU
V]XHQJH
,FKIKOHZLHGHU:DOGPLFKUXIW
)RUWDXVGHP6WDGWJHGUlQJH
'LH+lXVHUPDVVHQJURXQGNOHLQ
6LHZROOHQPLFKHUGUFNHQ
,FKVHKQHPLFKPLW/XVWLP)UHLQ
'DVHUVWH*UQ]XSIOFNHQ
'UXPGHQQKLQDXVQDFKDOWHP%UDXFK
0LW-DJGZHKU+XQGXQG5RVVHQ

$XI GDLFKVHKZLH%DXPXQG6WUDXFK
'LHVHOEVWLFKSIODQ]WHVSURVVHQ
6RNODQJHVLQGHV3ULQ]HQ+HU]HQVREDOG2FXOLXQG/lWDUH
JHNRPPHQZDUHQ

8QGVLHKDP7DJH-XGLFD
,QVHLQHU:DOGHVNODXVH
'DUXIWHUIURK%LQZLHGHUGD
,QPHLQHPHLJQHQ+DXVH
8QGREHVNOHLQGRFKPHLQ HVLVW
+LHUOHELFKRKQH6RUJHQ
'DV)OVWHUQGUHLHU/LQGHQ JUW
0LFKJOFNOLFKMHGHQ0RUJHQ
8QGZLUNOLFKJOFNOLFKYHUJLQJHQLKPKLHUGLH7DJH

'HQ)RUVWGXUFKVWUHLIWGHU)HOGPDUVFKDOO
,PJUDXHQ:HLGPDQQVNOHLGH
7DXWURSIHQIXQNHOQEHUDOO
(VGXIWHWIULVFKGLH+HLGH
6R%DOGXLQ0|OOKDXVHQLQHLQHPUHL]HQGHQNOHLQHQ/LHGHGDVGLH
:DOGHVVHKQVXFKWDXVGUFNWGLHGHQ3ULQ]HQEHL
)UKOLQJVHUZDFKHQ]XEHIDOOHQSIOHJWHJHIlOOLJH6WURSKHQGHQHQ
LFKPHLQHUVHLWV QXUGDV QRFKKLQ]X]XIJHQKDEHZDVLFKEHU
*DQJXQG$UWHLQHVVROFKHQ'UHLOLQGQHU)UKOLQJVWDJHVLQ
'UHLOLQGHQVHOEVWHUIDKUHQNRQQWH
'HU3ULQ]ZDUHLQ)UKDXIXQGJHK|UWH]XGHQ*OFNOLFKHQGLH
VLFKPLWZHQLJ6WXQGHQ6FKODI]XEHKHOIHQZLVVHQ$OOPRUJHQGOLFK
]ZLVFKHQGUHLXQGYLHUEHUHLWVEHJDQQHUVHLQHQ7DJXQGIXKUDXI
GLH3UVFKQXUYRQHLQHP'LHQHURGHU/HLEMlJHUEHJOHLWHW2IW
GHKQWHHUGLHVH)DKUWHQEHUGDVJDQ]H5HYLHUKLQDXVDEHU|IWHU
QRFKEHJQJWHHUVLFKPLWHLQ]HOQHQ6FKOlJHQ'HU%HVWDQGDQ
:LOGZDUUHLFK.DQLQFKHQ)FKVH+LUVFKH5HKH)DVDQH:DV
DQ:LOGHUOHJWZDUGZXUGHYHUNDXIW1LFKWVGDYRQNDPDXIGHQ
SULQ]OLFKHQ7LVFK
:DUGLH3UVFKIDKUWEHHQGHWXQGGDVHUVWH)UKVWFNJHQRPPHQ
VRZDQGWHVLFKGHU3ULQ]MHQHQ)RUVW XQG:DOGNXOWXUHQ]XGLH

YRQLKPLQV/HEHQJHUXIHQZXUGHQ(UNDQQWHMHGHQ%DXPLQ
VHLQHP5HYLHUKDWWHHUGRFKMHGHQHLQ]HOQHQHQWVWHKHQVHKQXQG
LKPDOV6HW]OLQJXQG6WHFNOLQJVFKRQVHLQH6RUJIDOWXQGVHLQ
,QWHUHVVH]XJHZDQGW(LQHFKWHUXQGUHFKWHU(U]LHKHUGHUEHL
GHP.OHLQHQEHJLQQW:DUDEHUGDV*HGHLKHQHUVWJHVLFKHUWVR
KLHHVQXQGLHVHP*HGHLKHQGHQDXFKGLH)RUPGHQ5HL]GHU
(UVFKHLQXQJ]XJHEHQ0LWVLFKHUP%OLFNHUNDQQWHGHU3ULQ]DOOHV
ZDVJHI|UGHUWXQGDQV/LFKWJH]RJHQDEHUDXFKHEHQVRZDV
EHVHLWLJWZHUGHQPXWHXQGPLWHLQHU$UW.QVWOHUKDQGEHJDQQ
HUQXQPHKUGHQ%DXP]XELOGHQXQG]XJHVWDOWHQ
6HLQHK|FKVWHQIRUVWPlQQLVFKHQ7ULXPSKHMHGRFKIHLHUWHHUQLFKW
DOVhEHUZDFKHUXQG/HLWHUHLQHVLQGHU*HVLFKHUWKHLWJOFNOLFKHU
XQGJHVXQGHU9HUKlOWQLVVHGHPHQWVSUHFKHQGDXFKJOFNOLFKXQG
JHVXQGDXIVWUHEHQGHQ%DXPJHVFKOHFKWVVRQGHUQXPJHNHKUWDOV
$U]WGHU$UPHQXQG.UDQNHQXQGHLQHQLFKWXQEHWUlFKWOLFKH=DKO
GHUMHW]WLQPLWWHQHLQHUQHXHQ$QODJHKRFKDXIVWUHEHQGHQ(LFKHQ
JHK|UWLQGLH5HLKHVROFKHU*HUHWWHWHQ(VZDUHQGLHVH*HUHWWHWHQ
YRUGHPDOVGHU3ULQ]LP-DKUHGLH'UHLOLQGQHU)RUVWDQVLFK
EUDFKWHKDOEYHUNRPPHQHMD]XP7HLOPLJHVWDOWHWH%lXPH
GLHZHLOHLQJHVWUHXWLQHLQH]LHPOLFKGLFKWVWHKHQGH.LHIHUQKHLGH
MHGHUHLJHQWOLFKHQ(QWZLFNOXQJVP|JOLFKNHLWXQGGDPLWDXFKDOOHU
*HOHJHQKHLW]X:RKOJHVWDOWXQG6FK|QKHLWHQWEHKUWKDWWHQ,KQHQ
+LOIH]XEULQJHQZXUGHQXQPHKU$XIJDEHGHUHQHUVWHV=LHOGDV
ZDUDQGLH9HUZDFKVHQHQXQG9HUNUSSHOWHQKHUDQ]XNRPPHQ
LKQHQ)UHLKHLW/XIWXQG /LFKW]XYHUVFKDIIHQ8QGVRILHOGHQQ
]XQlFKVWGLHKHPPHQGXQGKLQGHUQGXPVLHKHUVWHKHQGH
.LHIHUQKHLGH-HW]W HUVWNRQQWHGHU.OLQLNHUXQG2UWKRSlGDQVHLQH
.UDQNHQKHUDQGLHNDXPLQOLHEHYROOH%HKDQGOXQJJHQRPPHQ
DXFKVFKRQQLFKWPHKUVLHVHOEHUZDUHQXQGMHW]WLQYROOHU3UDFKW
XQG6WDWWOLFKNHLWGDVXPVLHKHUQHXEHIRUVWHWH7HUUDLQ
EHUUDJHQ
'HU9RUPLWWDJGHV3ULQ]HQJHK|UWHGHQYHUVFKLHGHQHQ
)RUVWEHVWlQGHQGLHZLH.ODVVHQK|KHUHXQGQLHGUHJHPXVWHUW
ZXUGHQ8P]Z|OIDEHUXQWHUEUDFKHUGLHVH0XVWUXQJDXIHLQH
6WXQGHQDKPHLQ]ZHLWHV)UKVWFNHLQ/XQFKXQGNHKUWHHUVW
PLW%HJLQQGHV1DFKPLWWDJVLQVHLQHQJHOLHEWHQ:DOG]XUFN8P
IQIZDUGDQQ'LQHUGDVHQWZHGHULPHQJVWHQ.UHLVHGHU
$GMXWDQWHQRGHUDEHULPZHLWUHQHLQHUEHVWLPPWHQ$Q]DKOYRQ
*lVWHQJHQRPPHQZXUGH'LHGDUDXIIROJHQGHQ6WXQGHQ
JHK|UWHQWHLOVGHU.RUUHVSRQGHQ]WHLOVGHU/HNWUH'HU3ULQ]ODV

YLHO]RJMHGH:LVVHQVFKDIWKHUDQXQGKDWWHVHOEVWHLQ+HU]IU
GLHEHOOHVOHWWUHV(LQJOFNOLFKHV*HGlFKWQLVGDVDOVHLQ
+RKHQ]ROOHUQHUEWHLODXFKLKP JHZRUGHQXQWHUVWW]WHLKQEHL
GLHVHQ6WXGLHQXQGHUOHLFKWHUWHLKPQLFKWQXUGDV(LQGULQJHQLQ
LPPHUQHXH6WRIIHVRQGHUQDXFKLPOHEHQGLJHQ
*HJHQZlUWLJKDEHQGHV*HOHVHQHQHLQHQ,GHHQDXVWDXVFKHLQ
*HVSUlFKGDUEHU$XIMHGHP*HELHWH EHZDQGHUWEHUGDV
1HXHVWHVWHWVRULHQWLHUWZDUHVLKPHLQOHLFKWHVXQG]XJOHLFKHLQH
OLHEH*HZRKQKHLWLP9HUNHKUPLWVHLQHQ*lVWHQLQGHU6SUDFKH
GLHVHU]XVSUHFKHQ6XXPFXLTXH(UKDWWHHEHQDXFK
ZLVVHQVFKDIWOLFKHLQHQ%OLFNIU XQGEHU GDV*DQ]HZHQQDEHU
HLQHLQ]HOQHVVLFKUKPHQGDUIPLWEHVRQGUHU/XVWLQGHQ.UHLV
VHLQHU%HWUDFKWXQJJH]RJHQZRUGHQ]XVHLQVRZlUHKLHUZRKOLQ
HUVWHU5HLKHGDV(WKQRJUDSKLVFKH]XQHQQHQGDV/lQGHU XQG
6WDDWHQNXQGOLFKHGDV9|ONHUSV\FKRORJLVFKH:RPLW]ZHLVHLQHU
3DVVLRQHQ]XVDPPHQKLQJHQGLH IUGDV5HLVHQXQGGLH IUGLH
0DULQH1HLJXQJHQLQGHQHQHUOHEKDIWDQGHQ]XIUK
JHVFKLHGHQHQ$GPLUDO3ULQ]$GDOEHUWHULQQHUWHPLWGHPHUDXFK
DQGUH=JHJHPHLQKDWWHGDV$IIDEOHGDV(LQIDFKHGDVKHOIHQGH
0LWOHLG XQGGHQUXKLJHQ0XW
,FKNRPPHGDUDXI]XUFNLQVRQGHUKHLWDXFKDXIGLHEHYRU]XJWHQ
*HVSUlFKVWKHPDWDGHV3ULQ]HQXQGEHJQJHPLFKGDPLWDQ
GLHVHU 6WHOOHPLWHLQHUDQGLH'UHLOLQGQHU)RUVWNXOWXUHQ
DQNQSIHQGHQ$QHNGRWH]XVFKOLHHQ
(VZDULP)UKMDKUDOVYRQ)RQWDLQHEOHDXKHUZRVLFKGHU
3ULQ]QDFK$EVFKOXGHU)ULHGHQVSUlOLPLQDULHQDXIKLHOW2UGUH
QDFK'UHLOLQGHQNDPHLQHQEHVWLPPWHQ6FKODJ]XUDMROHQXQG
GHPQlFKVWPLWMXQJHQ(LFKHQ]XEHSIODQ]HQ'HU%HIHKOODXWHWH
VWULNWJHQXJDEHULKP]XJHKRUFKHQZDUQLFKWOHLFKWGHQQDOOHV
MXQJH9RONVWDQGGDPDOVQRFKLQ)UDQNUHLFK$Q$UEHLWVNUlIWHQ
ZDUDOVR0DQJHOXQGVRNDPHVGHQQGDEHKXIVGLHVHU
YRU]XQHKPHQGHQ5DMRO XQG3IODQ]DUEHLWHQYRQGHP
EHQDFKEDUWHQ6SDQGDXKHUHLQ7UXSSIUDQ]|VLVFKHU*HIDQJHQHU
HUEHWHQZXUGHGHUZLUNOLFKDPDQGUHQ7DJHVFKRQLQ'UHLOLQGHQ
HLQWUDI0LWLKP]XJOHLFKGLH%HQDFKULFKWLJXQJGDQDFKGUHL
:RFKHQ$EO|VXQJGLHVHV7UXSSVHUIROJHQZHUGH6RQGHUEDUHV
/RVIUDOOHGLHGLHVLFK]XGLHVHP'LHQVWHNRPPDQGLHUW VDKHQ
XQGGRFKZDUG(LFKHQSIODQ]HQEHLP3ULQ]HQDOVEDOG
DOOJHPHLQHVXQGQXU]XEHJUHLIOLFKHV%HJHKUGHQQGHU7DJHORKQ
ZDUJXWXQGGLH7DJHVYHUSIOHJXQJQRFKEHVVHUGHVVRQQWlJOLFKHQ

+XKQVXQGGHUKDOEHQ)ODVFKH5RWHQJDQ]]XJHVFKZHLJHQ
XQWHUGHUHQ JHGRSSHOWHP(LQIOXVFKOLHOLFKDXFKGHU
FKDXYLQLVWLVFKVWH&KDXYLQLVPXVHUOLHJHQPXWH:HQLJVWHQVVLQG
$XVEUFKHGHVVHOEHQQLH]XYHU]HLFKQHQJHZHVHQ,P*HJHQWHLO
GDV%HQHKPHQGHU$ENRPPDQGLHUWHQZDUGXUFKDOOGLHVH:RFKHQ
KLQHLQJOHLFKPlLJYRU]JOLFKHVXQGVWHOOWHGHU(LQVLFKWGHP
&KDUDNWHUXQGGHUJXWHQ/HEHQVDUWXQVUHU)HLQGHGDVEHVWH
=HXJQLVDXV6LHZDUHQIOHLLJKHLWHUGDQNEDUXQGZHQQGRFK
YLHOOHLFKW ZDV]XGHQ0|JOLFKNHLWHQ]lKOW HLQSDDUKDOEODXWH
9HUZQVFKXQJHQEHUGLH'UHLOLQGQHU6WHFNOLQJHKLQ
DXVJHVSURFKHQVHLQVROOWHQVRPVVHQVLHQDFK$UWDOOHU)OFKH
GLHNHLQHQ6FKXOGDFNHUYRUILQGHQEHGHXWXQJVORVYHUNOXQJHQVHLQ
GHQQEHUDOODXIGHP7HUULWRULXPGHV%H]ZLQJHUVYRQ0HW]
ZDFKVHQXQGJHGHLKHQQHEHQGHQYRQGHXWVFKHU+DQG
HLQJHVHW]WHQ(LFKHQDXFKGLHGLHGDPDOVYRQIUDQ]|VLVFKHQ
+lQGHQJHSIODQ]WZXUGHQ

.DSLWHO

:LH3ULQ])ULHGULFK.DUOLQ'UHLOLQGHQ
*DVWOLFKNHLWEWH
,QHLQHPVFKRQYRU]LWLHUWHQ%0|OOKDXVHQVFKHQ*HGLFKWIHLHUWGHU
'LFKWHUGHQ3ULQ]HQDOV-DJGKHUUQXQG)HOGKHUUQDEHULPZHLWUHQ
9HUODXIDXFKDOV*DVWIUHXQGYRQ'UHLOLQGHQXQGEULQJWLKP
GDGXUFKHLQH+XOGLJXQJGDUGLHVHLQHP/LHGHQLFKWIHKOHQGXUIWH
'HQQVRJHZLGLH'UHLOLQGQHU7DJHGLHZHLG XQGIRUVWPlQQLVFKH
6LJQDWXUWUXJHQVRJHZLDXFKGLHJDVWOLFKH-DGHU3ULQ]ZDUHLQ
*DVWIUHXQG(LQHLJHQ:RUWXQPRGLVFKXQGREVROHWIDVWZHLO
DXFKGDV REVROHWZXUGHZDVGLHVHP:RUWH]XU9RUDXVVHW]XQJ
GLHQWGLH*DVWIUHXQGVFKDIW'LHVFK|QH*DVWOLFKNHLWVWXJHQGDXV
0RUJHQODQGLVWGHUDEHQGOlQGLVFKHQ:HOWHWZDPLW$XVQDKPH
YRQ(QJODQGXQG6NDQGLQDYLHQDEKDQGHQJHNRPPHQXQGZHQQ
GLHV ZLHEULJHQVNDXPDQ]XQHKPHQ RSWLPLVWLVFKEHVWULWWHQ
ZHUGHQVROOWHVRZLUGGRFKGDV QLFKWEHVWULWWHQZHUGHQN|QQHQ
GDLQ0DUN%UDQGHQEXUJXQGVHLQHU/DQGHVKDXSWVWDGWHLQHGHU
WUDXULJVWHQ+HLPVWlWWHQDOOHVGHVVHQZDV*DVWIUHXQGVFKDIW
KHLWHUNDQQWZHUGHQPX%HKXIV%HZHLVIKUXQJLVWHVQXU
Q|WLJGDVHLQH:RUW/RJLHUEHVXFKDXV]XVSUHFKHQGDV
DQVFKHLQHQGYRQGXUFKDXVXQVFKXOGLJHU%HGHXWXQJLP2KUDOOHU
(LQJHZHLKWHQDOV 6FKUHFNHQVZRUWXPJHKW
,QGHU7DW0DUN%UDQGHQEXUJKDWZHQLJ*DVWIUHXQGVFKDIWXQG
QRFKZHQLJHUHLQHQ*DVWIUHXQGLP-DJGKDXVH]X'UHLOLQGHQ
DEHUIDQGHQVLFKEHLGH:lKUHQGGHU0RQDWHGLHGHU3ULQ]KLHU
]XEUDFKWHXQGDPDXVVFKOLHOLFKVWHQZRKOLQGHQ
6SlWKHUEVWPRQDWHQZDUMHGHQ]ZHLWHQ7DJHLQH'UHLOLQGQHU
7DIHOUXQGHYHUVDPPHOWGHUHQ3DODGLQHGHQYHUVFKLHGHQVWHQ
/HEHQV XQG%HUXIVNUHLVHQDEHUGRFKYRU]XJVZHLVHGHP.UHLVH
GHU%HUOLQHUXQG3RWVGDPHU*DUQLVRQDQJHK|UWHQ$XFK0DULQH
.ULHJVPLQLVWHULXPXQG*HQHUDOVWDEVWHOOWHQLKU.RQWLQJHQWGDV
ZLUJOFNOLFKJHQXJVLQGELVGLHVHQ$XJHQEOLFNLQ'UHLOLQGHQXQG
]ZDULQHLQHP%LOGHUVDDOHGHU)UHXQGVFKDIWPXVWHUQ]X
N|QQHQ(LQJHIJWLQGLHJRWLVFKHQ%XQWJODVIHQVWHUGHU
'UHLOLQGQHU.U\SWLQGHUYRQ=HLW]X=HLWGLH%XQGJHVlQJH
ZLGHUKDOOWHQHUEOLFNHQZLUDXFKKHXWHQRFKGLH0HGDLOORQELOGQLVVH
YLHOHUGLHVHU*HWUHXHQXQG*HWUHXVWHQDXVGHUHQ+XQGHUW]DKO

LFKXQWHU9HU]LFKWDXI*HQHUDOLWlWXQG6XEDOWHUQHOHGLJOLFKDXV
GHU0LWWHOJUXSSHGHU6WDEVRIIL]LHUH GLHIROJHQGHQ1DPHQ
HQWQHKPH
'LHEODQNH:DIIHKDWZLHKHUN|PPOLFKDXFKKLHUZLHGHUGHQ
9RUWULWW$OVR]XQlFKVWYRQGHU.DYDOOHULH *UDI6FKOLHIIHQ2EHUVW
XQG.RPPDQGHXUGHV *DUGHXODQHQUHJLPHQWVYRQ.URVLJN
2EHUVWXQG.RPPDQGHXUGHU*DUGH XQGYRQ5RVHQEHUJ2EHUVW
XQG.RPPDQGHXUGHU=LHWHQKXVDUHQYRQ6FKQDFNHQEHUJ
2EHUVWOLHXWHQDQWXQG.RPPDQGHXUGHU'VVHOGRUIHU8ODQHQYRQ
%URHVLJNH0DMRUXQG.RPPDQGHXUGHU/HLEJHQGDUPHULH
)OJHODGMXWDQW6HLQHU0DMHVWlWGHV.DLVHUVYRQ'LQFNODJH0DMRU
LP *DUGHXODQHQUHJLPHQW9RQGHU,QIDQWHULHYRQ'HUHQWKDOO
2EHUVWXQG.RPPDQGHXUGHV *DUGHUHJLPHQWV ] )YRQ$UQLP
2EHUVWXQG.RPPDQGHXUGHV)UDQ]UHJLPHQWVYRQ/LQGHTXLVW
2EHUVWXQG.RPPDQGHXUGHU6FKORJDUGHFRPSDJQLH
)OJHODGMXWDQW6HLQHU0DMHVWlWYRQ1DW]PHU2EHUVWXQG
.RPPDQGHXUGHV ,QIDQWHULHUHJLPHQWVVSlWHULQ%HJOHLWXQJ
GHV3ULQ]HQDXIGHVVHQV\ULVFKlJ\SWLVFKHU5HLVH)UHLKHUUYRQ
)LUFNV0DMRULP*DUGHIVLOLHUUHJLPHQW9HUIDVVHUGHVXQWHUGHP
1DPHQGHV.OHLQHQ)LUFNVEHNDQQWHQ$UPHHNDOHQGHUV9RQGHU
$UWLOOHULH YRQ.|UEHU2EHUVWXQG%ULJDGHNRPPDQGHXU
UXKPYROOHQ9LRQYLOOHU$QJHGHQNHQV8QGHQGOLFKYRP
*HQHUDOVWDEH GH&ODHU2EHUVWXQGYLHOMlKULJHU$GMXWDQW
)HOGPDUVFKDOO0ROWNHV2EHUVWYRQGHU+XGH$EWHLOXQJVFKHILQ
GHU *HQHUDOLQVSHNWLRQGHU$UWLOOHULH2EHUVWOLHXWHQDQW9RJHOYRQ
)DOFNHQVWHLQ 6RKQGHV0DLQIHOG]XJV6LHJHUV $EWHLOXQJVFKHILP
*URHQ*HQHUDOVWDE2EHUVWOLHXWHQDQW6WHIIHQGHVJOHLFKHQ0DMRU
)UHLKHUUYRQGHU*ROW] *DPEHWWD*ROW] /HKUHUDQGHU
.ULHJVDNDGHPLHVSlWHU*ROW]3DVFKD0DMRU0QQLFK
0LOLWlUJRXYHUQHXUGHV3ULQ]HQ)ULHGULFK/HRSROG$EHUDXFKGDV
=LYLOHOHPHQWLVWLQGHU.U\SWXQGLKUHQ%XQWJODVELOGHUQ
YHUWUHWHQ%DURQ.RUIIHKHGHPLP*DUGHGUDJRQHUUHJLPHQW*UDI
.DQLW]+RIPDUVFKDOOGHV3ULQ]HQ.DPPHUKHUU*UDI%UKO
3URIHVVRU%UXJVFK3DVFKD+RISUHGLJHU5RJJH'U3DXO*IHOGW
%DOGXLQ0|OOKDXVHQ
6RGLH7DIHOUXQGH]X'UHLOLQGHQ


,FKJHEHKLHUGLH5DQJYHUKlOWQLVVHZLHVLHZDUHQ

8QGQXQGLH7DIHOVHOEVW
,FKKDEHJOHLFK]X%HJLQQGLHVHV$XIVDW]HVHLQ%LOGGHUVHOEHQ]X
JHEHQYHUVXFKWDEHUIUHLOLFKQXUQDFK$UWHLQHVGLVVROYLQJYLHZ
ZHVKDOEHVPLULQQDFKVWHKHQGHPREOLHJHQZLUGGDVHLQJDQJV
EORLP)OXJH%HUKUWHKLHUQlKHUDXV]XIKUHQ
2EHQDP7UHSSHQDXVJDQJHUZDUWHWHGHU 3ULQ]GLH*HODGHQHQDQ
MHGHQHLQIUHXQGOLFKHV:RUWGHU%HJUXQJULFKWHQG,QHLQHP
9RU]LPPHUZRKOQDFKVFKZHGLVFKHU6LWWHZDUGHLQ,PELHLQ
9RUVFKPDFNJHQRPPHQXQGHLQHPLWGHP/LTXHXU$%&DOVRPLW
$OODVFK%HQHGLNWLQHUXQG&KDUWUHXVHEHJLQQHQGH %DWWHULHGLH
VLFKEHUGHQ5HVWGHV$OSKDEHWVKLQELV]X0DUDVFKLQRGLH=DUD
IRUWVHW]WHVWDQG]XGLHVHP%HKXIH]XU:DKO(LQHNXU]H
.RQYHUVDWLRQPHKUHLQ)UDJHQDOVHLQ6SUHFKHQOHLWHWHVLFKHLQ
LQGHUHQ9HUODXIGHU]XPHUVWHQPDO(UVFKLHQHQHVLFKDXIJHIRUGHUW
VDKVHLQHQ1DPHQLQGDV)UHPGHQEXFKYRQ'UHLOLQGHQ
HLQ]XWUDJHQ(LQH'XUFKVLFKWGHVVHOEHQMHGHU-DKUJDQJHLQ%DQG
ZUGHJOHLFKEHGHXWHQGJHZHVHQVHLQPLWHLQHU5HYXHEHUKPWHU
1DPHQZHQLJVWHQVDXIPDQFKHPVHLQHU%OlWWHUDEHUGLH=HLW
GD]XEOLHEGHU1HXJLHUYHUVDJWGHQQLPVHOEHQ$XJHQEOLFNZR
ZLUGLH)UHPGHQEXFKIHGHUZLHGHUQLHGHUOHJWHQ|IIQHWHQVLFKDXFK
VFKRQGLH7UHQ]XGHPHLQJDQJV LPHUVWHQ.DSLWHO 
JHVFKLOGHUWHQ(VDDOHYRQGHVVHQ'HFNHGHUJURH
*HZHLKNURQOHXFKWHUKHUQLHGHUKLQJXQGGHQ*ODQ]VHLQHU
 /LFKWHUEHUGHQTXDGUDWLVFKHQ]X]Z|OIJHGHFNWHQXQGPLW
3ROVWHUVHVVHOQXPVWHOOWHQ(WLVFKDXVVWUDKOWH5HFKWVXQGOLQNV
KLQEOLQNHQGH+XPSHQXQG$XIVDW]VWFNH'LHGHP5DQJHQDFK
=XK|FKVWVWHKHQGHQQDKPHQGLH3OlW]HQHEHQGHP3ULQ]HQHLQ
ZRPLWGDV=HUHPRQLHOOHUVFK|SIWXQGIUGLHQRFKYHUEOHLEHQGHQ
6LW]HGLH*OHLFKZHUWLJNHLWDXVJHVSURFKHQZDU(LQH0HQXNDUWHODJ
YRU RGHUQHEHQ MHGHP&RXYHUWDEHUQLFKWLQGHPKHUN|PPOLFKHQ
:HVWHQWDVFKHQIRUPDWVRQGHUQDOVHLQJURHVLQ%XQWIDUEHQGUXFN
VDXEHUXQGVLQQLJDXVJHIKUWHV%ODWWGDV]XEHVLW]HQXQGVHLQHP
$OEXPGDKHLPHLQYHUOHLEHQ]XGUIHQHEHQVRVHKU%HJHKUZLH
%UDXFKZDU'DV%ODWWVHOEVWDEHU]HLJWHGDV-DJGKDXVYRQ
(IHXXQG:HLQEODWWXPUDQNWLQGHVVHQ*H]ZHLJHGLHW\SLVFKHQ
*HVWDOWHQDXVGHU7DIHOGLHQVWVSKlUHYRQ'UHLOLQGHQVWDQGHQGHU
+HLGXFNGHU-lJHUGHUGHQ)DVDQXQGHQGOLFKGHUEXWOHUXQG
.HOOHUPHLVWHUGHUGDV6SLW]JOlVHUWDEOHWWPLWVDPWGHP
&KDPSDJQHUSUlVHQWLHUWH

$EHUZLHGHP*DVWHQLFKW=HLWEOLHEVLFKQHXJLHULJLQGDV
)UHPGHQEXFK]XYHUWLHIHQVRQRFKZHQLJHULQGLHMHW]WYRULKP
OLHJHQGH7LVFKNDUWH)UDJHQZXUGHQODXWHLQ*HVSUlFKNQSIWH
VLFKDQXQGDOVEDOGZDUPDQPLWWHQLPJURHQ6WURPGHU
8QWHUKDOWXQJ(LQ*HIKOGHU%HGUFNXQJNRQQWHQLFKW
DXINRPPHQGHVVHQWUXJGHU*DVWIUHXQG6RUJHGHUZLH
ZHQLJHGLH.XQVWYHUVWDQGDXFKGHP8QVLFKHUVWHQHLQHQ
7URSIHQ6LFKHUKHLWLQGHQ%HFKHU]XWXQ
'HU3ULQ]OLHEWHGLH )RUPGHU8QWHUKDOWXQJGLHGHQJDQ]HQ7LVFK
XPIDVVHQGVRIRUWHLQHQSHUV|QOLFKHQXQGVDFKOLFKHQ0LWWHOSXQNW
]XJHZLQQHQWUDFKWHW$EHUGLHV,GHDOZDUGQXUVHOWHQHUUHLFKW
YLHOPHKUZDUHVKHUN|PPOLFKGDV]X%HJLQQGHU7DIHO
NRQ]HQWULHUWDXIWUHWHQGH*HVSUlFKLP/DXIHGHVVHOEHQ]X
*UXSSHQJHVSUlFKHQZHUGHQ]XVHKHQ.HLQ=ZHLIHOGDVLFKGLHV
KlWWHYHUPHLGHQODVVHQZHQQGHU*DVWIUHXQG]X'UHLOLQGHQHLQ
6SUHFKHUQDFK$UWXQVUHVJURHQ.DQ]OHUVJHZHVHQZlUHVROFK
8VXUSDWRUHQWXPGHU5HGHMHGRFKGDVGHP.DQ]OHU NOHLGHWODJ
GHP3ULQ]HQIHUQVRIHUQGDLFKXPJHNHKUWEHREDFKWHQNRQQWH
ZLHVHLQHU5HGHOXVWXQGIUHXGLJNHLWHLQH5HGHVFKHXEHVWlQGLJ
]XU6HLWHVWDQG8QGVRGDUIZRKOJHVDJWZHUGHQGDGLH
*HIDKUHQHLQHUVLFK]HUEU|FNHOQGHQ7LVFKXQWHUKDOWXQJDOOH]HLW
JURZDUHQXQGQRFKJU|HUJHZHVHQVHLQZUGHQZHQQQLFKW
GDVLQ(LQ]HOH[HPSODUHQLPPHUYHUWUHWHQH=LYLOHOHPHQWGHVQLFKW
JHQXJ]XVFKlW]HQGHQ9RU]XJVJHQRVVHQKlWWHEHLMHGHUVLFK
GDUELHWHQGHQ*HOHJHQKHLWEHU*OHWVFKHUELOGXQJXQG
9HQXVGXUFKJDQJEHU1RUGHQVNM|OGXQG6WDQOH\GHV
DXVIKUOLFKHUHQEHULFKWHQXQGGXUFK$XIZHUIXQJLUJHQGHLQHU
JURHQ)UDJHGLHQDFKOLQNVXQGUHFKWVKLQ$XVJHVFKZlUPWHQ
ZLHGXUFK+RUQVLJQDOXPGLH)DKQHKHUQHXVDPPHOQ]XGUIHQ
(LQFKDUDNWHULVWLVFKHU=XJGHV3ULQ]HQZDUVHLQ
$SSURIRQGLHUXQJVKDQJZRULQHUEULJHQVOHGLJOLFKVHLQHUDXIGLH
5HDOLWlWGHU'LQJHJHVWHOOWHQ1DWXUIROJWHGHUEORHU6FKHLQ
2EHUIOlFKOLFKNHLWXQG'LOHWWDQWLVPXVJOHLFKPlLJYHUKDWZDUHQ
(USUlWHQGLHUWHQLFKW,QWHUHVVHQ]XKDEHQHUKDWWHVLHZLUNOLFK
XQGHUZLHVVLFKMHGH6WXQGHYRQHLQHPHUQVWHVWHQ9HUODQJHQ
HUIOOWGHQ.UHLVVHLQHV:LVVHQVXQGVHLQHU(UIDKUXQJHQ
DXV]XGHKQHQ0LWGLHVHU9RUOLHEHIU$SSURIRQGLHUXQJJLQJ
ZDV]XQlFKVWZLH:LGHUVSUXFKZLUNWHLQ3Ul]LVLRQVKDQJHLQH

9RUOLHEHIU.QDSSKHLWXQG.U]H+DQGLQ+DQG$EHUGLHVHU
:LGHUVSUXFKZDUQXUVFKHLQEDU(LQHFKWHU3Ul]LVLRQVKDQJ
YHUODQJWHEHQQXU.QDSSKHLWLP$XVGUXFNQLFKW DXFK.QDSSKHLW
LP6WRII,P*HJHQWHLOGHU6WRIIXQGVHLQH)OOHVROOHQJHI|UGHUW
QLFKW EHHLQWUlFKWLJWZHUGHQ6RZHQLJVWHQVVWHOOWHVLFKGHU3ULQ]
]XGLHVHU)UDJH'HWDLOVZDUHQLKP%HGUIQLVXQGLFKHULQQHUH
PLFKHLQHV)DOOHVZRVLFKHLQGHQ/DSLGDUVWLOELV]XP9HUEUHFKHQ
WUHLEHQGHU*DVWGXUFKGHQ=XUXIXQWHUEURFKHQVDKYHUJHVVHQ
6LHQLFKWOLHEHU)UHXQGGDGHU5HL]DOOHU(U]lKOXQJLQGHQ
(LQ]HOKHLWHQVWHFNW
'LH7KHPDWDGLH]XU9HUKDQGOXQJNDPHQZDUHQZLHQDFK
GLHVHPDOOHPNDXPQRFKYHUVLFKHUW]XZHUGHQEUDXFKWGLH
PDQQLJIDFKVWHQXQGJLQJHQEHUGLH:HOW$PDOOHUZHQLJVWHQ
EHVFKUlQNWHQVLHVLFKDXIGDV0LOLWlULVFKH'LHVWUDWYLHOPHKULQ
)RUWVHW]XQJGHU7UDGLWLRQHQYRQ5KHLQVEHUJXQG 6DQVVRXFL
YHUJOHLFKVZHLVH]XUFNXQGPDFKWH7DJHVIUDJHQ 3ODW]RKQHGLH
7DJHVSROLWLN ]XEHUKUHQ8QYHUPHLGOLFKH.RQVHTXHQ]GHU
6WHOOXQJHLQHV3ULQ]HQGHUVLFKGXUFK*HOWHQGPDFKXQJHLQHU
VHOEVWlQGLJHQDOVRGRFKJHOHJHQWOLFKDXFKDEZHLFKHQGHQ
0HLQXQJDQVFKHLQHQGGDKLQ JHGUlQJWJHVHKHQKDEHQZUGH
ZRKLQHUVLFKQLFKWJHGUlQJWVHKHQZROOWHLQGLH5HLKHQGHU
2SSRVLWLRQ:DVLQ(QJODQGGXUFKDXV]XOlVVLJHUVFKHLQWYHUELHWHW
VLFKLQGHP.|QLJOLFKHQ 3UHXHQZRGLH5HJLHUXQJQLFKWGHURKQH
*HIlKUGH]XZHFKVHOQGH6FKLOGGHV.|QLJVVRQGHUQGHU.|QLJGHU
6FKLOGGHU5HJLHUXQJLVW
$OVRQLFKWVYRQ7DJHVSROLWLN$EHUKXQGHUWDQGUH)UDJHQWUDWHQ
KHUDQXQWHUGHQHQGLH%UDQGHQEXUJLFDZHQQQLFKWREHQDQ
VWDQGHQVRGRFKHLQHQ3ODW]LQHUVWHU5HLKHEHKDXSWHWHQ:LH
YLHOHVHUVFKLHQGDGDVIOFKWLJRGHUDXFKLQHLQJHKHQGHUHU
%HKDQGOXQJDQPLUYRUEHU]RJ2WWRPLWGHP3IHLOXQGGHU
VDJHQUHLFKH:HUEHOOLQGLHEHLGHQ:DOGHPDUH GHUHFKWHZLHGHU
IDOVFKH GLH6FKODFKWDP.UHPPHU'DPPXQGGHU6WUDHQNDPSI
LQ.HW]HU$QJHUPQGH+XVVLWHQ]HLWXQG3RPPHUQNlPSIHGD]X
/FKHUXQG%UFKHU:HQGHQNLUFKK|IHYHUVXQNHQH'|UIHUXQG
+HLGHIOlFKHQ

8QWHUXQVUH]XPLQGHVWJHNDQQWHQ/DQGHVWHLOHQDKPGHU3ULQ]
EHLEHVWLPPWHU*HOHJHQKHLWGDV:RUWJHK|UHQDXFK$OWPDUN
XQG3ULJQLW]8QGGRFKZUGHQVLHORKQHQGHUVHLQIUGLH
)RUVFKXQJDOVGDVPHKUGXUFKIRUVFKWH/DQGLQGHU1lKHYRQ
%HUOLQXQGLQGHQPLWWHOPlUNLVFKHQ.UHLVHQEHUKDXSW(LQH
6SH]LDOLWlWGHU$OWPDUNVLQGEHLVSLHOVZHLVHGLHZVW JHZRUGHQHQ
'|UIHUGLHQLFKWZLHVRQVWZRKOLQ GHU0DUNDOV:VWH
:ROWHUVGRUI:VWH:XONRZHWFIRUWOHEHQVRQGHUQLKUHQ
HKHPDOLJHQ1DPHQHLQIDFKDXIHLQ)RUVWUHYLHUEHUWUDJHQKDEHQ
:RVRQVW'RUIZDUVWHKWMHW]W:DOGGHUQXQVHLQHUVHLWVRKQH
MHGHZHLWHUH=XWDWGHQHKHPDOLJHQ2UWVQDPHQIKUW,P
/HW]OLQJHU)RUVWILQGHQVLFKPHKUHUHVROFKHU6WHOOHQ
8QGHLQDQGHUPDOKLHHV,FKELQHLQLJHUPDHQEHUUDVFKW
JHZHVHQYRQHLQHU$EQHLJXQJ]XK|UHQGLHVHLWHQVGHU
UHJLHUHQGHQ+RKHQ]ROOHUQLQEH]XJDXIGLH6FKZHGWHU0DUNJUDIHQ
H[LVWLHUWKDEHQVROO ,VWGLHV]XEHJUQGHQ":RILQGHQVLFKGLH
%HZHLVH"'LH)UDJHULFKWHWHVLFKDQPLFK,FKZDUDEHUQLFKW
EORGHU*HIUDJWHVRQGHUQDXFKGHU9HUNODJWHGHQQLFKKDWWH
LUJHQGZRGHUJOHLFKHQYHUVLFKHUW
9RQGHQ6FKZHGWHU0DUNJUDIHQZDUQXUHLQ6FKULWWQRFKELV]XP
*URHQ.XUIUVWHQ(LQ9RUNRPPQLVGDVEHUVHKHQZLUGXQG
GRFKYLHOOHLFKWEHPHUNW]XZHUGHQYHUGLHQWLVWGDV GDGHU
*URH.XUIUVWHQ.RSILQXQVUHU)DPLOLHPHKUIDFKZLHGHUNHKUW
%HLP3ULQ]HQ$XJXVWZDUHVIUDSSDQWEHLP3ULQ]HQ$GDOEHUW
LPPHUQRFKHUNHQQEDU
(LQHUGHU*lVWHPDFKWHGHQ9HUVXFK(UVFKHLQXQJHQGHU$UWDXV
HLQHUODQJDQGDXHUQGHQRIWGXUFK-DKUKXQGHUWHJHKHQGHQ
hEHUHLQVWLPPXQJlXUHUXQGLQQUHU/HEHQVEHGLQJXQJHQHUNOlUHQ
]XZROOHQMHGHV/DQGVFKDIIHVLFKVHLQH7\SHQHEHQVRMHGHU
%HUXI(VKDEH=HLWHQJHJHEHQZRVLFKDOOH5LWWPHLVWHULQ
3UHXHQlKQOLFKJHVHKHQKlWWHQ
(LQ:RUWZLHGLHVNRQQWHQDWUOLFKQLFKWIDOOHQRKQHVRIRUWDOOHUOHL
%HLVSLHOHKHUDXI]XEHVFKZ|UHQ$QIDQJVOHGLJOLFK
LOOXVWULHUXQJVKDOEHU$EHUHVEOLHEQLFKWODQJHGDEHL'HU3XQNW
YRQGHPPDQDXVJHJDQJHQZDUZXUGHZLHJHZ|KQOLFKUDVFK
YHUJHVVHQXQGGLHPlUNLVFKSUHXLVFKH0LOLWlUDQHNGRWH
QXQPHKUVLFKVHOEHU=ZHFNKLHOWLKUHQ(LQ]XJ

(LQHUHQWVLQQLFKPLFKZHLOHLQ%RQPRWGHV3ULQ]HQVLHJHIlOOLJ
DEVFKOR
(LQMXQJHU*UDI6ROPVZDUYRQGHQ3RWVGDPHU]XGHQ
'VVHOGRUIHU8ODQHQYHUVHW]WZRUGHQ(UPDFKWHGLH)DKUWLP
3RVWZDJHQXQGOLHVHLQ3IHUGPLWWUDEHQ]Z|OI0HLOHQDQ
PDQFKHP7DJH1LPPWPLFKPHKUIUGDV3IHUGHLQDOVIUGHQ
*UDIHQEHPHUNWHGHU3ULQ]XQGVSUDFKGDPLWMHGHPDXVGHU
6HHOH
6RYLHOEHU%UDQGHQEXUJLFD
1HEHQKHUDEHUEOKWHGDVKLVWRULVFKH*HVSUlFKEHUKDXSW5RP
KDWWHGHQ9RUWULWWXQGLQ5RPVHOEVWZLHGHUGDV
$XVJUDEXQJVJHELHW$XVJUDEXQJHQZDUHQEHUKDXSW
HLJHQWOLFKVWHV/LHEOLQJVWKHPD0LWXQWHUEHUKUWHPLFK
VDOVRE
HLQH3KLORORJHQYHUVDPPOXQJWDJHPLW&XUWLXVDQGHU6SLW]H
3DODWLQXQG(VTXLOLQZDUHQ$OOWDJV XQG+DXVKDOWZRUWHZLH
%OXPVKRIRGHU0DJGHEXUJHU3ODW]XQGQLHPDQGZDUGDGHUQLFKW
LP+DXVHGHU/\GLDVRJXW%HVFKHLG JHZXWKlWWH ZDKUVFKHLQOLFK
DEHUEHVVHU DOVLP-DJGKDXVH]X'UHLOLQGHQ0DQVWLHJLQ7XQQHO
XQG*UIWH0HKUDOVHLQPDOZXUGHPLWGHPEHNDQQWHQODQJHQ
6WDQJHQOLFKWLQGHQ7KHUPHQGHV7LWXVXPKHUJHOHXFKWHWXQG
ZHQQHVHUORVFKHUORVFKHVQXUXPDOV.DWDNRPEHQODPSHZLHGHU
DQJH]QGHW]XZHUGHQ
$EHUDXFKDQGHUH)UDJHQNDPHQ]XU'LVNXVVLRQRIWYRQUHLQ
ZLVVHQVFKDIWOLFKHU1DWXUDXVGHUHQ5HLKHPLUHLQH JDQ]
EHVRQGHUVLPSRQLHUWHGLHZR&DHVDUDOVHUEHUGHQ5KHLQ
JLQJVHLQH3IDKOEUFNHJHVFKODJHQKDEH"=ZHL3DUWHLHQELOGHWHQ
VLFKVRIRUWYRQGHQHQHLQHIU$QGHUQDFKGLHDQGUHIU;DQWHQ
SOlGLHUWH0RPPVHQZHQQ]XJHJHQKlWWHVHLQH)UHXGHGDUDQ
KDEHQPVVHQ
$OOHUOHL1DPHQXQG1RWL]HQOLHJHQPLUQRFKYRUGLHGDPDOVYRQ
PLUJHPDFKWZXUGHQXPPLW+LOIHGHUVHOEHQHLQHVWDWWJHKDEWH
'HEDWWHUHNRQVWUXLHUHQ]XN|QQHQ8QGGLHVH5HNRQVWUXLHUXQJ
ZUGHPLUDXFKJHOLQJHQ,FKPXDEHUGRFKXP5DXPHVZLOOHQ
GDUDXIYHU]LFKWHQXQGPLFKDXI+HUYRUKHEXQJHLQ]HOQHU
*HVSUlFKVWKHPDWDEHVFKUlQNHQ8QGVHOEVWKLHUZLHGHUJHELHWHW
VLFKQRFKHLQ6RQGHUQXQG6LFKWHQ,FKZlKOHDOVEHVRQGHUV
FKDUDNWHULVWLVFKQXU]ZHL7UNHQWXPXQGbJ\SWHUWXPXQG

ZRULQN|QQHQZLU RGHUDQGHUH=LYLOLVDWLRQVVWDDWHQ RULHQWDOLVFKHQ


$UPHHQDXIKHOIHQ" 8QGGDQQ]ZHLWHQV0RGHUQHV
=HLWXQJVZHVHQXQGZLHZHLWQXW]WHVXQGVFKDGHWHVHLQHP
9RONVKHHULQ.ULHJV]HLWHQ"
$QVROFKHQXQGGDQQPHLVWLPSKLORVRSKLVFKHQ(VVD\VWLO
JHKDOWHQHQ$XVHLQDQGHUVHW]XQJHQZDUQLH0DQJHODEHU
3HUVRQDOIUDJHQZRJHQGRFKYRUXQGELOGHWHQLQGHU5HJHOGHQ
IHVWHQ3XQNWYRQGHPDXVVLFKGLHZHLWUH%HWUDFKWXQJ
HQWZLFNHOWH*RWWIULHG.LQNHO XQGGHUEDGLVFKH)HOG]XJ2EHUVW
5VWRZ XQGVHLQ:LUNHQLQ,WDOLHQXQG6FKZHL]6NREHOHII
:HUHVFKDJLQ XQG([NXUVHQDFK7XUNPHQLHQ0HUZXQG
6DPDUNDQGHQGOLFK*DULEDOGL&KDQ]\ %D]DLQH:HOFKH)OOHGHU
*HVLFKWH'DEHLVSUDQJHQGDQQGLH.ULHJVWRUHNOLUUHQGDXIXQG
]HLJWHQDOOHUOHL%LOGHUHEHQVROHKUUHLFKZLHIDUEHQUHLFKYRQGHUHQ
9RUIKUXQJLFKKLHUXQJHUQ$EVWDQGQHKPH1XUHLQHVVHL
ZHQLJVWHQVIOFKWLJZLHGHUJHJHEHQHLQ)ULHGHQVELOG
(LQ0DMRUYRP*HQHUDOVWDE HUZDUVHOEVWGHU(U]lKOHQGH ZDUG
DOVhEHUEULQJHUHLQHV&DELQHWVVFKUHLEHQVDQGHQ(U]ELVFKRIYRQ
5RXHQ.DUGLQDO%RQQHFKRVHJHVDQGWXQGHUVFKLHQLP
HU]ELVFK|IOLFKHQ3DODLVLQGHPYROOHQ.ULHJVDXI]XJHMHQHU7DJH
KRKH6WLHIHO3DOODVFKXQG5HYROYHU$OOHVHUVFKUDN$EHUGLH
9HUKDQGOXQJHQREHQLPHUVWHQ6WRFNQDKPHQHLQHQVHKUDQGUHQ
9HUODXIDOVXQWHQGLH'LHQHUVFKDIWHQJHIUFKWHWKDWWHQXQGDOV
QDFKIDVWHLQHU6WXQGHGHU0DMRUVLFKHUKREXPGDV
$QWZRUWVVFKUHLEHQGDVLQ]ZLVFKHQLPHU]ELVFK|IOLFKHQ6HNUHWDULDW
DXVJHIHUWLJWZRUGHQZDULQ(PSIDQJ]XQHKPHQHUKREVLFKDXFK



'LH$QWZRUWGLH KLHUDXI JHJHEHQZXUGHVHLNXU]HUZlKQWZHLOVLH


FKDUDNWHULVWLVFKLVWIUGLH YRUXUWHLOVIUHLH %HKDQGOXQJGLH)UDJHQGHU$UW
HUIXKUHQ$XVRULHQWDOLVFKHQ7UXSSHQVRKLHHVHXURSlLVFKHPDFKHQ]X
ZROOHQLVWXQP|JOLFKXQGGHU9HUVXFKGD]XVFKRQGHVKDOEXQUlWOLFK(VZLUG
YLHOPHKUXPJHNHKUWJHUDWHQVHLQGDV1DWLRQDOH ZHLOGDVUHODWLY1DWUOLFKH 
VRZHQLJZLHP|JOLFK]XVW|UHQ $EHUVROFKH 'LQJHZLH9HUSIOHJXQJXQG
%HZHJXQJGHU$UPHH6DQLWlWV ,QWHQGDQWXU  XQG(LVHQEDKQGLHQVWGDUDXI
KDEHQZLUZHQQZLUZLUNOLFKKHOIHQZROOHQXQVHU$XJHQPHUN]XULFKWHQ0LW
DQGHUQ:RUWHQQLFKWVWULNWH +HHUHVDXVELOGXQJVRQGHUQ$XVELOGXQJDOO HV
GHVVHQZDVHLQ+HHU HVVHLLPEULJHQZLHHVVHL LQVHLQHU
/HLVWXQJVIlKLJNHLWXQWHUVWW]W$OVR7HFKQLNHUXQG=LYLOLQJHQLHXUH%HLGHVLQG
ZLFKWLJHUDOV2IIL]LHUH

GHU(U]ELVFKRIVHOEVWXQGVDJWHEHZHJW,FKYHUPDJQLFKWDXI
GLH6DFKHGHU6LHGLHQHQGHQ6HJHQGHV+LPPHOVKHUDE]XUXIHQ
DEHULFKVHJQH6LHSHUV|QOLFK XQGZHUGHIU,KU+DXVXQGGDV
:RKO,KUHU)DPLOLHEHWHQ
6RZHFKVHOWHGDV*HVSUlFKDQGHU7DIHOUXQGH]X'UHLOLQGHQ
,Q]ZLVFKHQDEHUJLQJGDV7ULQNKRUQXPXQGDXIGHU5FNVHLWH
GHU7LVFKNDUWHGHUHLJQHQXQGGHUQDFKEDUOLFKHQHQWVWDQGHQ
%LOGQLVVHYRQ.QVWOHUKDQGKDOE*HQUHKDOE3RUWUDLWELVGHU
.DIIHHJHUHLFKWZDUGXQGPLWLKP]XJOHLFKGLH=LJDUUHVDPWGHP
JHVFKQLW]WHQ:HLFKVHOKRO]SIHLIFKHQHLQHU6SH]LDOLWlWYRQ
'UHLOLQGHQ
8QGQXQZDUDXFKGLH=HLWIU)UDX0XVLFDJHNRPPHQ(LQHU
GHU*lVWHQDKPVHLQHQ3ODW]DP,QVWUXPHQWXQGLQWRQLHUWHOHLV
DOVREHUDQIUJH )HVFDV)UKOLQJVOLHG(VJOlQ]WLP
$EHQGVRQQHQJROGH'HUVWLOOH:DOGHVWHLFK(UNDQQWHVVHLWODQJ
DOVHLQ/LHEOLQJVVWFNGHV3ULQ]HQXQGHLQ.RSIQLFNHQJDELKP
*HZLKHLWGDHU
VJHWURIIHQ$EHUVFKRQIROJWHQDQGUH'DV
6WlQGFKHQYRQ+D\GQ9LQHWDYRQ%ROOHUW5XELQVWHLQV$VUD
9RUUHLPRULUHYRQ7RVWLELVGLHVROGDWLVFKH6WLPPXQJ
GXUFKVFKOXJXQGGLH.|QLJVJUHQDGLHUHJHIRUGHUWZXUGHQLQGLH
GHU3ULQ]DOVEDOGPLWHLQVWLPPWHZDVGDQQGDV=HLFKHQJDE
VHLQHP%HLVSLHOH]XIROJHQ
(LQ+|KHQJUDGZDUHUUHLFKW$EHUGLHYROOH )HVWHVK|KHZDUWHWH
QRFKDXIGDV*UQGXQJVOLHGYRQ'UHLOLQGHQ8QGQXQVFKOXJ
DXFKVHLQH6WXQGHGDV]XVDPPHQJHUROOWH1RWHQEODWWHUKREVLFK
DOV7DNWLHUVWRFNLPPHUHQHUJLVFKHUXQGK|KHUXQGLP
&KRUJHVDQJHVFKROOHVGXUFKGHQ6DDO

$XI]RWWLJHQ$XHUZLOGVGHFNHQ
,P+RFKZDOGDXIPlUNLVFKHP6DQG
(LQVWODJHQ]ZHLVFKZDUWLJH5HFNHQ
'LH]HFKWHQJDUIURKPLWHLQDQG
(VUDVWHWHLKQHQ]XU6HLWH
'LHNXQVWYROOJHVFKDIIHQH:HKU
'LHVWHLQHUQH6WUHLWD[WGLHEUHLWH
'HUOHGHUXPIORFKWHQH6SHHU
8QGHLQ8UKRUQQDFKDOWGHXWVFKHU:HLVH
'HUMQJUH DOV7ULQNKRUQVFKZDQJ
'HQ=DKQHLQHV0DPPXWVGHUJUHLVH
0LWVHKQLJHQ)lXVWHQXPVFKODQJ
(LQHVWDWWOLFKH6WURSKHQUHLKHIROJWHGDULQQHEHQGHQ]ZR
VFKZDUWLJHQ5HFNHQDXFK2GLQXQG7KXQDULKUH5ROOHVSLHOWHQ
XQGZlKUHQGVLFKXQWHULPPHUHUQHXWHP+XPSHQJHNUHLVH MHW]W
JOFNOLFKHUZHLVHQXUQRFKLP/LHGH GLH*UQGXQJYRQ'UHLOLQGHQ
YROO]RJHUVFKLHQDXFKVFKRQGHU+HLGXFNXPGHP3ULQ]HQGLH
0HOGXQJ]X]XIOVWHUQ'LH:DJHQ
$XIEUXFKXQG$EVFKLHGIROJWHQXQGHKHQRFKGLH)HVWHVOLFKWHULQ
'UHLOLQGHQHUORVFKHQZDUHQEOLW]WHQDXFKVFKRQZLHGHUGLH
6LJQDO XQG%DKQOLFKWHUDXIGLHGLHVWUHQJXQGHLVHUQJH]RJHQH
/LQLHGHU5HDOLWlWXQV]HLJHQGXQV]XJOHLFK]XUFNEHJOHLWHWHQDXV
GHP0lUFKHQLQGLH:LUNOLFKNHLW

.DSLWHO

'UHLOLQGHQLP6FKQHH
8PGLH:HLKQDFKWV]HLWEHUVLHGHOWHGHU3ULQ]QDFK%HUOLQXQG
EH]RJVHLQH:RKQXQJLP.|QLJOLFKHQ6FKORLP-DJGKDXVH
GUDXHQDEHUILHOHQLQ]ZLVFKHQGLH)ORFNHQDXI'DFKXQG%DONRQ
EHUGHFNWHQKHXWHGHQ9RUSODW]XQGPRUJHQGHQ5XQHQVWHLQXQG
HKHQRFKYRPQlFKVWHQ1DFKEDUGRUIHGLH*ORFNH]XU&KULVWPHWWH
KHUEHUNODQJ ODJ'UHLOLQGHQLQ6FKQHH
8QGLQ6FKQHHODJHQGDQQDXFKGLH'UHLOLQGHQXQGVHLQHQ
9RUSODW]XPVWHKHQGHQ7DQQHQXQGPKWHQVLFKXPVRQVWHLQHQ
(LQEOLFNLQGLHVRQVWVROLFKWHQ5lXPH]XWXQXQGDXV]XIRUVFKHQ
REGDV&KULVWNLQGGDVVLHVWLOOGXUFKGHQ:DOG]LHKHQVDKQHLQH
.ULSSHGULQQHQXQGHLQHQ6WHUQGDUEHUJHIXQGHQKDEH'RFKZLH
ZHLWVLHGLH:LSIHODXFKQHLJHQXQGELVEHUGHQ%DONRQKLQ
YRUEHXJHQPRFKWHQVLHVDKHQQLFKWVDOV1DFKWXQG'XQNHO
GULQQHQXQGK|UWHQQLFKWVDOVGDV.LQGEHLGHUGLH6WLOOH
:RKONHLQ/HEHQGULQXQGNHLQ/LFKW8QGGRFK ]RJGDV
&KULVWNLQGHLQDQGLHVHU6WHOOHQLFKW LQGDVSULQ]OLFKH-DJGKDXV
DEHULQGDV)RUVWKDXVQHEHQDQLQGDV)RUVWKDXVPLWGHQGUHL
/LQGHQYRUGHU7U 'D]RJHVHLQGDVFKZHEWHGHU(QJHOEHU
GHP:HLKQDFKWVEDXPXQGKHOOH.LQGHUDXJHQWUXQNHQYRQ*OFN
XQG)UHXGHEOLFNWHQDXI]XGHQJROGQHQ1VVHQLQVHLQHP
GLFKWHQ*H]ZHLJ



'HU*OFNOLFKHGHUKLHUWDJDXVWDJHLQHLQYRQ$QHUNHQQXQJXQG+XOG
JHWUDJHQHV:HLGPDQQVOHEHQIKUHQGXUIWHZDUGHUDO OHQ'UHLOLQGQHU*lVWHQ
ZRKOEHNDQQWH)|UVWHU5RVHPDQQGHUDXFKQDFKGHP7RGHGHV3ULQ]HQLQ
GLHVHUVHLQHUEHYRU]XJWHQ6WHOOXQJEOLHEELVHUDP $XJXVWG -  
HLQHP8QIDOOHUODJ5 EHIDQGVLFKDXIGHP:HJHQDFKGHU:DQQVHHVWDWLRQ
XQGKDWWHVHL QHPHUVW]Z|OIMlKULJHQ6RKQHHEHQGLH=JHOLQGLH+DQG
JHJHEHQDOVGHU-DJGZDJHQGDULQHUIXKUDQHLQHUDEVFKVVLJHQ6WHOOH
SO|W]OLFKVWU]WHEHLZHOFKHP6WXU]HUVRXQJOFNOLFKILHOGDHUPLW
JHEURFKHQHP5FNJUDWWRWOLHJHQEOLHE5 ZDUHUVWLQGHU 0LWWHGHU9LHU]LJ
XQGQHEHQHLQHUJHZLQQHQGHQ(UVFKHLQXQJYRQGHQYHUELQGOLFKVWHQ
8PJDQJVIRUPHQ

-DKLHULP)RUVWKDXV EHUZLQWHUWHGDV/HEHQXQGPLWLKP
]XJOHLFKGLHJDVWOLFKH)ODPPHGLHGLHVHU6WlWWH.HQQ]HLFKHQZDU
ELVZHQQGHU6FKQHHJHVFKPRO]HQ XQGGHU6DIWZLHGHUWULHE
DXFKGDVDXVVHLQHP:LQWHUVFKODIHUZDFKWHSULQ]OLFKH-DJGKDXV
VHLQH7UHQXQG)HQVWHUDXIVQHXHZHLWKLQ|IIQHWH'DQQNDPHQ
GHU/HQ]XQGGHU3ULQ] 2FXOLGDNRPPHQVLH XQGHKHQRFK
GLH:RFKHQXQG7DJHELV-XGLFD3DOPDUXPLQ GHU=HLWHQ6FKRH
GDKLQJHUROOWZDUHQUROOWHQDXFKVFKRQZLHGHUGLH:DJHQYRUXQG
HLQ/LFKWVFKHLQHUJRVLFKDXIVQHXYRQ7UXQG)OXUKHUEHUGHQ
9RUSODW],P)OXUVHOEVWDEHUJDE
VZLHGHUHLQ)OLPPHUQYRQ
8QLIRUPHQXQG/LYUHHQYRQ%XQWJODVIHQVWHUQXQG
6SLHJHOVFKHLEHQXQGHKHLQHKDOEH6WXQGHYHUJDQJHQZDU
EHUVWUDKOWHZLHGHUGHU.URQOHXFKWHUPLWVHLQHQ /LFKWHUQHLQH
IURKH*HQRVVHQVFKDIWXQGGDV*HZHLKWULQNKRUQVDPWGHP
(OIHQEHLQKXPSHQJLQJZLHGHUXPXQGEHLGH ZXUGHQJHOHHUWDXI
GHQ3ULQ]HQXQGGHQ)HOGKHUUQXQGQLFKW]XPOHW]WHQDXIGHQ
*DVWIUHXQGYRQ'UHLOLQGHQ

.DSLWHO

3ULQ])ULHGULFK.DUOLP6FKORVVH]X%HUOLQ
-DJGVFKOR'UHLOLQGHQZDUGLH6WlWWHZRGHU3ULQ]DP
DXVJHVSURFKHQVWHQGHU*DVWIUHXQGVHLQHU)UHXQGHZDUDEHUHU
ZDUHVQLFKWLQ'UHLOLQGHQDOOHLQXQGLFKPDJLQPHLQHU(U]lKOXQJ
QLFKWIRUWIDKUHQRKQHYRUKHUYRQHLQHPLQGHU'HXWVFKHQ
5XQGVFKDXYHU|IIHQWOLFKWHQ$XIVDW]H1XW]HQJH]RJHQ]XKDEHQ
LQZHOFKHP'U 3DXO*IHOGW DXFKEHUGLH *DVWOLFKNHLWEHULFKWHW
GLHVHLWHQVGHV3ULQ]HQLP%HUOLQHU6FKORVVH JHEWZXUGH

$OVLFKVRVFKUHLEW'U*QDFKPHKUMlKULJHU$EZHVHQKHLW
YRQ(XURSDZLHGHULQGLH+HLPDWXQGQDFK%HUOLQ]XUFNJHNHKUW
ZDUVFKULHELFKPLFKEHLP3ULQ]HQLQGDV0HOGHEXFKHLQXQGVDK
PLFKVFKRQDPDQGHUQ0RUJHQHLQJHODGHQ'DPDOVEHZRKQWHGHU
3ULQ]*HPlFKHULP]ZHLWHQ6WRFNGHV.|QLJOLFKHQ6FKORVVHV'HU
$GMXWDQWHPSILQJXQVXQGJOHLFKGDQDFKHUVFKLHQDXFKGHU3ULQ]
LQ3HUVRQ6RJURGDV=LPPHUZDUVRZDUHVGRFKGHUDUW
HLQJHULFKWHWGDZHGHU3UDFKWQRFK*U|HLQGLH$XJHQILHOHQ,P
*HJHQWHLOGHU(LQGUXFNGHV%HKDJOLFKHQEHUZRJ$QHLQHU
VFKHLQEDUZLOONUOLFKJHZlKOWHQ6WHOOHVWDQGHLQNOHLQHUUXQGHU
7LVFKDQZHOFKHPVHFKV3HUVRQHQEHTXHP3ODW]KDWWHQ(LQ
GLFNHU6P\UQDWHSSLFKZDUGDUEHUJHEUHLWHWNHLQ7LVFKWXFKZRKO
DEHUVHFKV&RXYHUWVLQGHU0LWWHHLQH0RGHUDWHXUODPSH'HU
3ULQ]ZLHVHLQHPMHGHQVHLQHQ3ODW]DQ,KPJHJHQEHUVDGHU
SHUV|QOLFKH$GMXWDQW]XEHLGHQ6HLWHQMH]ZHL*lVWHGHU
]XK|FKVWLP5DQJH6WHKHQGH]XU5HFKWHQ=ZHLJURH6FKVVHOQ
$XVWHUQKDUUWHQEHUHLWVGHU*lVWHXQGMHGHUJULIIQDFK%HOLHEHQ
]XZlKUHQGLPKDUPORVHQ*HSODXGHU1HXLJNHLWHQRIWSHUVRQHOOHU
1DWXUDXVJHWDXVFKWZXUGHQ6REDOGGLH$XVWHUQYHU]HKUWZDUHQ
ZXUGHHLQ%UDWHQJHUHLFKWVHOWHQQRFKLUJHQGHWZDVDQGHUHVXQG
GDPLWZDUGLH0DKO]HLWEHHQGHW,Q%HUOLQLP*HJHQVDW]H]X
'UHLOLQGHQHUKLHOWHQGLH*lVWHQXU&KDPSDJQHUGHUDXV
VLOEHUQHQ%HFKHUQPLWKRKHP)XHXQGLQQHQYHUJROGHWHQ
6FKDOHQJHWUXQNHQZXUGH'DVVWDUUH)HVWKDOWHQDQGLHVHP
*HEUDXFKZDUEH]HLFKQHQGIUGHQ3ULQ]HQHUJODXEWHIHVWGDUDQ
VSUDFKHVDXFKHLQPDOLQPHLQHU*HJHQZDUWDXV GDGHU
SHUOHQGH6FKDXPZHLQVHLQHQ*lVWHQGDVZLOONRPPHQVWH*HWUlQN

VHL1LFKWJHUQHZLFKHUYRQGLHVHU7LVFKUHJHODEXQGVRJDOWHV
GHQQDOVHLQHEHVRQGHUH*XQVWGHQVFKFKWHUQHQ+LQZHLVDXI
HLQHQZLGHUVSHQVWLJHQ0DJHQUHVSHNWLHUWXQGVWDWWGHV
&KDPSDJQHUVHLQH)ODVFKH5RWZHLQIUGHQPHKURGHUZHQLJHU
PDURGHQ*DVWHUVFKHLQHQ]XVHKQ'HU3ULQ]VHOEVWWUDQNGHQ
:HLQVWHWVPLW0LQHUDOZDVVHUJHPLVFKWPLWGHPHUVHLQHQ*lVWHQ
JHJHQEHUJHL]WHMDGLHJUQH%LOLQHU*ODVIODVFKHVWDQGZLUNOLFK
ZLHHLQ6DFUXPYRULKPXQGZHUQLFKWZHLHV+DDU RGHUNHLQHV 
KDWWHGHUGXUIWHQLFKWZDJHQDQGHP,QKDOWWHLO]XQHKPHQ
1DFK%HHQGLJXQJGHUNDXPHLQHKDOEH6WXQGHGDXHUQGHQ
0DKO]HLWEOLHEDOOHVVLW]HQ1XUJHOHJHQWOLFKHUKREVLFKGHU3ULQ]
XPSHUV|QOLFKHLQ%XFKRGHUHLQH.DUWHKHUEHL]XKROHQ'DQQ
NXUVLHUWHQGLH=LJDUUHQGHUHQ%HVFKDIIHQKHLWGHU3ULQ]VHOEVW
GHILQLHUWH9RUMHGHP*DVWHVWDQGDXHUGHPQRFKHLQ
$VFKHQEHFKHU HLQHIODFKH3RU]HOODQVFKDOHPLW]ZHL/DXEIU|VFKHQ
GLHVLFK PHQVFKOLFKHV7XQKXPRULVWLVFKQDFKDKPHQG LQGHQ
YHUVFKLHGHQVWHQ/DJHQXQG%HVFKlIWLJXQJHQ]HLJWHQ'HU3ULQ]
EHVDHLQHJURH6DPPOXQJGDYRQXQGMHQDFKGHU/DXQHGHV
=XIDOOVVDKLFKDQGHQYHUVFKLHGHQHQ$EHQGHQGLHJXWHQ)U|VFKH
PXVL]LHUHQRGHUGLVSXWLHUHQRGHU]HFKHQ=LJDUUHQDEVFKQLWWH
GXUIWHQQLFKWLQGHQ$VFKHQEHFKHUJHOHJWZHUGHQGDUEHUZDFKWH
GHU3ULQ]VWUHQJVLHZXUGHQSHLQOLFKJHVDPPHOWXQGDP(QGH
GHV-DKUHVGHPZRKOWlWLJHQ9HUHLQHEHUZLHVHQGHUVLH
YHUZHUWHWH
8QWHUGHQGLH:lQGHVFKPFNHQGHQ*HPlOGHQEHIDQGHQVLFK
]ZHLGLHDQNHLQHPDQGHUHQ2UWHVREHUHFKWLJWJHZHVHQZlUHQ
ZLHKLHU'DVHLQHIL[LHUWHGHQ0RPHQWZRGHU3ULQ]QDFKPLWWDJV
]ZLVFKHQGUHLXQGYLHUDXIGHP6FKODFKWIHOGHYRQ9LRQYLOOH
HUVFKHLQWXQGGLH0HOGXQJGHV*HQHUDOVYRQ6WOSQDJHOEHUGLH
PRPHQWDQH6LWXDWLRQGHU 'LYLVLRQHQWJHJHQQLPPW'DVDQGUH
%LOG]HLJWGHQ3ULQ]HQDP 2NWREHUYRU0HW]LQGHP
$XJHQEOLFNHZRGHUIUDQ]|VLVFKH*HQHUDO*LUDUGPLW
DEJH]RJHQHP.lSSLGHQ$XIWUDJ%D]DLQHVDXVULFKWHW
0RQVHLJQHXUM
DLO
RUGUHGHYRXVUHQGUHODJDUGHLPSpULDOH=X
GLHVHQ]ZHL%LOGHUQJHVHOOWHVLFKQRFKHLQGULWWHVYRQYHUZDQGWHP
,QWHUHVVH'HUNRPPDQGLHUHQGH*HQHUDOGHV,; &RUSVYRQ
0DQVWHLQHUVWDWWHWDP -DQXDUEHLGHU)HUPH6W +XEHUW
GHP3ULQ]HQ0HOGXQJEHUGLH$NWLRQEHL&KDPSDJQp YRU/H
0DQV GHU.RPPDQGHXUGHUVLHJUHLFKHQ 'LYLVLRQ*HQHUDO
YRQ:UDQJHOVWHLJWHEHQ]X3IHUGHYRQGHU6HLWHVLHKWPDQ

*HQHUDOYRQ$OYHQVOHEHQ.RPPDQGLHUHQGHQGHV,,, &RUSV
KHUDQVSUHQJHQEHJOHLWHWYRP&KHIVHLQHV6WDEHVGDPDOLJHQ
2EHUVWHQYRQ9RLJWV5KHW]
1RFKHLQDQGHUHU*HJHQVWDQG DXVGHP6FKOR)UHVFDWL EHL0HW]
VWDPPHQG ERWJHUDGHKLHU HLQEHVRQGHUHV,QWHUHVVHHLQ
UHFKWHFNLJHU7LVFKPLWVFKZDU]HU0DUPRUSODWWHGHUHQYLHU(FNHQ
GLHIROJHQGHQ,QVFKULIWHQDXI*ROGEURQFHJUDYLHUWWUXJHQ
D  *HIDQJHQHGDUXQWHU 0DUVFKlOOH 2IIL]LHUH
9HUOXVWGHU5KHLQDUPHHELV]XU.DSLWXODWLRQLQ6FKODFKWHQXQG
*HIHFKWHQ  0DQQ
E  $GOHU IROJHQGLH%H]HLFKQXQJHQXQG1XPPHUQVlPWOLFKHU
5HJLPHQWHUYRQGHQHQGLH$GOHUVWDPPHQ 
F  0LOLWlUIDKU]HXJH  3IHUGH%HNOHLGXQJVPDWHULDOIU
  7DOHULP:HUW
G  *HVFKW]H XQWHUEHVRQGHUHU$QJDEHGHUHLQ]HOQHQ
*DWWXQJHQ 
'LH+HUNXQIWXQG%HGHXWXQJGLHVHUKLVWRULVFKHQ5HOLTXLH GHV
7LVFKHV ZDUPLUXQEHNDQQWJHEOLHEHQELVGHU3ULQ]PLFKHLQHV
7DJHVEHLGHU+DQGQDKP ZLHHUJHUQHWDWZHQQHUVHLQHP
KHU]OLFKHQ:RKOZROOHQHLQHQ$XVGUXFNJHEHQZROOWH XQGPLU
VDJWH$XI GLHVHP7LVFKLVWGLH.DSLWXODWLRQYRQ0HW]
XQWHU]HLFKQHWZRUGHQ
6RZDUGDV6SHLVH]LPPHULP.|QLJOLFKHQ6FKORVVH]X%HUOLQXQG
LFKVHKHZlKUHQGLFKGLHVQLHGHUVFKUHLEHZLHGHUGLHGXUFK
5HIOHNWRUHQHUOHXFKWHWHQ*HPlOGHYRUPLUXQGGD]XGHQNOHLQHQ
7LVFKGHU7DIHOUXQGHEHGHFNWPLWGHPPDWWIDUELJHQ
6P\UQDWHSSLFKLQVHLQHU0LWWHGLHWUDXOLFKH/DPSHGDUXPKHUXP
GLHJOLW]HUQGHQVLOEHUQHQ%HFKHUPLWGHPDXI*ROGJUXQG
JHEHWWHWHQSHUOHQGHQ:HLQGLH$VFKHQEHFKHUPLWGHQ
XQHUPGOLFKWlWLJHQ/DXEIU|VFKHQGLH EUDXQHQ+DYDQQDNLVWHQ
GLHJURHPDWWJOlQ]HQGH%RPEHPLWGHQKROOlQGLVFKHQ=LJDUUHQ
XQGDOV7DIHOUXQGHVHOEVWGHQ.UHLVGHU0lQQHUGLHGHQ3ULQ]HQ
XPJDEHQ'DVZDUHQGLHEXYHXUVLQWUpSLGHV ZLHXQVGHU3ULQ]
HLQPDOLQVFKHU]HQGHU9HUDFKWXQJHLQHVYLHOEHVSURFKHQHQ
3DPSKOHWVQDQQWH GLHVHOEHQXQHUVFKURFNHQHQ7ULQNHUZHOFKH
GHQ7DJEHULP*HQHUDOVWDERGHULP0LQLVWHULXPYRUGHU)URQW

RGHUDP6WXGLHUWLVFKLQVFKZHUYHUDQWZRUWOLFKHU6WHOOXQJ
JHDUEHLWHWKDWWHQXQGZHOFKHDPIROJHQGHQ0RUJHQGLHVHOEH
7lWLJNHLWZLHGHUDXIQHKPHQPXWHQ:lUHQLFKWDXFKGHVJURHQ
.|QLJV7DIHOUXQGH]X6DQVVRXFLVWRO]GDUDXIJHZHVHQHLQHQ0DQQ
ZLH/HRSROGYRQ5DQNH]XGHQLKULJHQJH]lKOW]XKDEHQ"

6R'U3DXO*IHOGWLQVHLQHPWUHIIOLFKHQ(VVD\GHPLFKZHQQ
DXFKDXVPLQGHUUHLFKHU(UIDKUXQJHLQLJHVZHQLJHKLQ]XIJHQ
P|FKWH-DQXDUELV0lU]EHZRKQWHGHU3ULQ]VWDWWGHU=LPPHU
LP]ZHLWHQ6WRFNHLQH]ZLVFKHQGHP6FKORSODW]SRUWDOXQGGHU
6FKORIUHLKHLWHFNHJHOHJHQH3DUWHUUH]LPPHUUHLKH'LH(LQULFKWXQJ
ZDUGLHYRQ'U *JHVFKLOGHUWH=LHKLFKHLQH3DUDOOHOH]ZLVFKHQ
GHQ5HXQLRQVLQ'UHLOLQGHQXQGGHQHQLP.|QLJOLFKHQ6FKORVVHVR
ZDUHQGLH'UHLOLQGHQHU=XVDPPHQNQIWHKHLWHUHUXQGSRHWLVFKHU
VFKRQGXUFKGLH6]HQHULH GLHLP6FKORVVHGDJHJHQOHKUUHLFKHU
XQGLQWHUHVVDQWHU(VNRQQWHGLHVDXFKNDXPDQGHUVVHLQ,Q
'UHLOLQGHQVDPDQ]X]Z|OILP6FKOR]XVHFKVHQDP7LVFKXQG
ZlKUHQGVLFKLQ'UHLOLQGHQGDV*HVSUlFKLQ1DFKEDUSODXGHUHLHQ
DXIO|VWHEOLHEHVLP6FKORJHVFKORVVHQ,PPHUHLQHU KDWWHGDV
:RUW8QGGLHVHUHLQH ZDUPHLVWHLQ6SUHFKHIlKLJVWHU0DQFKH
IUHLOLFKGLHZRKOKlWWHQVSUHFKHQN|QQHQVFKZLHJHQVLFKDXV
QDFKGHP6DW]H6FKZHLJHQLVW*ROG(LQPDONDPGDV*HVSUlFK
DXI2UGHQXQGGHU3ULQ]JDE%HIHKOGDVHLQ2UGHQVNDVWHQ
KHUEHLJHVFKDIIWZUGH'HU.DVWHQNDPGHQQDXFKXQGZXUGH
GXUFKPXVWHUWEHLZHOFKHU*HOHJHQKHLWZLUHUIXKUHQGDGDV
*HVDPWJHZLFKWGHU2UGHQ]HKQ3IXQGEHWUDJH

.DSLWHO

'HV3ULQ]HQ)ULHGULFK.DUO2ULHQWUHLVHLP
:LQWHUDXI

$QIDQJ'H]HPEHUZDUZLHGHU*HVHOOVFKDIWLQ 'UHLOLQGHQ%HL
7LVFKQDKPGHU3ULQ]GDV:RUWXQGVDJWHVLFKDQ%UXJVFK
ZHQGHQG:LUZHUGHQUHLVHQ,FKKDEHYRQ6HLQHU0DMHVWlWGHQ
HUIRUGHUOLFKHQ8UODXEHUKDOWHQ,FKUHFKQHGDKHUDXI,KUH
SHUV|QOLFKH7HLOQDKPHEHLGHU2ULHQWIDKUWGLHLFKYRUKDEH
$OOJHPHLQHhEHUUDVFKXQJ

'DQQIXKUGHU3ULQ]IRUW:LUZHUGHQ]XQlFKVWQDFKbJ\SWHQ
JHKQXPPLWMHQHPDOWHQ6HUJHDQWHQDXVGHUHUVWHQ.DLVHU]HLW
VDJHQ]XGUIHQ,OIDXWDYRLUpWpHQ(J\SWHSRXUDYRLUYX
TXHOTXHFKRVH-
DLYXGHPHVSURSUHV\HX[GHVFURFRGLOHVHWGHV
VHUSHQWVjVRQHWWHTXLPDQJHDLHQWGHVWDPERXUPDMRUVFRPPH
GHVFRUQLFKRQV*HKHQZLUDOVRQDFKbJ\SWHQ,KQHQDEHU
JULPPHU%DVVH %UXJVFK ZHUGHLFKDQ2UWXQG6WHOOHJHK|ULJDXI
GHQ=DKQIKOHQ
1DFKGLHVHP7DJHOHEWHGHU3ULQ]QXUQRFKLQ9RUEHUHLWXQJHQ]XU
5HLVHGLHVLFKQLFKWQXUDXIbJ\SWHQEHVFKUlQNHQVRQGHUQVLFK
DXFKDXIGLH6LQDLKDOELQVHOXQGJDQ]6\ULHQDXVGHKQHQVROOWH
5HLVHJHIlKUWHQZDUHQ%UXJVFK3DVFKD2EHUVW*QHRPDUYRQ
1DW]PHU.RPPDQGHXUGHV ,QIDQWHULHUHJLPHQWV]X.REOHQ]
)UDQ];DYHUYRQ*DUQLHU0DMRULP/HLEJUHQDGLHUUHJLPHQWLQ
)UDQNIXUW D 2XQG+DXSWPDQQ*HRUJYRQ.DOFNVWHLQ
SHUV|QOLFKHU$GMXWDQWGHV3ULQ]HQ$P 'H]HPEHUDEHQGV
EHJDQQGLH5HLVHYRQGHU)ULHGULFKVWUDH=HQWUDOEDKQKRIDXV



'HQ DXIGHU5HLVHJHPDFKWHQ$XI]HLFKQXQJHQ %UXJVFK3DVFKDV ELQLFKLQ


GLHVHP.DSLWHOJHIROJW%UXJVFK 3DVFKDV$XI]HLFKQXQJHQVLQG
QLHGHUJHOHJWLQHLQHPLP-DKUHEHL7URZLW]VFKXQG6RKQLQ
)UDQNIXUW D 2HUVFKLHQHQHQYRQ0DMRUYRQ*DUQLHUUHLFKLOOXVWUL HUWHP
3UDFKWZHUNHLQ*URIROLRGDVGHQ7LWHOIKUW3ULQ])ULHGULFK.DUOLP
0RUJHQODQGHGDUJHVWHOOWYRQVHLQHQ5HLVHEHJOHLWHUQ3URIHVVRU
'U + %UXJVFK 3DVFKDXQG0DMRU)UDQ];DYHUYRQ*DUQLHU

,9RQ%HUOLQELV.DLUR
'H]HPEHU $EIDKUW%HUOLQ)ULHGULFKVWUDH
'H]HPEHU*HJHQ$EHQG$QNXQIWLQ:LHQ
]XP 'H]HPEHU9RQ:LHQQDFK7ULHVW
'H]HPEHU$QNXQIWLQ7ULHVW%HVXFKYRQ6FKOR0LUDPDU'HU
3ULQ]ZDUWLHIEHZHJWDOVHUYRUGDV%LOG.DLVHU0D[LPLOLDQVYRQ
0H[LNRWUDWXQGVDJWH,FKKDEHGLFKDQ%D]DLQHJHUlFKW $P
1DFKPLWWDJDQ%RUGGHV|VWHUUHLFKLVFKHQ/OR\GGDPSIHUV(WWRUH
.DSLWlQ&RORPER
'H]HPEHU$Q%RUGGHV(WWRUH3ODXGHUDEHQG'HU3ULQ]
HU]lKOWNOHLQH*HVFKLFKWHQDXVGHP-DKUHXQG(LQPDO
HUKLHOWHUYRQVHLQHUMQJVWHQ7RFKWHUGHUVSlWHUHQ+HU]RJLQYRQ
&RQQDXJKW GDPDOV]HKQ-DKUHDOW HLQHQNXU]HQ%ULHI'HUVHOEH
ODXWHWH/LHEHU3DSD,FKKDEHVRODQJHQLFKWVYRQ'LUJHK|UW
6LHJHGRFKPDOZLHGHU
'H]HPEHU$QNXQIWLQ.RUIX'HU3ULQ]EHVXFKWGHQ3ODW]GHU
(VSODQDGHVDPWGHUGHPYHQH]LDQLVFKHQ)HOGPDUVFKDOO*UDIHQ
YRQ6FKXOHQEXUJXPVHLQHUVLHJUHLFKHQ9HUWHLGLJXQJ.RUIXV
ZLOOHQHUULFKWHWHQ6WDWXH:HLWHUIDKUW$P$EHQG]ZLVFKHQ,WKDND
XQG.HSKDORQLD
-DQXDU $QGHU.VWHYRQ(OLVXQG0HVVHQLHQ'HUPLW
6FKQHHEHGHFNWH7DwJHWRVZLUGVLFKWEDU'HU3ULQ]QDFKHLQHPLQ
VHLQHP%HVLW]HEHILQGOLFKHQ*HPlOGHHUNHQQWLKQ]XHUVW
-DQXDU$XIKRKHU6HH


7URW]GLHVHUbXHUXQJZLUGVLFKVDJHQODVVHQGDGHU3ULQ]GHP0DUVFKDOO
%D]DLQHJHJHQEHUVWHWVYROO5HVSHNWXQGMHGHQIDOOVYROOHU 7HLOQDKPH ZDU
,FKKDEHVHOEVWVROFKHbXHUXQJHQDXVGHV3ULQ]HQ0XQGHJHK|UW8QGZDV
QXQJDUGLHYRQ3DUWHLJlQJHUQVRYLHOXQGVROHLGHQVFKDIWOLFKYHUXUWHLOWH
+DOWXQJ%D]DLQHVLQGHU.DLVHU 0D[)UDJHDQJHKWVRKDEHLFKPLFKQLH
GDYRQEHU]HXJHQN|QQHQGDLKQRGHU1DSROHRQGHQ'ULWWHQLUJHQGHLQ
9RUZXUIWULIIW1DSROHRQZDUJH]ZXQJHQVR]XKDQGHOQZLHHUKDQGHOWHXQG
%D]DLQHOLHGHQMXQJHQ.DLVHU0D[QLFKWIHLJRGHUYHUUlWHULVFKLP6WLFK
VRQGHUQJLQJHUVWDOVGLHVHUVLFKGHP5FN]XJHQLFKWDQVFKOLHHQZROOWH
0DQVDJWHU ZROOWH VWHUEHQSDWDXFKKLHU

-DQXDU$OH[DQGULHQ:LHDXV7UDJDQWJHEDXWODJHVGD
%UXJVFKVXFKWHQDFKGHU1DGHOGHU.OHRSDWUD6LHIHKOWH
9HUJHEHQVVSlKWHPHLQ$XJHQDFKGHPDOWHQ:DKU]HLFKHQYRQ
$OH[DQGULHQ'LHZHOWEHUKPWH1DGHOGHU.OHRSDWUDKDWWHLKUH
 -DKUHEHKDXSWHWH6WHOOHYHUODVVHQXPLQGHU1HXHQ:HOW
LQPLWWHQGHU6WDGW1HZ<RUNDOVHLQVDPH*U|HYRQGHP*ODQ]H
OlQJVWHQWVFKZXQGHQHU=HLWHQ]XWUlXPHQQDFKGHPLKUHULP
6FKXWWGHUDOH[DQGULQLVFKHQ(UGHEHJUDEHQHQ6FKZHVWHUDQGHQ
8IHUQGHU7KHPVHGDVVHOEH6FKLFNVDOQLFKWHUVSDUWJHEOLHEHQ
ZDU*HJHQ0LWWDJJLQJPDQYRU$QNHU$P1DFKPLWWDJH%HVXFK
YRQ$OH[DQGULHQ5FNNHKUDQ%RUGGHV(WWRUH

,,,Q.DLUR
-DQXDU'HU3ULQ]YHUOlWGHQ(WWRUH$FKWSRPPHUVFKH
0DWURVHQYRP.DQRQHQERRW&\NORS.DSLWlQ.HOFKUXGHUQLKQ
DQ/DQG,QIQIVWQGLJHU(LVHQEDKQIDKUWYRQ$OH[DQGULHQQDFK
.DLUR'HU*HQHUDONRQVXOGHV'HXWVFKHQ5HLFKHV%DURQ6DXUPD
XQGGHUGHXWVFKH.RQVXOLQ.DLURYRQ7UHVNRZHPSIDQJHQGHQ
3ULQ]HQDP%DKQKRI*HQHUDO$OLVRQ.RPPDQGLHUHQGHUGHU
HQJOLVFKHQ2NNXSDWLRQVWUXSSHQLVWJOHLFKIDOOV]XJHJHQ4XDUWLHU
LQ6KHSHDUGV+RWHO %HVLW]HUGHXWVFK %HVXFKGHU%D]DUH
5FNNHKULQV+RWHO%DURQ6DXUPDHLQOHLGHQVFKDIWOLFKHUXQG
HUIDKUHQHU-lJHUHU]lKOWYRQVHLQHQ-DJGHQLP1LOWDOH'HU3ULQ]
EHVFKOLHWZlKUHQGVHLQHVGUHLWlJLJHQ$XIHQWKDOWVLQ.DLUR
EHJOHLWHWYRQ%DURQ6DXUPD0DMRUYRQ*DUQLHUXQG+DXSWPDQQ
YRQ.DOFNVWHLQ-DJGDXVIOJHLQGLH8PJHJHQG]XPDFKHQ
*HVFKDK6ROFKH-DJGDXVIOJHZLHGHUKROWHQVLFKDXIGHUJDQ]HQ
GUHLZ|FKHQWOLFKHQ1LOIDKUWXQGVHLGDEHLJOHLFKKLHUGDV5HVXOWDW
GHUVHOEHQJHJHEHQ%LV]XP -DQXDUEHOLHIVLFKGLHJHVDPWH
%HXWHGHUlJ\SWLVFKHQ -DJGHQGHV3ULQ]HQDXI]ZHL:|OIHDFKW
)FKVH]ZHLXQGGUHLLJ6FKDNDOHYLHU,FKQHXPRQVXQGYLHU
:LOGNDW]HQ'DVROFKJXWHV*HVDPWUHVXOWDW]XVWDQGHNDP
YHUGDQNWHGHU3ULQ]GHP8PVWDQGHGDIQI7HFNHOYRQGHUYRQ
6DXUPDVFKHQ7HFNHOPHXWHGLH5HLVHQDFK 2EHUlJ\SWHQ
PLWPDFKWHQ 
-DQXDU%D]DUH6SD]LHUJDQJLQGHU6WDGW $P1DFKPLWWDJ
(PSIDQJEHLP&KHGLZGHU3ULQ]LQGHU8QLIRUPGHVHUVWHQ
/HLEKXVDUHQUHJLPHQWVVHLQH%HJOHLWXQJLQGHU8QLIRUPLKUHU
5HJLPHQWHU(LQHKDOEH6WXQGHVSlWHUHUZLGHUWHGHU&KHGLZGHQ
%HVXFKGHV3ULQ]HQLP+RWHO



$XIGLHVHQ6SD]LHUJlQJHQEHUUDVFKWHGLH5HLVHQGHQHLQHHEHQVRIHLQHZLH
ZLW]LJH6FKODJIHUWLJNHLWGHVQLHGHUHQ9RONV(LQ%HWWOHUILHOGXUFK
=XGULQJOLFKNHLWOlVWLJ2 6FKHFKVDJWH%UXJVFKELWWHOLHEHUGHLQ H%UGHU
GLH+DQG]X|IIQHQ'HU%HWWOHUDQWZRUWHWH%LVWGXNHLQ6RKQ$GDPV"(LQ
DQGHUHV0DOVDK%UXJVFKHLQHQ$UDEHUVLFKPLW:HJZlO]XQJHLQHVULHVLJHQ
6WHLQEORFNVDETXlOHQ'XVROOWHVWLKQOLHEHUWUDJHQVDJWH%VFKHU]HQG
,FKELQGD]XEHUHLWV REDOGGXLKQPLUDXIGHQ5FNHQJHOHJWKDEHQZLUVW

-DQXDU)UKVWFNLP+RWHO3URIHVVRU6FKZHLQIXUWKXQG
/LHXWHQDQW:LPDQQ ZHOFKHUOHW]WHUHVLFKLQ.DLURQDFKVHLQHU
'XUFKTXHUXQJ$IULNDVIUGHQ1RUGHQHUVWZLHGHUDNNOLPDWLVLHUWH 
QHKPHQDOV*lVWHGHV3ULQ]HQDQGLHVHP)UKVWFNWHLO:LPDQQ
HU]lKOWHGHP3ULQ]HQYRQVHLQHU5HLVHTXHUGXUFK%HVXFKGHU
3\UDPLGHQYRQ*L]HKXQGGHU6SKLQ[$XVGHPOHEHQGLJHQ
)HOVHQJHPHLHOWVWUHFNWVLFKGHU/|ZHQOHLE )XODQJEHU
GHQ:VWHQVDQGGDKLQXQGGDVPHQVFKHQlKQOLFKH+DXSWHUKHEW
VLFK )XEHUGHP%RGHQ(LQH1DVHYRQ )XXQGHLQH
0XQGVSDOWHYRQ )X/lQJHN|QQHQIUGLH9HUKlOWQLVVHGHU
EULJHQ.|USHUWHLOHGLHQHQ/HLGHULVWGLH1DVHYHUVWPPHOWXQG
LP6WXUPGHU=HLWHQ]XHLQHU1HJHU3ODWWQDVHJHZRUGHQ
-DQXDU%HVXFKGHV0XVHXPVYRQ%XODN:LHGDV$DXI%VR
IROJWUHJHOUHFKWGDV0XVHXPYRQ%XODNDXIGLH3\UDPLGHQXQGGLH
+lXVHUGHU(ZLJNHLW LQGHU:VWH:DVGHQ:RKQXQJHQGHU
7RWHQIHKOWXQGQXUGLH3KDQWDVLH]XHUJlQ]HQYHUPDJGDV
HQWKOOHQGLH6FKlW]HGHV0XVHXPVLQXQJHDKQWHU$XVZDKOXQG
9HUVWlQGOLFKNHLW%XODNHLQHKDOEH)DKUVWXQGHYRP+RWHOLVWHLQH
HEHQVRVFKPXW]LJHZLHXQDQVHKQOLFKH9RUVWDGW.DLURV$XVHLQHP
DOWHQ.RKOHQVFKXSSHQHUZXFKVXQWHUGHU5HJLHUXQJ6DLG3DVFKDV
IDVWVWFNZHLVHGHUKHXWLJH%DXGHV0XVHXPV'HUIUDQ]|VLVFKH
$UFKlRORJ$XJXVWH0DULHWWHGHUEHNDQQWH(QWGHFNHUGHV
6HUDSHXPVXQGGHU$SLVJUlEHU LQGHU:VWHYRQ6DNNDUDKGHUHQ
UHLFKH6FKlW]HVlPWOLFKQDFKGHP/RXYUHJHZDQGHUWVLQGLVWGHU
%HJUQGHU GLHVHUZHOWEHUKPWJHZRUGHQHQ6DPPOXQJ
lJ\SWLVFKHU$OWHUWPHUVWDUE0DULHWWH0DVSHURHEHQIDOOV
DXVJH]HLFKQHWHUbJ\SWRORJIROJWH 6HLW-DKUHQJHK|UWDXFK(PLO
%UXJVFKMQJHUHU%UXGHUYRQ%UXJVFK3DVFKDDOV.RQVHUYDWRU
GHP0XVHXPLQ%XODNDQ 0DVSHUREHUHLFKHUWHGDV0XVHXP
GXUFKGLH.|QLJVPXPLHQXQG.|QLJVVlUJHYRQ'rUHOEDKDUL
7KHEHQ2EHUlJ\SWHQ %HUHLFKHUXQJHQGLHGDV5HVXOWDWDOOHU
ELVKHULJHQ$XVJUDEXQJHQLQGHQ6FKDWWHQVWHOOWHQ'LHVH)XQGH
YRQ'rUHOEDKDULELOGHWHQEHLGHP%HVXFKHGHV3ULQ]HQGHQ
6FKOX'DVWDQGHQYRUXQVHUHQ)HQDQYLHU]LJ6lUJH
N|QLJOLFKHU3HUVRQHQ$XIGHQHLQEDOVDPLHUWHQ/HLFKHQODJHQ
YHUZHONWH.UlQ]HGLHZlKUHQGGUHL-DKUWDXVHQGHQLKUH*HVWDOW


'LH$UDEHULQLKUHUJHLVWYROOHQ:HLVHVDJHQ'LH=HLWVSRWW HWDOOHPXQGGLH
3\UDPLGHQVSRWWHQGHU=HLW

XQGLKUH)DUEHNDXPYHUlQGHUWKDWWHQ'HU%HJULIIGHU=HLW
YHUVFKZLQGHWXQGGLH:RUWHGHVDOWHQlJ\SWLVFKHQ7RWHQEXFKHV
JHZLQQHQ0DFKWEHUXQV'LHHQGORVH=HLWLVWHLQ 7DJXQGGLH
(ZLJNHLWHLQH 1DFKW'HU6WXUPGHU:HOWJHVFKLFKWHKDWLQGHQ
]ZLVFKHQOLHJHQGHQ-DKUWDXVHQGHQGLHJHZDOWLJVWHQ5HLFKH
]HUVW|UWDEHUGLH.UlQ]HDXIGLHVHQ.|QLJHQKDEHQGHQ6WXUP
GHU9HUQLFKWXQJEHUGDXHUW6FKZHLJHQGZDUGHU3ULQ]YRUGHQ
0XPLHQVHLQHV/LHEOLQJVKHOGHQLQGHU*HVFKLFKWHGHUbJ\SWHUGHV
.|QLJV6HVRVWULVVWHKHQJHEOLHEHQGHQGLH'HQNPlOHUXQWHUGHP
1DPHQ5DPVHV ,,NHQQHQXQGSUHLVHQ(ULVWGHU=HLWJHQRVVH
0RVHVGHQQVHLQH7RFKWHUZDUHVGLHGDV0RVHVNLQGDXVGHP
6FKLOIGLFNLFKWDXIQDKP(LQVWGXUFKKDOOWHVHLQ5XKPGLHJDQ]H
:HOW6HLQH7DWHQYHUKHUUOLFKHQGLH:lQGHGHU7HPSHODQGHQ
8IHUQGHV1LOV8QGQXQUXKWKLHUVHLQVWHUEOLFKHU/HLEYRUXQVHUQ
$XJHQXQGZLUOHVHQVHLQHQZRKOEHNDQQWHQ1DPHQLQ
KLHURJO\SKLVFKHQ6FKULIW]JHQDXIGHP'HFNHOVHLQHV
6DUJNDVWHQV1HEHQLKPOLHJWVHLQJURHU9RUIDKUH7KXWPHV ,,,
0XPLHUHLKWVLFKDQ0XPLHELVGLHGHV.|QLJV3LQRWHPV ,,DXIV
QHXHXQVHUH$XIPHUNVDPNHLWIHVVHOW
3LQRWHP,,ZDUGHU6FKZLHJHUYDWHUGHVZHLVHQ6DORPR 1XUGLH
(ULQQHUXQJLVWGDVZDKUH/HEHQ

,,,1LOIDKUWYRQ.DLURELV]XPHUVWHQ.DWDUDNWXQGZLHGHU]XUFN
-DQXDU$PPLWWDJVEHVWLHJGHU3ULQ]VHLQH'DKDELHKHLQ
JURHV1LOERRWGDVYRQHLQHPYL]HN|QLJOLFKHQ
6FKOHSSGDPSIVFKLIIVWURPDQJHIKUWZXUGH0DQJLQJLP
)OXKDIHQYRQ0HPSKLVYRU $QNHU
-DQXDU%LV]XP2UWH,VFKPHQW
-DQXDU%LV]XP'RUIH(O)HQW
-DQXDU%LV0LQLHK 6FKRQ2EHUlJ\SWHQ 
-DQXDU%LV%HQL+DVVDQ
-DQXDU,QQHXQ]HKQVWQGLJHU)DKUW YRQIQI8KUIUKELV
]Z|OI8KUQDFKWV QDFK6LW
-DQXDU%LV0LWWDJLQ6LW'DQQYRQ6LWELV1HFKrOD
-DQXDU,QODQJHU)DKUW ELVHOI8KUDEHQGV ELV6RKDJ$Q
GLHVHP2UWHPKWHVLFKGHUMXQJH.RSWH%HGLUHLQ6RKQGHV
XQVLFKWEDUEOHLEHQGHQJUHLVHQ.RQVXODUDJHQWHQGHP3ULQ]HQGLH
+XOGLJXQJHQHLQHUGHUlUPOLFKVWHQXQGHUElUPOLFKVWHQ6WlGWH
2EHUlJ\SWHQVLQDQJHPHVVHQHU:HLVHGDU]XEULQJHQ(VJDE
ZDUPHQ&KDPSDJQHUXQGGUHL7lQ]HULQQHQLQ%HJOHLWXQJLKUHU
PXVLNDOLVFKHQ+HOIHUVKHOIHUHUVFKLHQHQXQGVHW]WHQLKUH)HDXI
GHQ7HSSLFK.DXPDEHUKDWWHGHU7DQ]EHJRQQHQDOVSO|W]OLFK
HLQHXQJODXEOLFKYRUQHKPH(UVFKHLQXQJGHQ9RUKDQJOIWHWHXQG
ODQJVDPHQ6FKULWWHVLQGHQ6DDOHLQWUDW(LQHKRKHJHLVWHUKDIWH
)UDXHQJHVWDOWPLWGHQHGOHQ=JHQHLQHU7RFKWHU5DPVHV ,,LQ
HQJDQOLHJHQGHPVFKZDU]HQ6DPPHWNOHLGHGHVVHQ5lQGHUPLW
VFKPDOHQJROGHQHQ%RUGHQEHVHW]WZDUHQGLH%UXVWPLWEUHLWHP
+DOVEDQGHDXVJROGHQHQ0Q]HQEHGHFNWDXIGHP.RSIHLQH
+DXEHPLWGLFKWDQHLQDQGHUJHUHLKWHQ*ROGVWFNHQVRWUDWGDV
ROLYHQEODVVH:HLEPLWLKUHPZUGHYROOHQ*DQJHXQGGHQVLWWLJ
QLHGHUJHVFKODJHQHQ$XJHQZLHHLQ]XP/HEHQHUZHFNWHV%LOGDXV
GHP5DKPHQHLQHUEXQWHQ*UDEHVZDQG'HU(LQGUXFNGHV
XQHUZDUWHWHQ$QEOLFNVZDUVRJURGDGLH=XVFKDXHULQGDV
K|FKVWH(UVWDXQHQDXVEUDFKHQGHQQGDVOHLEKDIWLJH*HVSHQVW
HLQHUDOWlJ\SWLVFKHQ.|QLJVWRFKWHU ZDQNWHLQODQJVDPHQ6FKULWWHQ
LKQHQLPPHUQlKHU'HU6RKQGHV.RQVXOVNDQQWHVLHJHQDXHU

XQGHU]lKOWHGDLKU9DWHUHLQ7UNHLKUH0XWWHUHLQH$UDEHULQ
JHZHVHQVHLXQGGDGLH/HXWHVLH$HOILHKQDQQWHQZHLOPDQ
EHLLKUHP$QEOLFNLQGDV:RUW$HOIPDUVFKDOODKDXVEUDFKGDV
KHLW(LGHU7DXVHQG'LH$XIIRUGHUXQJDQGHUHQ7DJHVGHP
0DMRUYRQ*DUQLHU]XHLQHP%LOGH]XVLW]HQZLHVVLH]XUFNZHLO
LKUHLQ]LJHV.LQGVFKZHUHUNUDQNWVHL
-DQXDU%LV)DUVKXW
-DQXDU%LV.HQQHKXQG'HQGHUD'HQGHUD JULHFKLVFK
7HQW\UD LVWEHUKPWGXUFKVHLQHQ7HPSHOLQZHOFKHPYRQGHQ
7DJHQGHV.|QLJV&KXIX&KHRSVDQGLH7HQW\ULWHQGHU
lJ\SWLVFKHQ$SKURGLWHXQWHULKUHP1DPHQ+DWKRUJ|WWOLFKH
9HUHKUXQJEH]HXJWHQXQGVLHDQULHIHQDOVGLH*URHLP+LPPHO
GLH0lFKWLJHDXI(UGHQXQGGLH*HIUFKWHWHLQGHU7LHIH9RQ
GHPLKUJHKHLOLJWHQ7LHUHGHU+DWKRU.XKZLVVHQQRFKKHXWHGLH
$QZRKQHU]XHU]lKOHQGHQQGHU7HPSHOYRQ'HQGHUDVHLDXIGHP
5FNHQHLQHU.XKJHEDXWXQGLQQlFKWLJHU6WXQGH]HLJHVLFK
ELVZHLOHQGLHODQJJHK|UQWH7LHUJHVWDOWYRUGHP7HPSHO'HU3ULQ]
GXUFKZDQGHUWHGLH6lOH+DOOHQ.U\SWHQXQG*lQJHGHV7HPSHOV
ELV]XP'DFKHKLQDXIXQGJHZDQQ]XPHUVWHQPDOGXUFK
$QVFKDXXQJGLHULFKWLJH9RUVWHOOXQJEHUGLH$QODJHHLQHV
DOWlJ\SWLVFKHQ7HPSHOV
-DQXDU)UKHU$XIEUXFKYRQ.HQQHK8PYLHU8KU
QDFKPLWWDJVYRU$QNHULQ7KHEHQ7KHEHQXQGVHLQH*ODQ]]HLW
LVWZLHYRP%RGHQGHU(UGHZHJJHIHJWXQGQXUGLHULHVLJHQ
7HPSHOEDXWHQZHOFKH]HUVWUHXWEHUHLQHQ8PIDQJYRQHWZDGUHL
GHXWVFKHQ0HLOHQOLHJHQEH]HLFKQHQJHJHQZlUWLJGLH0LWWHOSXQNWH
GHUHLQ]HOQHQ4XDUWLHUH0DQXQWHUVFKHLGHWMHW]WDOV+DXSWVDFKH
.DUQDNXQG/X[RUOHW]WHUHVHWZDVVGOLFKYRQ.DUQDN/X[RUKDW
]ZHL+RWHOVXQGHWZDVYRP$QVHKHQHLQHVHXURSlLVFKHQ
%DGHRUWHV6HLQ*ODQ]SXQNWLVWHLQZHOWEHUKPWHU$PRQWHPSHO
:LHGLH6FKZDOEHQKDEHQGLHPRGHUQHQ7KHEDQHUGHQVFKZDU]HQ
1LOVFKODPPDQGLHIHVWHQVWHLQHUQHQ:lQGHGHV+HLOLJWXPV
JHNOHEWXQGVLFK:RKQUlXPHJHVFKDIIHQGHQHQGLH%LOGZHUNH
XQGKLHURJO\SKLVFKHQ,QVFKULIWHQGHU9RU]HLWGHQVRQGHUEDUVWHQ
GHNRUDWLYHQ6FKPXFNYHUOHLKHQ
hEHUKDXSW1LOVFKODPPXQG6FKPXW]VLQGGDV*OFNGHV
)HOODFKHQGHUGLHVH+WWHQLQGHQ7HPSHOQXQG1HNURSROHQYRQ
7KHEHQEHZRKQW

8QGQDFKGLHVHQHLQOHLWHQGHQ:RUWHQIlKUW%UXJVFKIRUW
)UGLH1DFKNRPPHQGHUDOWHQbJ\SWHUZLHLPPHUDXFK
6SUDFKHXQG*ODXEHVLHVFKOLHOLFKJHVFKLHGHQKDEHQPDJLVWLQ
XQVHUHUYRUJHVFKULWWHQHQ(SRFKH LQGHUGLH6HLIHHLQHVR
EHGHXWXQJVYROOH5ROOHVSLHOW QXUGHU6FKPXW] DOVGLHDOOJHPHLQH
6LJQDWXUNOHEHQJHEOLHEHQ1HEHQLKUHQ)HOODFKHQJHQRVVHQLP
REHUHQXQGXQWHUHQ1LOWDOHUVFKHLQHQGLH7KHEDQHU]XU)UHXGHGHU
IDKUHQGHQ.QVWOHUDOVGLHZDQGHOQGHQ7UlJHUMHQHUJHSULHVHQHQ
3DWLQDGLHGHU$QWLNHHLQHQVRKRKHQ:HUWYHUVFKDIIWXQGKLHULQ
7KHEHQ GLHVHPYHUN|USHUWHQ%HJULIIGHV$OWHUWXPV GHQ
%HZRKQHUQHLQHQJDQ]HLJHQWPOLFKHQEHLQDKHUEOLFKHQ5HL]
YHUOHLKW:HQQLKUIHLQHQ)UDQNHQ VRGHQNHQVLH GLHVHQLH
JHZDVFKHQHQXQGQLHJHUHLQLJWHQ'HQNPlOHUXQVHUHU9RUIDKUHQ
PLWVRYLHO:RKOJHIDOOHQEHWUDFKWHWZDUXPVROOHQZLUGLH.LQGHU
GHU(UEDXHUHXHU:HUNHDQGHUVDXVVHKQZDUXPXQVPLWDOOHU
*HZDOWLQHLQHIDOVFKH5LFKWXQJKLQHLQGUlQJHQ",Q'RUIXQG
6WDGWZRLPPHUVLFKGLH:HJH|IIQHQXQG.DPHOH3IHUGH(VHO
GLH6WUDHGXUFK]LHKHQLVWHVGLHYRUQHKPVWH$XIJDEHGHU
7|FKWHUGHV/DQGHVPLWJHVFKlIWLJHU(PVLJNHLWGLH*LOOHK
0LVWIODGHQ ]XVDPPHOQXQGLQJHIOOWHQ.|UEHQDXIGHP.RSIH
QDFK+DXVH]XWUDJHQZRQXQQDFKGHU$QDORJLHYRQ7RUIGDV
)RUPHQXQG7URFNQHQLQGHU6RQQHEHJLQQW'LHVH*LOOHK
6FKHLEHQZDQGHUQGDQQVFKOLHOLFKLQGLH:RKQXQJXPKLHUDOV
VFKZHOHQGH)HXHUXQJXQG]XJOHLFKDOV+HL]XQJIUGHQ%DFNRIHQ
]XGLHQHQ$XFKGDV%URW VFKPHFNWGHVKDOEGDQDFK'LH*LOOHKLVW
XQGZLUGIUDOOH=HLWHQKLQGDVVSH]LILVFKH5lXFKHUZHUNGHV
bJ\SWHUVEOHLEHQXQGVHLQ:RKOJHUXFKXQ]HUWUHQQOLFKYRP'DVHLQ
GHVOHW]WHQ)HOODFKHQVHLQGHUQRFKKHXWH/DPSHQ|ODOVHLQH
'HOLNDWHVVHEHWUDFKWHWXQGQHEHQVHLQHP(VHOGDVJUQH*UDVDXI
GHP)HOGHPLWJLHULJVFKOLQJHQGHP0XQGHDEZHLGHW
'HP%HVXFKHGHV$PRQWHPSHOVLQ/X[RU IROJWHGHU%HVXFKYRQ
.DUQDN(LQ(VHOVULWWYRQ]ZDQ]LJ0LQXWHQ*DQ]LQGHU1lKHYRQ
.DUQDNOlWHLQH5HLKHOLHJHQGHU6WHLQZLGGHU GLH6SXUHQGHU
ODQJHQ6SKLQ[DOOHHHUNHQQHQZHOFKHHLQVW/X[RUPLW.DUQDN
YHUEDQGXQGLQQ|UGOLFKHU5LFKWXQJQDFKGHP+HLOLJWXPGHV
$PRQVRKQHV&KRQVXIKUWH'HU:HJ]XP7HPSHOLVWQLFKW]X
IHKOHQ'HU3ULQ]ULWWYRQGHU:HVWVHLWHKHULQGHQJURHQ9RUKRI
HLQEHJUWYRQGHPPDUPRUQHQ6WDQGELOGH.|QLJ6HVRVWULV

GHUZLHHLQH5RODQGVVlXOH:DFKHKlOW'LHKHXWLJH/lQJHGHV
7HPSHOVYRQ:HVWHQQDFK2VWHQEHWUlJW 0HWHUVHLQH

%UHLWH'DVLVWGLHYLHUIDFKH/lQJHGHV.|QLJOLFKHQ6FKORVVHVLQ
%HUOLQ'HUZHOWEHUKPWH6DDOKLQWHUGHU(LQJDQJVSIRUWHLVWJUR
JHQXJGLH*HVDPWDQODJHYRQ1RWUH'DPHLQ3DULVEHTXHPLQ
VLFKDXI]XQHKPHQ'LHV:XQGHUYRQ.DUQDNKDWHLQH/lQJHYRQ
 0HWHUQXQGHLQH%UHLWHYRQ+XQGHUWXQGIXQI]LJ6lXOHQ
WUXJHQHLQVWGLH'HFNHGLHVLFKLP0LWWHOJDQJH 0HWHUEHU
GHQ)XERGHQHUKRE=Z|OI6lXOHQ]XEHLGHQ6HLWHQGHV
0LWWHOHLQJDQJHVKDEHQHLQHQ8PIDQJYRQ]HKQ0HWHUQ
'XUFKPHVVHUXQJHIlKUHOI)X 0LWHLQHUHLQ]LJHQ$XVQDKPH
VWHKHQDOOH6lXOHQZLHYRUGUHLXQGGUHLLJ-DKUKXQGHUWHQ
NHU]HQJHUDGHGD
-DQXDU$QGLHVHP7DJHEHVXFKWHGHU3ULQ]GLH:HVWVHLWHYRQ
7KHEHQ DQGHUOLQNHQ6HLWHGHV1LO GLH1HNURSROLVXQGGLH
EHLGHQ6WHLQULHVHQVLW]HQGH.|QLJVELOGHUHLQHVGDYRQGDV%LOGQLV
$PHQKRWHSVRGHU$PHQRSKLV
,,,GHVVHOEHQGHUGHQ
$PRQWHPSHOLQ/X[RUHUULFKWHWH'LHV%LOGQLVYRQGHPVLFK
ZlKUHQGHLQHV(UGEHEHQVLP-DKUH YRU&KULVWR.RSIXQG
2EHUWHLOHORVO|VWHQLVWGLHEHUKPWH0HPQRQVVlXOH
$P$EHQGGHV GHU$EVFKLHGYRQ7KHEHQXPZHLWHU
IOXDXIZlUWV]XJHKHQVWDQGIUGHQQlFKVWHQ7DJEHYRU ZXUGH
GXUFK.RQVXO7XGUXVXQGVHLQHQ6RKQHLQ)HXHUZHUNDEJHEUDQQW
$EHUGDEHLEOLHEHVQLFKW1RFKHLQHDQGHUH$XIPHUNVDPNHLW
VWDQGEHYRU%UXJVFKVFKUHLEW(EHQZDUDOOHVGXQNHOJHZRUGHQ
DOVLFKEHPHUNWHGDYRP'RUIKHU0lQQHUKHUDQNDPHQXQGDXI
XQVHU%RRW]XVFKULWWHQ$XIPHLQHQ$QUXI:HUGDHUKLHOWLFK
$QWZRUW6WLOO(VZDUHQ7XGUXVXQGVHLQ6RKQVDPWHLQHP
.QHFKWGLHVRVFKLHQHVHLQHWLHILQ/HLQHQJHKOOWHYLHUWH
3HUVRQIKUWHQXQGPKVDPPLWDXIV6FKLIIVFKOHSSWHQ'DQQ
OHJWHQVLHQDFKYRUJlQJLJHU9HUVWlQGLJXQJGLHVHYLHUWH3HUVRQ
DXIHLQHQ]XU6HLWHVWHKHQGHQ'LZDQQLHGHU$OV7XGUXVVDPW
6RKQXQG.QHFKWZLHGHUIRUWZDUHQWUDWLFKDQGLHYLHUWH3HUVRQ
KHUDQXQGHQWIHUQWHEHLPPDWWHQ6FKHLQGHU6FKLIIVODWHUQHGLH
1DGHOQGLHGLHNOHLQHUHQ+OOHQXP.RSIXQG+DOV
]XVDPPHQKLHOWHQ(LQNOHLQHVUXQGHVOLHEOLFKHV0lGFKHQJHVLFKW
YRQZHLHVWHP7HLQWXQGPLWVFKZDU]HP$XJHQSDDUGHQ+DOV
PLWHLQHPZHLHQ&ROOLHUJHVFKPFNWOlFKHOWHPLFKVSXNKDIWDQ
,KU$OWHU]XEHVWLPPHQZDUPLUXQP|JOLFK$QQlKHUQGVFKlW]WH
LFKHVPLW.HQQHUEOLFNDXI   -DKUH(VZDUHLQH
WKHEDQLVFKH3ULHVWHULQGHV$PRQDXVYRUQHKPHP*HVFKOHFKW'HU
ZRKOHLQEDOVDPLHUWH/HLEODJLQHLQHPEXQWEHPDOWHQ.DUWRQ

7XGUXVKDWWHGDV0lGFKHQYRQLUJHQGHLQHPIHOODFKLVFKHQ
6FKDW]JUlEHULQGHU1lKHGHU0HPQRQLHQHUVWDQGHQXQGVLFKGLH
)UHXGHYRUEHKDOWHQGHP3ULQ]HQLQQlFKWOLFKHU6WXQGHGLHMXQJH
7KHEDQHULQDOV*HVFKHQN]XEHUJHEHQ9RQLKUHPVSlWHUQ
6FKLFNVDOLQ'UHLOLQGHQEHULFKWHLFKDP6FKOX
-DQXDU9RQ7KHEHQELV%HOHVVLHK
-DQXDU%HVRQGHUVVWLOOHU7DJ$OVPDQDQHLQVDPVWHU6WHOOH
ZDUZXUGHPDQGXUFKHLQH%RRWEHJHJQXQJEHUUDVFKW
)OXDEZlUWVVFKZDPPHLQH'DKDELHKKHUDQDXIGHUVLFK]ZHL
MXQJHZUWWHPEHUJLVFKH2IIL]LHUHEHIDQGHQ(LQ=XIDOOZROOWHHV
GDGHU3ULQ]YLHU:RFKHQVSlWHUDXIGHP:HJHYRQ-DIIDQDFK
-HUXVDOHPDEHUPDOVHLQH%HJHJQXQJPLW:UWWHPEHUJHUQ KDWWH
XQG]ZDUPLWZUWWHPEHUJLVFKHQ7HPSOHUQ:LUNDPHQ
QDFKPLWWDJVELV2PERVGDVVFKRQLP$OWHUWXPZHJHQVHLQHU
YLHOHQ.URNRGLOHEHUKPWZDU$EHUNHLQ.URNRGLOZDUDXIGHQ
6DQGElQNHQ]XVHKHQ:RVLQGVLH"IUDJWHGHU3ULQ]6LHVLQG
QXULP6RPPHUGDHUZLGHUWHHLQ$OWHUMHW]WZUGHQVLHVLFK
HUNlOWHQ
-DQXDU9RQ2PERVQDFKGHP'RUIH(GIXXQGYRQGLHVHP
DXVDQGHU,QVHO(OHSKDQWLQHYRUEHUELV]XU6WDGW$VVXDQLP
$OWHUWXP6\HQH GDKHU6\HQLW +LHU EHJLQQWGLH*UDQLWUHJLRQ
bJ\SWHQVGHU1LOELOGHW)lOOH'LFKWKLQWHU$VVXDQLVWGHUHUVWH
.DWDUDNW
]XP -DQXDU,QGHU1DFKWYRP]XPWUDIYRQ.DLUR
WHOHJUDSKLVFKGLH0HOGXQJYRQGHPDP -DQXDUHUIROJWHQ7RGH
GHVDOWHQ3ULQ]HQ.DUO HLQ3ULQ])ULHGULFK.DUOZDUVRIRUW]XU
5FNNHKUQDFK%HUOLQHQWVFKORVVHQELVHLQ]ZHLWHV7HOHJUDPP
LKQEHVWLPPWHGDYRQ$EVWDQG]XQHKPHQXQGGLH5HLVHQDFK
GHPXUVSUQJOLFKHQ3URJUDPPIRUW]XVHW]HQ'LHV]ZHLWH
7HOHJUDPPUKUWHYRQ.DLVHU:LOKHOPKHUXQGVSUDFKDXVGD
HU]XU%HLVHW]XQJGRFK]XVSlWNRPPHQZUGH
-DQXDU'HU3ULQ]EOHLEWDPQRFKLQ$VVXDQXQG
8PJHEXQJ(LQ$XVIOXJQDFKGHU.DWDUDNWHQLQVHO3KLOlZLUG
XQWHUQRPPHQ%HVLFKWLJXQJGHV7HPSHOV1DFKGHU5FNNHKUYRQ
GLHVHP$XVIOXJHUIROJWGLH5FNUHLVHQDFK.DLUR
ELV -DQXDU5FNUHLVHYRQ$VVXDQXQGGHPHUVWHQ
.DWDUDNWELVQDFK%HGUHVKHwQHLQHKDOEH7DJHUHLVHVGOLFKYRQ

.DLUR$PDEHQGVZXUGH%HGUHVKHwQ HUUHLFKWGLH6FKLIIH
OHJWHQYRU.OHLQ0HPSKLVDQ,P+LQWHUJUXQGH QDFK:HVWHQ]X
OHXFKWHWHQGLH3\UDPLGHQYRQ6DNNDUDK LP6FKHLQGHU
XQWHUJHKHQGHQ6RQQH
-DQXDU$PIUKEUDFKGHU3ULQ]DXIXPYRQ%HGUHVKHwQ
DXVGLH3\UDPLGHQYRQ6DNNDUDK]XEHVXFKHQ(PLO%UXJVFKKDWWH
VLFKYRQ%XODNKHUHLQJHIXQGHQXPDXIGLHVHP7HUUDLQGDVHU
YRU]JOLFKNDQQWHGLH)KUXQJ]XEHUQHKPHQ1DFK1RUGHQKLQ
ZlKUHQGPDQGHQ0DUVFKDQWUDWZXUGHQGLH3\UDPLGHQYRQ
*L]HK EHL.DLUR VLFKWEDU'DV'RUI6DNNDUDKOLHJWGLFKWDP)XH
GHVODQJJHVWUHFNWHQ:VWHQSODWHDXVDXIZHOFKHPGLH
*UDES\UDPLGHQGHUOlQJVWYHUVFKROOHQHQ.|QLJHYRQ0HPSKLVLQ
JUXSSHQZHLVHU$QRUGQXQJLKUH3RVWHQDOV0DUNVWHLQHGHU
:HOWJHVFKLFKWHHLQQHKPHQ'HU$XIVWLHJIKUWDQGHPDXV
1LO]LHJHOQDXIJHIKUWHQ+DXVH0DULHWWHVYRUEHUGDVGHUVHOEH
ZlKUHQGVHLQHVODQJMlKULJHQ:VWHQOHEHQVEHZRKQWHXQGYRQ
GHPDXVHUVHLQH$XVJUDEXQJHQOHLWHWH
'HU%HVXFKGHUXQWHULUGLVFKHQ$SLVJUIWH PLWLKUHQDXVJHGHKQWHQ
%RJHQJlQJHQXQG1LVFKHQHUIOOWPLWJURHP6WDXQHQIUGDV
ZDVGLHbJ\SWHUDXFKDOV%HUJOHXWH]XOHLVWHQLPVWDQGHZDUHQ,Q
GHQYLHUXQGVHFK]LJ*HZ|OEHQ]XEHLGHQ6HLWHQGHU*lQJHUXKWHQ
HLQVWGLHHLQEDOVDPLHUWHQXQGPLWUHLFKHP6FKPXFNYHUVHKHQHQ
/HLEHUGHU$SLVVWLHUHLQURWHQ XQGGXQNOHQ *UDQLWVlUJHQGHUHQ
*U|HMHGHU%HVFKUHLEXQJVSRWWHW9LHUXQG]ZDQ]LJGHUVHOEHQ
VWHKHQQRFKDQGHUDOWHQ6WHOOHXQGHLQH+RO]WUHSSHJHZlKUWGHQ
=XJDQJLQGLH+|KOXQJMHGHVHLQ]HOQHQ6WHLQVDUJHV,P
'XUFKVFKQLWW]Z|OI)XODQJVLHEHQ)XEUHLWXQG]HKQ)XKRFK
EH]LIIHUWVLFKGDV*HZLFKWMHGHVHLQ]HOQHQDXI  =HQWQHU,Q
ZHOFKHU:HLVHXQGPLWZHOFKHQ0LWWHOQGLHbJ\SWHUMHQH
XQJHKHXHUVWHQDOOHU6DUNRSKDJHYRP1LODQELV]XGHQ*UIWHQ
WUDQVSRUWLHUWKDEHQP|JHQEOHLEWHLQXQJHO|VWHV5lWVHO
'LH%HVLFKWLJXQJHLQHUGHUQHXJH|IIQHWHQ 3\UDPLGHQELOGHWHGHQ
$EVFKOXGHU:DQGHUXQJDXIGHUHLQVDPHQ1HNURSROLVYRQ
6DNNDUDK0HLQ%UXGHU VRVFKUHLEW%UXJVFK KDWWHGD]XGLH
3\UDPLGHGHV.|QLJV8QDV2QQRVGHVOHW]WHQ+HUUVFKHUVGHU
IQIWHQ'\QDVWLHJHZlKOWXQGGLH*lQJHXQG5lXPHLQGHP
KRKOHQ.HUQHGHVPlFKWLJHQ%DXHVDXIGDVVlXEHUOLFKVWHYRQ
6FKXWWXQG6WHLQJHU|OOUHLQLJHQODVVHQ'DV(LQVWHLJHQLQGHQ
VFKUlJHQ*DQJGHUQDFKGHUHLJHQWOLFKHQ7RWHQNDPPHUPLWGHP

OHHUHQ6DUNRSKDJHGHV.|QLJVIKUWERWQLFKWGLHJHULQJVWH
6FKZLHULJNHLWXQGGHU$QEOLFNGHUPLWHQGORVHQ
+LHURJO\SKHQVWUHLIHQEHGHFNWHQ:lQGHKLHOWUHLFKOLFKVFKDGORVIU
GLHNOHLQH0KHGHU(LQIDKUWLQGLHS\UDPLGDOH8QWHUZHOW
%DOGGDQDFKZDUPDQLQ%HGUHVKHwQ]XUFNXQGHUUHLFKWH.DLUR]X
JXWHU6WXQGH
0LWHLQHP*RWWVHL'DQNYHUOLHHQGLH2ULHQWIDKUHUGDV 1LOERRW
DXIGHPVLHGUHLXQG]ZDQ]LJ7DJH]XJHEUDFKWKDWWHQ1DPHQWOLFK
GHU3ULQ]DWPHWHDXIDOVVHLQ)XGLH8IHUHUGHZLHGHUEHUKUWH
GHQQGHURIWEHUJDQ]H7DJHKLQDXVJHGHKQWH0DQJHODQ
7lWLJNHLWXQG%HVFKlIWLJXQJKDWWHLKPVFKOLHOLFKGLHJXWH/DXQH
YRQ*UXQGDXVYHUGRUEHQ1LHPDQGZHLGHQ:HUWGHU=HLW
EHVVHU]XVFKlW]HQDOVHUXQGGLHODQJH7U|GHOHLDXIGHPKHLOLJHQ
6WURPHZDUDOOHVDQGHUHHKHUJHZHVHQDOVHLQHDQJHPHVVHQH
9HUZHUWXQJGHU=HLW(LQ*OFNGDJHOHJHQWOLFKH-DJGSDUWLHQDP
8IHUGLH /DQJZHLOGHU)DKUWXQWHUEUDFKHQ

,9hEHUGHQ6LQDL
XQG )HEUXDU$XIHQWKDOWLP+RWHO6KHSHDUGLQ.DLUR'HU
+HU]RJYRQ6XWKHUODQGZDU0LWEHZRKQHUGHV+RWHOV/RUG1DSLHU
RI0DJGDODZXUGHHUZDUWHW
)HEUXDU$XIEUXFKQDFKGHU6LQDLKDOELQVHO$FKWVWQGLJH
(LVHQEDKQIDKUWYRQ.DLUREHU,VPDLODQDFK6XH]$QNXQIWDFKW
8KUDEHQGV+LHUZDUWHWHVFKRQGDVPLWWOHUZHLOHYRQ$OH[DQGULHQ
QDFK6XH]GLULJLHUWHGHP3ULQ]HQIUVHLQHQ$XIHQWKDOWLP2ULHQW
]XU9HUIJXQJJHVWHOOWH.DQRQHQERRW&\NORS.DSLWlQOLHXWHQDQW
.HOFKXQGQDKPGHQ3ULQ]HQXQGVHLQH%HJOHLWXQJDQ%RUG
)HEUXDU$XIEUXFKQDFKGHP+DIHQRUW7{UDP)XHGHVIUHLOLFK
HUVWLQGUHL7DJHUHLVHQ]XHUUHLFKHQGHQ6LQDLNORVWHUV
)HEUXDU+LHULQ7{UIDQGPDQDXFKGLHYRQ6XH]KHUDXIGHP
/DQGZHJHYRUDXVJHVFKLFNWHQ.DPHOHGLHEHVWLPPWZDUHQGHQ
3ULQ]HQXQGVHLQH%HJOHLWXQJHUVWDXIGHQ6LQDLKLQDXIXQGGDQQ
YRQVHLQHU+|KHKHUDEQDFK6XH] QLFKW QDFK7{U 
]XUFN]XWUDJHQ$XVIOXJQDFKGHP0RVHVEDGH6FKOHFKWH
1DFKWGXUFK5DWWHQXQG *ORFNHQJHELPPHOJHVW|UW
)HEUXDU$XIEUXFKDXIYLHU]LJ.DPHOHQXQGLQ%HJOHLWXQJ
EHIUHXQGHWHU%HGXLQHQ%HVFKZHUGHQGHV.DPHOULWWV8PIQI8KU
EHJLQQWGLH6WHLJXQJXQGGDV:DGL+HEUkQ|IIQHWVHLQ)HOVHQWRU
)HEUXDU)RUWVHW]XQJGHV$XIVWLHJV
)HEUXDU'HVJOHLFKHQ1DFK3DVVLHUXQJHLQHV)HOVHQWRUV(LQWULWW
LQHLQHYRQPlFKWLJHQ*HELUJV]JHQHLQJHIDWH+RFKHEHQH,P
+LQWHUJUXQGHGHU6LQDL*HJHQ$EHQGZLUGGDV6LQDLNORVWHU
HUUHLFKW(UVWLQGLH.DSHOOHGDQQ%HZLUWXQJLP=LPPHUGDV
$UFKLPDQGULWHQ
)HEUXDU'HU3ULQ]EOHLEWHLQHQ7DJLP.ORVWHUXPLQGHU
8PJHJHQGGHVVHOEHQQDFKGHPVLQDLWLVFKHQ6WHLQERFN]XMDJHQ
/HLGHUHUIROJORV%HLGHU5FNNHKUYRQGHU-DJGZLUGLKPGDV
6LQDL)UHPGHQEXFKYRUJHOHJWLQGDVHUVHLQHQ1DPHQ
HLQVFKUHLEW'HU 1DPHYRULKPZDU(GZDUG+HQU\3DOPHU

(GZDUG+HQU\3DOPHUJHERUHQ]X&DPEULGJH
DXVJH]HLFKQHWHU2ULHQWDOLVWQDKPXQGWHLODQGHU]XU
(UIRUVFKXQJGHV6LQDLJHELHWHVHQWVHQGHWHQHQJOLVFKHQ([SHGLWLRQ
%DOGQDFKVHLQHU5FNNHKUQDFK(QJODQGZXUGHHUDQGHU
&DPEULGJHU8QLYHUVLWlW]XP3URIHVVRUGHV$UDELVFKHQHUQDQQW
EHUQDKPHULP$XIWUDJHGHUHQJOLVFKHQ5HJLHUXQJHLQH
JHKHLPH0LVVLRQLQGLH:VWH|VWOLFKYRP6XH]NDQDOPLWGHP
=ZHFNHGLHGRUWKDXVHQGHQ%HGXLQHQVWlPPHEHLGHP
EHYRUVWHKHQGHQ.ULHJHLQbJ\SWHQ JHJHQ$UDEL%H\ IU(QJODQG
]XJHZLQQHQ6HLQH%HPKXQJHQZXUGHQDXFKDQIDQJVYRQ(UIROJ
JHNU|QWELVHUHLQHU$Q]DKO%HGXLQHQGLH]XGHQ$QKlQJHUQ
$UDEL%H\VJHK|UWHQLQGLH+lQGHILHO'LHVHVFKOHSSWHQLKQXQG
VHLQH]ZHL%HJOHLWHULQGLH)HOVVFKOXFKWDP*HEHO%LVFKUXQG
IRUGHUWHQKLHUDOOHGUHLDXIVLFKYRQGHU+|KHGHV)HOVHQVLQGLH
6FKOXFKW]XVWU]HQ3DOPHUXQGHLQHUVHLQHUHQJOLVFKHQ
*HIlKUWHQJHKRUFKWHQGHUDQGHUH]RJHVYRUVLFKHLQH.XJHO
GXUFKGHQ.RSI]XMDJHQ'LHV(UHLJQLVODJHUVWXPGUHL0RQDWH
]XUFNXQGGLH6LQDLUHLVHGHV3ULQ]HQZDUGHVKDOEDOVJHIDKUYROO
DQJHVHKHQXQGYRQYHUVFKLHGHQHQ6HLWHQKHUDEJHUDWHQZRUGHQ
)HEUXDU$EVWLHJYRP6LQDL
)HEUXDU'HVJOHLFKHQ8PIQI8KUZLUGGDV/DJHUDQJHVLFKWV
GHV6HUEkODXIJHVFKODJHQLQGHPHLQLJH)RUVFKHUGHQ
ELEOLVFKHQ6LQDLYHUPXWHQ%HLP/DJHUIHXHUEHJLQQWPDQDXVGHU
%LEHOYRU]XOHVHQXQG]ZDUGLH6WHOOHZRGHUGLHVHQ7HLOGHV6LQDL
EHUKUHQGH=XJGHU-XGHQEHVFKULHEHQZLUG
)HEUXDU 'HU$EVWLHJZLUGIRUWJHVHW]W0DQSDVVLHUWGDV:DGL
0DJKkUD$QGHQ)HOVZlQGHQ%LOGHUXQG,QVFKULIWHQ GLHlOWHVWHQ



9RQGLHVHP7DOGHU,QVFKULIWHQZLHPDQ
VQHQQW]ZHLJWHLQ6HLWHQWDO
HLQH6FKOXFKWDELQGHUYRQELVHLQHKHPDOLJHUVFKRWWLVF KHU
0DMRUQDPHQV0DFGRQDOGLQHLQHPVHOEVWJHEDXWHQ+DXVHZRKQWHXP
GLHVFKRQGHQDOWHQbJ\SWHUQEHNDQQWHQ7UNLVPLQHQGLHVHU*HJHQGHQ
DXV]XEHXWHQXQGDXIGHQHXURSlLVFKHQ0DUNW]XEULQJHQ'DV*HVFKlIW
OLHVLFKDQIDQJVJXWDQOHLGHUDEHUHUZLHVHQVLFK VSlWHUGLHRIW
IDXVWJURHQ6WFNHGHV(GHOVWHLQVDOVXQHFKWLQGHU)DUEHGHQQVLH
YHUORUHQEDOGLKUHQ*ODQ]XQGGDV+LPPHOEODXGDVGHQHFKWHQ7UNLV
DXV]HLFKQHW'DV+DXVGHV0DMRUVGHVVHQGLH%HGXLQHQQRFKMHW]WDOV
LKUHV:RKOWlWHUVJHGHQNHQVWHKWDO VHLQH5XLQHGD

DXVGHU=HLWGHUGULWWHQ'\QDVWLH'LHVH,QVFKULIWHQVLQGYRQ
JURHUJHVFKLFKWOLFKHU%HGHXWXQJVLH]HLJHQXQVGLHlOWHVWHQ
.|QLJHGHUlJ\SWLVFKHQ*HVFKLFKWH6HQRIUX GULWWH'\QDVWLH 
&KHRSV(UEDXHUGHUJURHQ3\UDPLGHYRQ*L]HK YLHUWH
'\QDVWLH XQGQDFKLKQHQGLH3KDUDRQHQGHUIQIWHQXQG
VHFKVWHQ'\QDVWLHELVDXIGHQODQJOHELJHQ.|QLJ3HSL ,DOV
hEHUZLQGHUGHUlOWHVWHQ%HZRKQHUGHU6LQDLKDOELQVHO
)HEUXDU:HLWHUHU$EVWLHJ'HU3DGHU6FKZHUWVSLW]HZLUG
SDVVLHUW=XOHW]WHLQ)HOVHQWRUXQGGDV0HHUOLHJW]X)HQ$P
DEHQGVZLUGGDV0HHUHUUHLFKW
)HEUXDU(UVW0DUVFKDP0HHU'DQQODQGHLQZlUWVELHJHQG
GXUFK:VWHQHLHQDXI6XH]]X
XQG )HEUXDU:HLWHUPDUVFKLP)ODFKODQG$PZLUG
6XH]HUUHLFKW+LHUVFKOLHWVLFKGHULQ]ZLVFKHQYRQ%HUOLQDXVPLW
%ULHIHQXQG0HOGXQJHQHLQJHWURIIHQH5LWWPHLVWHU%DURQ0DOW]DKQ
HUVWHU$GMXWDQWGHV3ULQ]HQGHP5HLVH]XJHDQ'HU3ULQ]JHKWDQ
%RUGGHV&\NORS
)HEUXDU)DKUWDXIGHP6XH]NDQDOYRQ6XH]QDFK,VPDLODXQG
3RUW6DwG
)HEUXDU)DKUWYRQ3RUW6DwGQDFK-DIID
)HEUXDU)RUWVHW]XQJGHU)DKUW8PYLHU8KU$QNXQIWDXIGHU
5HHGHYRQ-DIID=ZHLK|KHUHWUNLVFKH2IIL]LHUH$GMXWDQWHQGHV
*URKHUUQLQ6WDPEXO2EHUVW$FKPHG%H\XQG0DMRU,VPDHO%H\
VWHOOHQVLFKGHP3ULQ]HQYRUXQGVSUHFKHQLKPLQJHOlXILJVWHP
)UDQ]|VLVFKGLH%LWWHGHV*URKHUUQDXVGDHU GHU3ULQ] 
JHUXKHQZROOHGLH*DVWIUHXQGVFKDIW6HLQHU0DMHVWlWZlKUHQG
VHLQHV$XIHQWKDOWHVDXIGHP*HELHWHGHVWUNLVFKHQ5HLFKHV
KXOGYROOVWDQ]XQHKPHQ$OOHVVWlQGH]XPVRIRUWLJHQ$XIEUXFK

QDFK-HUXVDOHPEHUHLWXQG6HLQH.|QLJOLFKH+RKHLWKDEHQXUGLH
%HIHKOH]XJHEHQ
'LH:HLWHUUHLVHYRQ-DIIDQDFK-HUXVDOHPHUIROJW]X:DJHQLQ
%HJOHLWXQJWUNLVFKHU/HLEJHQGDUPHULH8QWHUZHJVVLHKWVLFKGHU
3ULQ]YRQHLQHU*UXSSH5HLWHUEHUKROWGLHVLFKLKPDOV
ZUWWHPEHUJLVFKH7HPSOHUDQVlVVLJLQ3DOlVWLQDYRUVWHOOHQXQG
XPGLH(KUHELWWHQLKPDXFKLKUHUVHLWVELV-HUXVDOHPGDV*HOHLW
JHEHQ]XGUIHQ'HU3ULQ]OHKQWHVDEHUGDQNHQGDEXQWHU
+LQZHLVDXIVHLQHWUNLVFKH%HJOHLWXQJ
)HEUXDU'HU3ULQ]WULIIWYRU-HUXVDOHPHLQ


,Q%HJOHLWXQJGHUEHLGHQWUNLVFKHQ2IIL]LHUHEHIDQGVLFKDXFKHLQ
9HUSIOHJXQJV  XQG5HLVH *HQHUDOGLUHNWRUYRQGHP%UXJVFKHLQHJDQ]
YRU]JOLFKH6FKLOGHUXQJJLEW,FKHQWQ HKPHGHUVHOEHQIROJHQGHV(U
GHPGLH$GMXWDQWHQGHV6XOWDQVGLHYROOH$XVUVWXQJXQG9HUSIOHJXQJ
GHUSULQ]OLFKHQ.DUDZDQHEHUWUDJHQKDWWHQZDUHLQFKULVWOLFKHU6\ULHU
6HLQHU$EVWDPPXQJQDFKGHP/DQGHGHU3KLOLVWHU]XJHK|ULJQDQQWHHU
VLFKDXIVHLQHU 9LVLWHQNDUWHWURW]DOOHGHP$OH[DQGHU+RZDUGRGHU
0RQVLHXU$OH[DQGUH(QWUHSUHQHXUHW'LUHFWHXUJpQpUDOH:LHGLH
PHLVWHQ/HXWHVHLQHV6FKODJHVVSUDFKHUDOOHP|JOLFKHQ6SUDFKHQZDU
GDEHLVWDUNXQGYRQHLVHUQHU*HVXQGKHLW(LQVFKZDU]HU9ROOEDUW
XPUDKPWHVHLQU|WOLFKOHXFKWHQGHV9ROOPRQGJHVLFKWPLWGHQIUHXQGOLFK
OlFKHOQGHQ=JHQ(UZDUGHUHUVWHDXIGHQ%HLQHQXQGGHUOHW]WHLP
%HWW:lKUHQGGHV0DUVFKHVJDORSSLHUWHHULQXQVLQQLJHU+DVWQHEHQGHQ
3IHUGHYHUPLHWHUQHLQKHU,QKRKHQ5HLWHUVWLHIHOQPLWP lFKWLJHQ6SRUHQ
LP%HGXLQHQPDQWHOXQGPLWGHUV\ULVFKHQGXQNOHQ.RSIEHGHFNXQJ
3LVWROHQLP*UWHOGLH1LOSIHUGSHLWVFKHRGHUGHQ.XUEDGVFKLQGHU
5HFKWHQVRIORJHUDQXQVYRUEHUXQGVHLQ$GOHUEOLFNHUNDQQWHLP1X
ZRVHLQH*HJHQZDUWQRWWDW'DV)UKVW FNV]HOWZDUGXPGLH0LWWDJV]HLW
DXIJHVFKODJHQ0U $OH[DQGUHHUVFKLHQGDQQLQGHU7UDFKWHLQHV
WUNLVFKHQ(IIHQGLGDVKHLWLQVFKZDU]HP6WDPEXOLQPLWURWHP)H]LQ
ZHLHU%LQGHXQGPLWZHLHQ+DQGVFKXKHQ(UEHUVDKPLWZRKOJHIlOOLJ 
SUIHQGHP%OLFNGLH UHLFKJHGHFNWH7DIHOKDOIMHGHUPDQJHOKDIWHQ
%HGLHQXQJVRIRUWDEXQGVFKlW]WHVLFKJOFNOLFK6HLQHU.|QLJOLFKHQ
+RKHLWVHOEHUVHUYLHUHQ]XGUIHQ8QGQXQHUVWDP$EHQGZHQQGLH
5HLVHJHVHOOVFKDIWDQGHU0LWWDJVWDIHOYHUVDPPHOWZDUXQG/DPSHQXQG
.DQGHOD EHULKUHQ*ODQ]VFKLPPHUGXUFKGDVODQJH=HOWYHUEUHLWHWHQ
0U $OH[DQGUHSUlVHQWLHUWHVLFKGDQQDOVYROOHQGHWHU6DORQPHQVFKLQ
VFKZDU]HP/HLEURFNXQGZHLHU%LQGHGD]XZHLH:HVWHXQG
IXQNHOQDJHOQHXH*ODQ]VWLHIHODOOHVZLHIHUWLJIUGHQ%DOO$OOHVLQD OOHP
KDWVLFK0U $OH[DQGUHXPGLH5HLVHGHV3ULQ]HQZRKOYHUGLHQWJHPDFKW
XQGVHLQH:DKOYRQVHLWHQGHU$GMXWDQWHQGHV6XOWDQVZDUVLFKHUOLFK
NHLQHVFKOHFKWH,QVHLQHUIUKHVWHQ-XJHQGHLQWROOHU.RSIKDWWHHU
GDPDOVLQ*HPHLQVFKDIWPLWHLQHPIUDQ]|VLV FKHQ$EHQWHXUHU3DOP\UD
HUREHUQXQGHLQQHXHV.|QLJUHLFKKHUVWHOOHQZROOHQ

9,P+HLOLJHQ/DQGH
)HEUXDU'HU3ULQ]KlOWGXUFKGDV7RUYRQ-DIIDVHLQHQ(LQ]XJ
LQ-HUXVDOHPhEHUVHLQHU8QLIRUPWUlJWHUGHQ-RKDQQLWHUPDQWHO
%DOGDEHUVWHLJWHUYRP 3IHUGHXPGHQ:HJ]XU*UDENLUFKH ]X
)X]XPDFKHQ'LH*HLVWOLFKNHLWHPSIlQJWLKQDP3RUWDO'DV
*RWWHVKDXVZDUGXUFK+XQGHUWHYRQ*DVODPSHQHUOHXFKWHWGHUHQ
K|FKVWHU*ODQ]VLFKDXIGLHUHLFKJHVFKPFNWH6WlWWHGHV+HLOLJHQ
*UDEHVHUJR5FNNHKULQGDV PLWWOHUZHLOHYRUGHP7RUYRQ
'DPDVNXVDXIJHVFKODJHQH=HOWHQODJHU
)HEUXDU'HU3ULQ]XQGVHLQH%HJOHLWHUHPSIDQJHQGDVKHLOLJH
$EHQGPDKOLQGHU.DSHOOHGHV0XULVWkQGHPDOWHQ
:RKQJHElXGHGHU5LWWHUYRP6SLWDO -RKDQQLWHU 
)HEUXDU$XIEUXFK YRQ-HUXVDOHP8PQHXQ8KUIUKVDGHU
3ULQ]LP6DWWHO=XJXWHU6WXQGHZLUG%HWKOHKHP HUUHLFKWGHVVHQ
+lXVHUVWHLQHUQHQ%XUJHQXQG.DVWHOOHQJOHLFKHQ%HVXFKGHU
0DULHQNLUFKHGDUDXIXQWHU)KUXQJGHVJULHFKLVFKHQ%LVFKRIV
$QWLPRV%HVXFKGHU)HOVJURWWHGHU*HEXUWVNDSHOOHXQGGHU
.ULSSHGHV+HLODQGV1DFKWTXDUWLHUGUDXHQLP/DJHU
)HEUXDU$XIEUXFK)UKVWFNDP7RWHQ0HHU'DV0HQX ODJLQ
*ROGGUXFNDXIGHU7DIHOGHV3ULQ]HQXQGKDWWHGLH$XIVFKULIW
$ OD0HU0RUWHOH )pYULHU&DPSHPHQWGH6 $ 5OH
3ULQFH)UpGpULF&KDUOHVGH3UXVVH9RP7RWHQ0HHUQDFK
-HULFKR$XIGHQ7UPPHUQGHVDOWHQ-HULFKRZLUGGDV/DJHU
DXIJHVFKODJHQ
)HEUXDU)RUWVHW]XQJGHU5HLVHELV]XP'RUI$EGHO.DGHU
/DJHU
)HEUXDU$XIEUXFK]XIUKHU6WXQGH(UVWH5DVWDP
-DNREVEUXQQHQ'DQQELV]XU6WDGW1DEXOXVGHPDOWHQ6LFKHP
GHU%LEHO1DEXOXVLVWEHNDQQWGXUFKVHLQH6HLIHQIDEULNDWLRQ
WURW]GLHVHUKHUUVFKWLQGHPDOWELEOLVFKHQ2UWHLQXQJODXEOLFKHU
6FKPXW]
)HEUXDU:HLWHUPDUVFKJHQ1RUGHQ6DPDULD ZLUGSDVVLHUW
/DJHUEHL'MHQLQ9RP5HJHQDXIJHZHLFKWHU%RGHQHLQH
HQWVHW]OLFKH6FKPXW]ODFKH1XUGHU3ULQ]EOHLEWKHLWHUXQGJXWHU
'LQJH

)HEUXDU0LWWDJVUDVWLQ6XOHP3DVVLHUXQJGHUJURHQ(EHQH
YRQ(VGUHORQ'DQQEHUJDXI$OVGHU=XJZLHGHUQLHGHUVWLHJ
ZXUGH1D]DUHWK VLFKWEDU%DOGGDQDFKJLQJHLQ:RONHQEUXFK
QLHGHU*RWWVHL'DQNGDV3LOJHUKDXVGHVODWHLQLVFKHQ.ORVWHUV
GLHVRJHQDQQWH&DVDQXRYDIRUHVWHULDLVWLQ6LFKWXQGGLH
7RUKDOOHHPSIlQJWGLHWULHIHQGHQ5HLVHQGHQ'LHQVWIHUWLJH
.ORVWHUEUGHULQEUDXQHU0|QFKVNXWWHWXPPHOQVLFKLQ
JHVFKlIWLJHU+DVWXPGHQ3ULQ]HQXQGVHLQH%HJOHLWHULQGLH
NOHLQHQDEHUZRKQOLFKHQXQGVDXEHUHQ*HPlFKHU]XIKUHQ(LQ
RULHQWDOLVFKHV0DQJDOHLQPlFKWLJHVEODQNHV.XSIHUEHFNHQYROO
JOLPPHQGHU+RO]NRKOHQYHUEUHLWHWHLQHZRKOWXHQGH:lUPHLP
=LPPHUGHV3ULQ]HQGHUVHLQH*HWUHXHQ]XVLFKEHUXIWXPGLH
YHUNODPPWHQ*OLHGHU]XGXUFKZlUPHQ6FKZLHULJHUZDUHVGLH
GXUFKZHLFKWHQ.OHLGHUXQG0lQWHOZLHGHUDXV]XWURFNQHQDEHUGHU
IUHXQGOLFKH*UREVFKPLHGLQGHU1lKHGHU&DVDEHOXGVLFKPLW
GLHVHU6RUJHXQGGLH(VVHVSUKWH)HXHUXQG)XQNHQXPGLH
HLQJHVRJHQH)HXFKWLJNHLWDXVGHQGDPSIHQGHQ6WRIIHQXQG
.OHLGHUQKHUDXV]XWUHLEHQ'DVE|VH:HWWHUVHW]WHVHLQ:WHQ
IRUWDEHUGLH1DFKWLQ1D]DUHWKLPZDUPHQWURFNHQHQ
+LPPHOEHWWZLUGXQYHUJHOLFKEOHLEHQ
)HEUXDU:LHGHU5HJHQ'HU3ULQ]EOHLEWDOV*DVWLP.ORVWHU
XQGIDWGHQ(QWVFKOXEHU%HLUXWXQG'DPDVNXVQDFK3DOP\UD
]XJHKHQ

9,,Q3K|QL]LHQXQG6\ULHQ
0lU]$XIEUXFKYRQ1D]DUHWK$XIGHU+|KH]HLJWHVLFKHLQ
OLHEOLFKHV%LOG$P0DULHQEUXQQHQVWDQGHQ)UDXHQXQG
0lGFKHQXPLKUHURWHQ7RQNUJHPLWGHPNODUHQ:DVVHUGHU
HLQ]LJHQ 4XHOOHGHV2UWHV]XIOOHQ'LH/HJHQGHGDHLQVWKLHU
-HVXVXQGVHLQH0XWWHUJHVHVVHQLVWGHVKDOEPHKU DOV
ZDKUVFKHLQOLFK,P.RQYHQWGHU6RHXUVUHOLJLHXVHVZLUG$EVFKLHG
YRP*HOREWHQ/DQGHJHQRPPHQ3K|QL]LHQ EHJLQQW
1DFKWTXDUWLHULP*RXYHUQHPHQWVKDXV]X$NND0FNHQ XQG
0XVNLWRSODJH
0lU]$XIEUXFK1DFKQHXQVWQGLJHP5LWWDQGHUSK|QL]LVFKHQ
.VWHKLQZXUGH7\UXVHUUHLFKW+LHUHUIXKUPDQGDGHULQIROJH
GHU6FKQHHVFKPHO]HXQJHZ|KQOLFKKRKH:DVVHUVWDQGGHV)OXVVHV
/LWkQL IUKHU/HRQWHV GLH:HLWHUUHLVHXQP|JOLFKPDFKHQZHUGH
=XJOHLFKLQGHVKLHHV'HU3RVWERWHVHLGXUFKJHNRPPHQ'HU
3ULQ]ODFKWH,VWHLQ3RVWERWHGXUFKJHNRPPHQZHUGHQZLU
V
DXFK6RZXUGHGLH:HLWHUUHLVHEHVFKORVVHQ
0lU]$XIEUXFKYRQ7\UXVQDFK6LGRQ'LH6FKZLHULJNHLWHQGLH
GHU/LWkQLERWZDUHQLQGHU7DWJUR'HU3ULQ]HLQHQ
EHUVFKlXPWHQVFKPDOHQ6WHLQZHJEHQXW]HQGNDPKLQEHUVHLQ
.DPPHUGLHQHU*RHU]DEHUZXUGHYRQGHU)OXWZHJJHULVVHQXQG
QXUZLHGXUFKHLQ:XQGHUJHUHWWHW'DVJOHLFKH6FKLFNVDOKDWWHQ
PHKUHUH3HUVRQHQDXVGHP*HIROJH'HQDEHQGVWUDIPDQLQ
6LGRQ 6DwGD HLQ
0lU]9RQ6LGRQQDFK%HLUXW$QNXQIWDP6SlWQDFKPLWWDJ0DQ
VDKVRIRUWGD%HLUXW QDKDQ  (LQZRKQHU QLFKWQXU
6LGRQXQG7\UXVEHUIOJHOWVRQGHUQVLFKEHUKDXSW]XPHUVWHQ
+DQGHOVRUWGLHVHU*HJHQGHQHUKREHQKDW%HLUXWLVWLQlKQOLFKHU
:HLVHIUDQ]|VLVFKZLH.DLURXQGJDQ]8QWHUlJ\SWHQHQJOLVFKLVW
'LH)UDQ]RVHQVLQGJHZLOOWVLFKKLHUDQGHUV\ULVFKSK|QL]LVFKHQ
.VWHIUGHQ9HUOXVWYRQbJ\SWHQVFKDGORV]XKDOWHQ
0lU]5XKHWDJLQ%HLUXWLP+{WHOG
2ULHQW'HU3ULQ]WULWWLQ
%H]LHKXQJHQ]XGHPWUNLVFKHQ*RXYHUQHXU5XVWHP3DVFKD
1XUHLQ]HOQH=HGHUQVDJWH5XVWHP3DVFKDVWHKHQDXIGHP
/LEDQRQ,FKKDEHHLQHMHGHPLWHLQHU0DXHUXPJHEHQODVVHQGD
GLH5HLVHQGHQVLFKQLFKWVFKHXWHQLKU/DJHUIHXHUDP)XLKUHU
6WlPPHDQ]X]QGHQXQGPHKUHUHLQIROJHGHVVHQDEVWDUEHQ

0HLQH9HUVXFKHGLHMXQJHQ6SURVVHQKLHUKHUQDFKGHPJURHQ
*DUWHQYRQ%HLUXW]XYHUSIODQ]HQVFKHLWHUWHQPHKUHUH0DOH(UVW
GLH%HREDFKWXQJGDVLHJHQDXQDFKGHUVHOEHQ+LPPHOVULFKWXQJ
GHUVLHIUKHU]XJHNHKUWZDUHQVWHKHQPVVHQIKUWH]XHLQHP
JQVWLJHQ5HVXOWDWH6LHNRPPHQMHW]WIRUWGDHVHLQH)UHXGH
LVW-DPDQPXHEHQGLHVFKZDFKHQ6HLWHQGHU%lXPHZLHGHU
0HQVFKHQNHQQHQXPVHLQH+RIIQXQJHQDXILKUHJXWH=XNXQIW
QLFKWIDOOHQ]XODVVHQ'DQQVSUDFK5XVWHP3DVFKDEHUGLH
'UXVHQXQG0DURQLWHQXQGVFKOR)UGLH|IIHQWOLFKH6LFKHUKHLW
KDEHLFKLQGHQODQJHQ-DKUHQPHLQHU9HUZDOWXQJGDV
0HQVFKHQP|JOLFKHJHOHLVWHW0DURQLWHQXQG'UXVHQOHEHQ
JHJHQZlUWLJLQ)ULHGHQXQG5XKHQHEHQHLQDQGHUXQGHLQH)UDX
RGHUHLQ.LQGNDQQGHV1DFKWVVLFKHUHUGXUFKGHQ/LEDQRQJHKHQ
DOVGXUFKGLH6WUDHQYRQ3DULV:HQQPDQJHJHQZlUWLJYRQ
8QUXKHQLQPHLQHP'LVWULNWHVSULFKWVRLVWGDV9HUOHXPGXQJ,Q
VXPPDLFKKDEHPHLQH6FKXOGLJNHLWJHWDQLFKJHK|UHQLFKW]XU
.ODVVHMHQHU2ULHQWDOHQGHQHQDOOHVJOHLFKJLOWLJLVW
0lU]'HVJOHLFKHQ5XKHWDJLQ%HLUXW2EHUVWYRQ1DW]PHUVHLW
:RFKHQYRQHLQHPKHIWLJHQ$QIDOOYRQ,VFKLDVJHSODJWWUHQQWVLFK
YRP3ULQ]HQXQGGHU5HLVHJHVHOOVFKDIWGHVVHOEHQXQGNHKUWDXI
GHPYRQ.RQVWDQWLQRSHOHLQWUHIIHQGHQ/OR\GGDPSIHU QDFK7ULHVW
XQG'HXWVFKODQG]XUFN
0lU]$XIEUXFK8KUIUKYRQ%HLUXWQDFK'DPDVNXV
IQI]HKQGHXWVFKH0HLOHQ0DQEHQXW]WGLHIUDQ]|VLVFKH'LOLJHQFH
GLHGLH/LEDQRQDXVOlXIHU]XSDVVLHUHQKDWXQGWULIIWEHLP
'XQNHOZHUGHQLQ'DPDVNXVHLQ
0lU]%HVXFKGHV3ULQ]HQEHL$EGHO.DGHU$EGHO.DGHUV
$XJHQOHXFKWHWHQDOVLKPGHU3ULQ]HQWJHJHQJLQJXQGVHLQH
EHLGHQ+lQGHZLHGLHHLQHVDOWHQ)UHXQGHVHUJULII$EGHO.DGHU
PDFKWHGHQ(LQGUXFNHLQHVYROOVWlQGLJHQ*UHLVHVXQGZLUNWHZLH
HLQEHWDJWHV0LWJOLHGGHUJHOHKUWHQ.ODVVHGHU8OHPDV'DV
NOHLQHIDOWLJHU|WOLFKH*HVLFKWYRQHLQHPNXU]JHVFKQLWWHQHQ
ZHLHQ%DUWXPUDKPW]HLJWHHLQHQIHLQJHIRUPWHQ0XQGPLW
YROO]lKOLJHU=DKQUHLKHXQGHLQHDTXLOLQH1DVH'LHEOlXOLFKJUDXHQ
$XJHQOHXFKWHWHQPLWHLQHPVFKLOOHUQGHQ0DWWKDIWHWHQDEHUPLW
HLJHQWPOLFKHU6FKlUIHDQGHQ%OLFNHQGHVPLWLKP5HGHQGHQ
6HLQ*DQJZDUGHUHLQHVHUPGHWHQ*UHLVHVODQJVDPQXUVFKOLFK
HUXPKHUXQGVHLQH+lQGHZDUHQEHVWlQGLJLQHLQHUOHLVH
]LWWHUQGHQ%HZHJXQJ'LH8QWHUKDOWXQJGHV(PLUVEHJDQQPLW

K|IOLFKHQ%HJUXQJHQYROOMHQHUIHLQHQ:HQGXQJHQZLHVLHGHP
JHELOGHWHQ2ULHQWDOHQHLJHQVLQG'HU3ULQ]VHLQHUVHLWVEHPHUNWH
GDHUYRUODQJHQ-DKUHQEHLHLQHU5HLVHGXUFK)UDQNUHLFKGDV
6FKORYRQ$PERLVHEHVXFKWKDEHXPGLH *HPlFKHU]XVHKHQLQ
ZHOFKHQGHU(PLUHLQVWVHLQHQ:RKQVLW]DXIJHVFKODJHQKDWWH
$EGHO.DGHUOlFKHOWHYHUOHJHQDOVVHLLKPGLH(ULQQHUXQJGDUDQ
HLQHVFKPHU]OLFKH6WDWWDOOHU$QWZRUWGDUDXIHUJULIIHUGLH+DQG
GHV3ULQ]HQXQGOHJWHVLHZLHGLHHLQHVOLHEHQ)UHXQGHVLQGLH
VHLQLJH7URW]VHLQHVKRKHQ$OWHUVEHZLHVGHU(PLUHLQ
DXVJH]HLFKQHWHV*HGlFKWQLVXQGHULQQHUWHVLFK]XP%HLVSLHOPLW
DOOHQQXUP|JOLFKHQ(LQ]HOKHLWHQGHUHUODXFKWHQ3HUVRQGHV
.URQSULQ]HQPLWGHPHUEHL*HOHJHQKHLWGHU(U|IIQXQJGHV
6XH]NDQDOVLQbJ\SWHQUHGHQ]XGUIHQGLH(KUHJHKDEWKDEH
-HGHV*HVSUlFKZHOFKHVDXIGLH(UHLJQLVVHGHVOHW]WHQJURHQ
.ULHJHV)UDQNUHLFKVJHJHQ'HXWVFKODQGHLQ6WUHLIOLFKWKlWWH
ZHUIHQN|QQHQYHUPLHGHUPLWSHLQOLFKHUbQJVWOLFKNHLW
$QGHUWKDOE6WXQGHQ VSlWHUPDFKWHGHU(PLUGHP3ULQ]HQVHLQHQ
*HJHQEHVXFKEHZHJWHVLFKKLHUEHLIUHLHUXQGGLHELVGDKLQ
JH]HLJWH6FKFKWHUQKHLWZDUJHZLFKHQHUVSUDFKYRQVHLQHQ
6WXGLHQXQGQDPHQWOLFKDXFKGDYRQZLHVFKZHUHVLKPZHUGH
GHQ8QWHUKDOWIUVHLQHLKPLQGLH 9HUEDQQXQJJHIROJWHQ)UHXQGH
 DXI]XEULQJHQ'HU$EVFKLHGZDUGHUGHQNEDUKHU]OLFKVWH
'HU3ULQ]NWHGHQ(PLU]ZHLPDOXQGZQVFKWHLKPHLQODQJHV
XQGJOFNOLFKHV$OWHU9LHOOHLFKWHLQ:LHGHUVHKHQLQ
'HXWVFKODQG$EGHO.DGHUGDQNWHJHUKUW0HLQ QlFKVWHV
5HLVH]LHOZLUGHLQDQGHUHVVHLQGHQQLFKIKOHGDPHLQH7DJH
JH]lKOWVLQG0|JHGHU6HJHQ*RWWHVDOOH]HLWDXI(XUHU
.|QLJOLFKHQ+RKHLWUXKHQ

9,,9RQ'DPDVNXVQDFK3DOP\UD
=XUFNQDFK%HLUXW
0lU]:lKUHQGGHV$XIHQWKDOWVLQ'DPDVNXVKDWWHVLFKGHU
3ULQ]VFKOVVLJJHPDFKWWURW]DOOHU8QELOOGHV:HWWHUVGLHQDFK
3DOP\UDJHSODQWH5HLVHZLUNOLFKDQ]XWUHWHQ9L]HNRQVXO.DXIPDQQ
/WWLFNH ]X'DPDVNXVGHU3DOP\UDYRQHLQHPIUKHUHQ%HVXFKH
KHUVFKRQNDQQWHVWHOOWHVLFKGHP3ULQ]HQ]XU9HUIJXQJXQG
EHUQDKPGLH)KUXQJ$PIUKEUDFKPDQDXI:LUZDUHQ
 0HQVFKHQ GDUXQWHU 7VFKHUNHVVHQXQGNXUGLVFKH5HLWHU 
XQG 7LHUH'HQHUVWHQ*UXEUDFKWHQXQVVHFK]HKQLQ
UDVHQGHP*DORSSEHUGLH(EHQHGDKHUMDJHQGH%HGXLQHQLKUHQ
6FKHLFKDQGHU6SLW]H(LQEUDXQXQGZHLJHVWUHLIWHU%XUQXV
XPKOOWGHQ.|USHUDXVGHU9HUPXPPXQJGHV.RSIHVVFKDXWHLQ
GXQNHOEUDXQHV*HVLFKWPLWPDUWLDOLVFKHP6FKQXUUEDUWGLH
QDFNWHQ%HLQHVWHFNHQLQXQEHKLOIOLFKHQ6WLHIHOQXQGHLQH
GUHL]HKQELVYLHU]HKQ)XODQJH/DQ]HZLUGLQGHQ+lQGHQ
JHVFKZXQJHQ,KUH5RVVHGXUFKZHJ6WXWHQVLQGYRQNOHLQHP
%DX0DQNDPELV]XGHP/HKPGRUIH4XWDLIHZRPDQODJHUWH
0lU])RUWVHW]XQJGHU5HLVH:LUNDPSLHUWHQLQGHU:VWH
KDUWQHEHQHLQHU5XLQHGLHGHQ1DPHQ&KDQHODKPDUIKUWH$OV
GLH1DFKWEHUGLH:VWHKHUHLQJHEURFKHQZDUYHUDQVWDOWHWH
0U $OH[DQGUHHLQH6RLUpHGDQVDQWH8QWHUGHU%HOHXFKWXQJYRQ
]ZHLPLWEUHQQHQGHQ+RO]VFKHLWHQDQJHIOOWHQ)DFNHOVWlQGHUQ
GHUHQ)ODPPHQGLH5XLQHPLWHLQHPURWHQ6FKLPPHUEHU]RJHQ
WUDWHQDOOHQLFKWHXURSlLVFKHQ0LWJOLHGHUGHU([SHGLWLRQYRQGHQ
7VFKHUNHVVHQELV]XGHQ/LEDQHVHQ]XP7DQ]HDQXPLKUH
1DWLRQDOWlQ]HXQG*HVlQJH]XPEHVWHQ]XJHEHQ6RWDQ]WHQXQG
VDQJHQGLH8UDKQHQGHUKHXWLJHQ9|ONHUDXIGHU:HVWVHLWHGHV
JURHQ DVLDWLVFKHQ(UGWHLOVEHUHLWVYRU7DXVHQGHQYRQ-DKUHQ
XQGZHQQQXQMHW]WGLHIODPPHQGHQ+|O]HU]XHUO|VFKHQGURKWHQ
XQGGLH6lQJHUXQG7lQ]HUQDFK/LFKWULHIHQJRVVHQLKUH
.DPHUDGHQJDQ]H)ODVFKHQYROO3HWUROHXPLQGLHJOLPPHQGHQ
.RKOHQKLQHLQ=XOHW]WHUVFKLHQHLQV\ULVFKHU'LHQHU
0U $OH[DQGUHVHLQZDKUHU9LUWXRVHXQGHQWORFNWHGHUV\ULVFKHQ
'RSSHOIO|WHGLHZXQGHUYROOVWHQ:HLVHQ
0lU]:HLWHUPDUVFK1DFKWTXDUWLHULQGHP-DJG XQG
:VWHQGRUIH4DULDWrQ'HU6FKHLFKYRQ4DULDWrQHUVFKHLQWXP
GHQ3ULQ]HQLP/DJHU]XEHJUHQ

0lU]:HLWHUPDUVFK'HU:VWHQZLQGQLPPWGHQ&KDUDNWHU
HLQHV2UNDQVDQXQGDOVPDQVLFKLPJURHQ=HOW]XU
0LWWDJVWDIHOVHW]HQZLOOEULFKWDOOHVXQWHUGHP6WXUP]XVDPPHQ
'DV1DFKWTXDUWLHUDQGHU4XHOOHGHU6WHLQE|FNHZDUYRQ
JOHLFKHP&KDUDNWHU6FKUHFNOLFKH6WXQGHQ
0lU]:HLWHUPDUVFK8QHUWUlJOLFKH6WDXEZRONHQ.HLQ
=HOWDXIVFKODJHQP|JOLFKHEHQVRZHQLJ+HUULFKWXQJHLQHU
RUGHQWOLFKHQ0DKO]HLW6SlWQDFKPLWWDJNDP3DOP\UD LQ6LFKW'HU
3ULQ]YHUVDPPHOWHVHLQH%HJOHLWHUXPVLFKXQGVDJWHZlKUHQGHU
QDFKGHP7UPPHUIHOGHKLQEHUZLHV(VLVWHLQ-XJHQGWUDXP
GHUPLULP$OWHULQ(UIOOXQJJHKW$OVLFKQRFKHLQNOHLQHU.QDEH
ZDUHPSILQJLFKHLQPDOHLQ%LOGHUEXFK]XP*HVFKHQNGDVXQWHU
DQGHUHQ'DUVWHOOXQJHQDXFKGLHGHU5XLQHQYRQ3DOP\UDHQWKLHOW
'LH$EELOGXQJXQGGHUSRHWLVFKH1DPHIHVVHOWHQPHLQH
$XIPHUNVDPNHLWGHUPDHQGDPLFKHLQHZDKUH6HKQVXFKW
SODJWHGHUHLQVWPLWHLJHQHQ$XJHQGLH:XQGHUYRQ3DOP\UD]X
VHKHQ0HLQJDQ]HV/HEHQKLQGXUFKKDEHLFKGDV%LOGQLFKWDXV
GHP*HGlFKWQLVYHUORUHQXQGVWHWVGHQ:XQVFKJHKHJWGHQ
-XJHQGWUDXPZDKU]XPDFKHQ6RQDKHGHP=LHOELQLFK
KRFKHUIUHXWGLH:LUNOLFKNHLWPLWGHP,GHDOHPHLQHU.LQGKHLW
YHUJOHLFKHQ]XN|QQHQ
*HJHQVLHEHQZDUPDQGDXQGGLH5HLWHUVWLHJHQYRQLKUHQ
3IHUGHQXPEHLGHU4XHOOHDQGHU0KOH]XUDVWHQ/HLGHUZDU
HVHLQHVWLQNHQGH6FKZHIHOTXHOOHXQGGHU$XIHQWKDOWLQLKUHU1lKH
QLFKWEORXQHUIUHXOLFKVRQGHUQDXFKlQJVWOLFKZHLOPDQQLFKW
ZXWHZRKHU7ULQNZDVVHUJHQRPPHQZHUGHQVROOH=XP*OFN
]HLJWHVLFK
VEDOGGD9L]HNRQVXO/WWLFNHPLWVHLQHU
9HUVLFKHUXQJGDV:DVVHUYHUOLHUHGXUFK.DOWZHUGHQXQG6WHKHQ
VHKUEDOGVHLQHQ6FKZHIHOJHUXFKXQGVHLGDQQYRUWUHIIOLFKUHFKW
EHKLHOWXQGHKHGLH1DFKWHLQEUDFKERWGHU3ODW]XPGLH0KOH
GDV%LOGHLQHVEXQWHQXQGKHLWHUHQ/DJHUOHEHQV*HJHQ]HKQ
KDWWHQZLUHLQWUHIIOLFKHV6RXSHUXQGXPHOIVXFKWHQZLUXQVHUH
=HOWHXQGXQVHUH%HWWHQDXIXPYRQ3DOP\UD6DORPRVHLQHU
7RFKWHU%HONLVXQGGHUWDSIHUHQ.|QLJLQ=HQRELD]XWUlXPHQ
0lU],Q 3DOP\UD'LH/DJHKDUWDQGHU|VWOLFKVWHQ*UHQ]HGHU
V\ULVFKHQ:VWHDQGHU6WUDHYRQ'DPDVNXVQDFKGHQ
(XSKUDWOlQGHUQGD]XGLHKLHUYRUKDQGHQHQ:DVVHUXQG%UXQQHQ
PDFKWHQ3DOP\UDIUK]XHLQHU.DUDZDQHQ XQG+DQGHOVVWDGW
'HUUDVFKDQZDFKVHQGH5HLFKWXPGHU.DXIKHUUHQOLHHEHQVR

UDVFK'HQNPlOHUXQGJURDUWLJH$QODJHQHQWVWHKHQGLHIUHLOLFK
GHQ&KDUDNWHUVFKQHOOHU*UQGXQJHQWUXJHQ3DOP\UDLVWHLQH
*UQGHUVWDGWLPEHVWHQ6LQQHGHV:RUWV,KUH%DXKHUUQVFKQHOO
HPSRUJHNRPPHQH.DXIOHXWHPLWDOOHQJXWHQXQGVFKOHFKWHQ
(LJHQVFKDIWHQGHUVHOEHQ GHQ+RFKPXWQLFKWDXVJHVFKORVVHQ 
UXKWHQYRQLKUHQ:HUNHQLQVWRO]HQ)DPLOLHQJUlEHUQDXVGLHVLFK
LQHWDJHQKRKHQ7UPHQRGHULQGHQ)HOVHQNDPPHUQ]XEHLGHQ
6HLWHQGHUZHVWOLFKHQ*HELUJVHLQIDVVXQJHQEHILQGHQ :LHGHU
HLQH6WXUPQDFKW
0lU]:LHVFKRQDP7DJH]XYRUZLUGDOOHVEHVXFKW
JH]HLFKQHWSKRWRJUDSKLHUWQDPHQWOLFKZHUGHQ,QVFKULIWHQ
DEJHVFKULHEHQ,QGHU1DFKWZLHGHU6WXUP
0lU]'LHVHU7DJ 0lU] EH]HLFKQHWGDV'DWXPGHUQXQ
ZLHGHUHLQJHOHLWHWHQ+HLPNHKUGHV3ULQ]HQQDFK%HUOLQ*HJHQ
0LWWDJ%HJHJQXQJPLWGHP%HGXLQHQVFKHLFK6DWDPGHUVLFKGHP
3ULQ]HQVFKRQLQ3DOP\UDYRUJHVWHOOWKDWWH'HU3ULQ]LVW6DWDPV
*DVW'DQQVFKHLGHWPDQ1DFKWTXDUWLHULQGHU1lKHGHU
6WHLQERFNVTXHOOHVFKUHFNOLFKHQ$QJHGHQNHQV
0lU]%LV]XP'RUIH4DULDWrQZRGHU3ULQ]VFKRQDP
JHODJHUWKDWWH9RQKLHUDXVZLUGMHW]WDEJH]ZHLJWXPGHQ
ZHLWHUHQ5FNZHJEHUGHQ$QWLOLEDQRQ]XPDFKHQ
0lU]%LV]XP'RUIH%ULGM DP)XHGHV$QWLOLEDQRQ
0lU]hEHUGHQ$QWLOLEDQRQELV KLQDEVWHLJHQG ]XP'RUIH
5DV%DDOEHN
0lU]*HEXUWVWDJGHV3ULQ]HQ*UDWXODWLRQXPVLHEHQ8KU
IUK'LH5HLVHJHVHOOVFKDIWEHUUHLFKWHGHP3ULQ]HQHLQHNOHLQH
=DKODXVHUOHVHQHU0Q]HQ $QWLNDV GLHPDQVFKRQLQ
'DPDVNXVDOVHLQSDVVHQGHV*HVFKHQNHUVWDQGHQKDWWHXQGGLH
QXQGHP*HEXUWVWDJVNLQGHGLHJU|WH)UHXGHPDFKWHQ'DQQ
$XIEUXFKYRP'RUIH5DV%DDOEHNXPQDFK]HKQVWQGLJHP5LWW
GLH7HPSHOUXLQHQYRQ%DDOEHN +HOLRSROLV ]XHUUHLFKHQ
1DFKWTXDUWLHULP+{WHO3DOP\UDZRPDQ
VQDFKDFKWLP
=HOWODJHU]XJHEUDFKWHQ6WXUPQlFKWHQKLPPOLVFKIDQG+HUUOLFKH
0DKO]HLW'LH*HEXUWVWDJVIHLHUGHV3ULQ]HQDP0RUJHQLQ5DV
%DDOEHNEHJRQQHQZLUGDP$EHQGLQ%DDOEHNIRUWJHVHW]W9RUKHU
LQGHQ6SlWQDFKPLWWDJVWXQGHQKDWWHPDQQRFK=HLWJHIXQGHQ

GLHZLFKWLJVWHQ5XLQHQ]XEHVXFKHQQDPHQWOLFKGHQJU|HUHQ
XQGNOHLQHUHQ6RQQHQWHPSHO
0lU]$XIEUXFKYRQ%DDOEHNQDFK3RVWVWDWLRQ6FKWRUDXQG
]ZDUXQWHU%HQXW]XQJGHUWUNLVFKHQ 3RVW,Q6FKWRUD QDFK
(QWODVVXQJGHUDXV'DPDVNXVPLWJHQRPPHQHQWUNLVFKHQ
%HJOHLWXQJ 0LWWDJVPDKOXQG3RVWZHFKVHO'DQQPLWGHU
IUDQ]|VLVFKHQ 3RVWEHUGLH/LEDQRQVWUDHQDFK%HLUXW QLFKW QDFK
'DPDVNXV ]XUFN$QNXQIWQRFK]XJXWHU6WXQGH+{WHOG
2ULHQW
%HJUXQJ%ULHIH1DFKULFKWHQDXVGHU+HLPDW:LHGHUHLQH
6WXUPQDFKW$EHUPDQLVWXQWHU'DFKXQG)DFK$XIGHU5HHGH
OLHJWGLH1\PSKHVFKRQYRQGHQ%HUJHQDXV ]XU
0LWWDJVVWXQGH KDWWHGHU3ULQ]GDV6FKLIILQDOOHU'HXWOLFKNHLW
HUNDQQW
0lU].DLVHUV*HEXUWVWDJ3DUDGHDQ%RUGGHU
*ODWWGHFNVNRUYHWWH1\PSKH .DSLWlQ'LHWHUW GLHEHVWLPPWLVW
GHQ3ULQ]HQEHU5KRGXV$WKHQXQG1HDSHOQDFK/LYRUQR]X
IKUHQ1DFKGHU3DUDGHQDKPGHU3ULQ]$EVFKLHGYRQDOOHQGLH
LKQELVDQ%RUGGHU1\PSKHEHJOHLWHWKDWWHQYRQ2EHUVW
$FKPHG%H\XQG0DMRU,VPDHO%H\ GHQEHLGHQ$GMXWDQWHQGHV
6XOWDQV EHLGHQOLHIHQGLH7UlQHQEHUGLH:DQJHQ YRP
GHXWVFKHQ.RQVXOXQGGHQVRQVWQRFKDQZHVHQGHQGHXWVFKHQXQG
WUNLVFKHQ%HDPWHQ9RP8IHUDXVZLQNWHQGLH'LDNRQLVVLQQHQ
PLWLKUHQMXQJHQ3IOHJHEHIRKOHQHQGHPVFKHLGHQGHQ3ULQ]HQXQG
 8KUVWDFKGLH1\PSKHLQ6HH

9,,,9RQ%HLUXWQDFK/LYRUQR
0lU] .DUIUHLWDJ 6WUPLVFKH)DKUW7URW]GHP*RWWHVGLHQVW
DXI'HFN(UZXUGHGXUFKGDV*HVDQJEXFKOLHG2 +DXSWYROO%OXW
XQG:XQGHQHLQJHOHLWHWEWHLP$QJHVLFKWGHU HQWIHVVHOWHQ
(OHPHQWHHLQHHUVFKWWHUQGH:LUNXQJDXIPLFKDXVXQGLFK
VFKlPHPLFKDXFKKHXWHQLFKWGHU7UlQHQGLHPLULQGHQ$XJHQ
VWDQGHQ
0lU]6WUPLVFKH)DKUW9RQGHU5HLVHJHVHOOVFKDIWQXUGHU
3ULQ]XQG+DXSWPDQQYRQ.DOFNVWHLQEHL7LVFK
0lU] 2VWHUVRQQWDJ 6WUPLVFKH)DKUW.DSLWlQOLHXWHQDQW
+LOGHEUDQGW(UVWHU2IIL]LHUDXIGHU1\PSKHHU]lKOWGHP
3ULQ]HQYRQVHLQHU1RUGSROH[SHGLWLRQYRQELV(UKDWWH
QHXQYROOH0RQDWHPLWGUHL]HKQ*HIlKUWHQDXIHLQHU(LVVFKROOH
XQGVLHEHQ:RFKHQDXIRIIHQHQ%RRWHQ]XJHEUDFKWGDEHLLQVWHWHU
*HVHOOVFKDIWHLQHVZDKQVLQQLJJHZRUGHQHQ*HOHKUWHQ
'U %XFKKRO]GHQHUZLHHLQ.LQGEHUZDFKHQPXWH1DFK
PDORVHQ/HLGHQHUUHLFKWHPDQ*U|QODQGXQGVFKOLHOLFKGLH
+HLPDW
0lU]6WUPLVFKH)DKUW8PGUHL8KU$QNXQIWLQ5KRGXV
=ZHLVWQGLJHU%HVXFKLQGHU6WDGW8PVHFKV8KUZLHGHULQ6HH
'DV:HWWHUEHVVHUWVLFK
0lU]8PQHXQ8KUIUK]ZLVFKHQ1D[RVXQG3DURVXP
VLHEHQ8KUDEHQGVLP+DIHQYRQ3LUlXV
0lU]$OOHVIUKDXI'HFN8PEOLFN8PPLWGHU(LVHQEDKQ
QDFK$WKHQ(UVWH)DKUWGXUFKGLH6WDGW8P]Z|OILP+{WHOGHOD
*UDQGH%UHWDJQH.|QLJ*HRUJ ,XQGVHLQ%UXGHUGHU.URQSULQ]
YRQ'lQHPDUNEHJUHQGHQ3ULQ]HQ'HU3ULQ]]XP)UKVWFN
LP6FKOR1DFKGHP)UKVWFN6FKOLHPDQQ0XVHXP0\NHQl
0XVHXP7DQDJUD0XVHXP6SD]LHUIDKUWLQGHU8PJHJHQGYRQ
$WKHQ8PGHU3ULQ]XQGVHLQH%HJOHLWHU]XP'LQHULP6FKOR
*URIUVW.RQVWDQWLQ'LHVHUVSUDFKPLW%UXJVFKEHUGLH=XNXQIW
GHV2ULHQWVXQGGLH$XIJDEHQ5XODQGVDOVGHVHLQ]LJHQ
9HUPLWWOHUV]ZLVFKHQGHPIHUQVWHQ2VWHQXQGGHQHXURSlLVFKHQ
9|ONHUQ9RUDOOHPKREGHU*URIUVWKHUYRUGD5XODQGGLH
$XIJDEHKDEHGLH+RUGHQ&KLQDVYRQ(XURSDIHUQ]XKDOWHQ

0lU])DKUWQDFK(OHXVLV8P]ZHL8KUZLHGHULP+{WHOGHOD
*UDQGH%UHWDJQH 8KU$EVFKLHGYRQ$WKHQZLHGHUDQ
%RUGGHU1\PSKH'HUIUDQ]|VLVFKH$GPLUDOHUVFKHLQWDQ%RUG
XPGHQ3ULQ]HQ]XEHJUHQ8PVHFKV)RUWVHW]XQJGHU5HLVH
0lU])DKUW6WXUP
0lU](WZDVEHVVHUHV:HWWHU
$SULO$XIKRKHU6HH
$SULO8PYLHU8KUIUKGHUbWQDLQ6LFKW
$SULO8PVHFKV8KUIUK1HDSHOLQ6LFKW8PDFKWYRU$QNHU
%RWVFKDIWHUYRQ.HXGHOOXQGGLH*HQHUDOHYRQ&UDQDFKXQGYRQ
$OYHQVOHEHQEHJUHQGHQ3ULQ]HQ%HVXFKGHU6WDGW $TXDULXP 
%HVXFKGHUQlFKVWHQ8PJHEXQJ3RPSHML
$SULO9HVXY6RUUHQW$PDOIL5FNNHKUQDFK1HDSHO
$SULO)RUWVHW]XQJGHU5HLVH1DFKPLWWDJVLQ1lKHYRQ2VWLD
5RP
$SULO,QGHU)UKH]ZLVFKHQ(OEDXQGGHP)HVWODQG8P0LWWDJ
LP+DIHQYRQ/LYRUQR

,;9RQ/LYRUQRELV'UHLOLQGHQ
$SULO9RQ/LYRUQRQDFK3LVD9RQ3LVD GXUFKGLH7XQQHO QDFK
*HQXD$QNXQIWGUHL8KUQDFKPLWWDJV
]XP$SULO9RQ0DLODQGELV$OD
$SULOhEHUGHQ%UHQQHU
$SULO$EIDKUWYRQ0QFKHQ
$SULO$QNXQIWLQ*UREHHUHQ9RQGDQDFK'UHLOLQGHQ

.XU]H=HLWGDQDFKZDU'LQHULQ'UHLOLQGHQ]XGHPLQHUVWHU5HLKH
GLH7HLOQHKPHUDQGHU2ULHQWUHLVHJHODGHQZDUHQ$OVPDQVLFK
YRQGHU7DIHOHUKREHQKDWWHIKUWHGHU3ULQ]VHLQH*lVWHLQGHQ
QHXDQJHEDXWHQJHVFKPDFNYROOHQ%LOODUGVDDO(LQUHLFKEHPDOWHV
DOWlJ\SWLVFKHV7RWHQELOGODJDXIGHPJUQHQ7LVFK(VZDUGLH
0XPLHGHU$PRQVVlQJHULQGLH7XGUXVGHUWKHEDQLVFKH
.RQVXODUDJHQWLQQlFKWOLFKHU6WXQGHYRQ/X[RUDXVDXIGDV'HFN
GHU'DKDELHKJHVFKPXJJHOWKDWWH'LHEXQWH.DUWRQKOOHZXUGH
JH|IIQHWGLH0XPLHQELQGHQJHO|VWXQGGHUEUDXQH
ZRKOHUKDOWHQH.|USHUHLQHU-XQJIUDXGLHLQGHU%OWHLKUHV
'DVHLQVGDV=HLWOLFKHYHUODVVHQKDWWHHQWKOOWHVLFKYRUGHQ
%OLFNHQGHU$QZHVHQGHQ.HLQ$PXOHWWNHLQ6FKPXFNJHJHQVWDQG
NHLQH3DS\UXVUROOHIDQGVLFKDQGHP/HLEHGHUKHLOLJHQ
7HPSHOPDJGYRU'LH(QWWlXVFKXQJZDUHLQHDOOJHPHLQH'LH
-XQJIUDXKDWWHVFKOLHOLFKGLHZHLWH5HLVHQDFK'UHLOLQGHQ
]XUFNJHOHJWXPQDFKGHP%HIHKOGHV3ULQ]HQLKUHOHW]WH
5XKHVWlWWHLQGHUbJ\SWLVFKHQ$EWHLOXQJGHU.|QLJOLFKHQ0XVHHQ
LQ%HUOLQ]XILQGHQ
:HUVLHGRUWVHKHQZLOOIUDJHQDFK1U

.DSLWHO

'HV3ULQ]HQ)ULHGULFK.DUOOHW]WH7DJH7RG
%HJUlEQLV&KDUDNWHU
$OVGHU3ULQ]YRQVHLQHU2ULHQWUHLVH]XUFNZDUWUDWHUVHLQ(UEH
DQ'LHVEHVWDQGLPZHVHQWOLFKHQDXVGHP3DODLVDP
:LOKHOPVSODW]HLQHPEHGHXWHQGHQ%DUYHUP|JHQXQGGHULQ
:HVWSUHXHQJHOHJHQHQ+HUUVFKDIW)ODWRZXQG.URMDQNHZRGXUFK
GLHELVGDKLQ]LHPOLFKEHVFKHLGHQH*HOGODJHGHV3ULQ]HQLQHLQH
YHUJOHLFKVZHLVHJOlQ]HQGHYHUZDQGHOWZXUGH7URW]GHPDEHU
VROOWHQGLH9HUVWLPPXQJHQDQGHQHQVHLQ/HEHQVRUHLFK
JHZHVHQZDUQLFKWHQGHQ-DPDQGDUIVDJHQGDHUVLFKYRQ
6WXQGDQQXUQRFKEHGUFNWHUIKOWH=XP7HLOZDUHVN|USHUOLFK
(UOLWW ZDVLKPDXFKHLQEHLQDKlQJVWOLFKHV0DKDOWHQEHL7LVFKH
YRUVFKULHE DQ%OXWDQGUDQJQDFKGHP.RSIGDV DEHUZRUXQWHU
HUVFKZHUHUOLWWZDUHLQPHKUXQGPHKU]XWDJHWUHWHQGHU0DQJHO
DQ)UHLKHLWDXI*HELHWHQDXIGHQHQDXFKGHU6FKOLFKWHVWHIUHLH
%HZHJXQJ]XKDEHQSIOHJWEHLVSLHOVZHLVDXIGHP*HELHWHGHU
(U]LHKXQJXQGGHV%HVWLPPXQJHQWUHIIHQVLQQHUKDOEGHU)DPLOLH
6RZDUHVLKPHLQ6FKPHU]VHLQHP6RKQH)ULHGULFK/HRSROG GLH
VHHPlQQLVFKH&DUULqUHYRQGHUHUGHU9DWHUVRKRFKGDFKWH
GXUFKHLQHQNDLVHUOLFKHQ%HIHKOYHUVFKORVVHQ]XVHKQ'D]X
NDPHQGLUHNWH=XUFNVHW]XQJHQHUKDWWHPLWGHP3DODLVGHV
-RKDQQLWHURUGHQVDXFK]XJOHLFKGLH+HUUHQPHLVWHUVFKDIW]XHUEHQ
JHKRIIWXQGPXWHDOVVLFK2UGHQXQG.DLVHULQGLHVHUKHLNOHQ
)UDJHVFKOVVLJJHPDFKWKDWWHQGLHVKRKHXQGHKUHQYROOH$PW
DXIVHLQHQ9HWWHU$OEUHFKWGHQMHW]LJHQ5HJHQWHQYRQ
%UDXQVFKZHLJEHUJHKQVHKQ'DVDOOHVHPSIDQGHUDOVHLQHWLHIH
.UlQNXQJXQGZHQQGLHVH.UlQNXQJHLQHUVHLWVDQVHLQHU6HHOH
]HKQWHVRVWHLJHUWHVLH]XJOHLFKDXFKVHLQN|USHUOLFKHV/HLGHQ
XQG]RJLKPLQGHU1DFKWYRP]XP -XQLHLQHQ


'LHVH.UlQNXQJZDUJURDEHUVLHNRQQWHNDXPDXVEOHLEHQ9RQ$QIDQJDQ
KDWWHGHU3ULQ]HLQHPHKUDOVNULWLVFKH6WHOOXQJ]XGHPVHLWZLHGHULQV
/HEHQJHUXIHQHQ2UGHQHLQJHQRPPHQXQG]ZDU GHUDUWGDVLFKVHLQHLJQH U
9DWHUGHUDOWH3ULQ].DUO]XGHPGHQ.RPPHQGDWRUHQGHV2UGHQVHUWHLOWHQ
5DWHYHUDQODWJHVHKQKDWWHGDV+HUUHQPHLVWHUDPW QLFKW DXIVHLQHQ6RKQ
EHUJHKHQ]XODVVHQ'DQDFKZXUGHGHQQDXFKYHUIDKUHQXQGGHU3ULQ]
PXWH ZLHYLHOIDFK IU GDV OHLGHQZDVHUGXUFKVHLQHGHUIUHLHQXQGIUHLVWHQ

6FKODJDQIDOO]X]XGHPIUHLOLFKHLQKRKHV0DYRQ
8QYRUVLFKWLJNHLWGLHGLUHNWH9HUDQODVVXQJJHJHEHQKDWWH
:DVGDUEHUHU]lKOWZLUGLVWGDV)ROJHQGH
'HU3ULQ]ZDULP0DLZLHJHZ|KQOLFKQDFK0DULHQEDG
JHJDQJHQXQGEHIDQGVLFKQRFKLQGHU1DFKNXUDOVHUDP
 -XQLHLQLJHVHLQHUEHVWHQ)UHXQGH]XU7DIHOQDFK'UHLOLQGHQ
OXG%HL7LVFKHOLHHUHVDQHLQHUQ|WLJHQ$EVWLQHQ]QLFKWIHKOHQ
XQGKWHWHVLFKYRUMHGHP9HUVWR$OVHUDEHUQDFK$XIKHEXQJ
GHU7DIHOVHLQH*lVWHELVLQGLH9RUKDOOHEHJOHLWHWKDWWHNDP
LKPEHLGHUKHUUVFKHQGHQ6FKZOHSO|W]OLFKGLH/XVWQRFKHLQ
6FKZLPPEDG]XQHKPHQ(UIXKUGHQQDXFKQDFKGHP:DQQVHH
KLQDXVXQGVFKZDPPHLQHJXWH:HLOH-HGHQIDOOV]XODQJ$OVHU
DXVGHP%DGHNDP HPSIDQGHUVRIRUWHLQVWDUNHV)U|VWHOQXQG
HLOWHQDFK'UHLOLQGHQ]XUFNXPVLFKKLHUQLHGHU]XOHJHQXQGYRU
DOOHPIU:LHGHUKHUVWHOOXQJHLQHUQRUPDOHQ7HPSHUDWXU6RUJH]X
WUDJHQ$EHUVFKRQ]ZLVFKHQ]ZHLXQGGUHL8KUULHIHUVHLQHQLP
1HEHQ]LPPHUVFKODIHQGHQ/HLEGLHQHU*RHU]*RHU]QXQLVWHV
]X(QGHMHW]WPXLFKVWHUEHQ8QGHVZDUVR'HU3ULQ]
EHUGDXHUWHQRFKGHQQlFKVWHQ7DJVWDUEDEHUDP -XQL
YRUPLWWDJV*RWWVHLPLUJQlGLJZDUHQVHLQHOHW]WHQ:RUWH



%HLP+LQVFKHLGHQ.DLVHU )ULHGULFKV -XQL LVWGLH)UDJHQDFKGHU


HLJHQWOLFKHQ7RGHVXUVDFKHGHV3ULQ]HQ )ULHGULFK.DUO ZLHGHUDXIJHZRUIHQ
ZRUGHQXQGGDEHLPHKUVHLWLJYRQHLQHPDXFKEHLGLHVHP OHW]WUHQ YRUKDQGHQ
JHZHVHQHQ.UHEVOHLGHQJHVSURFKHQZRUGHQ$EHUPLW8QUHFKW(LQH 1RWL]GHU
1DWLRQDO=HLWXQJHUNOlUWGLHV*HUFKWDXVIROJHQGHP(LQ-DKUYRUGHP
7RGHGHV3ULQ]HQZDQGHOWHVLFKHLQHELVGDKLQKDUPORVHNOHLQH+DXWZDU]HDXI
GHUUHFKWHQ:DQJHXQWHUKDOEGHV$XJHVLQHLQH E|VDUWLJH1HXELOGXQJ XPGLH
PLWGHPPHGL]LQLVFKHQ$ XVGUXFN(SLWKHOLXP .UHEV GHU+DXW EH]HLFKQHW
ZLUG3URIHVVRUYRQ%HUJPDQQVFKOXJGLHRSHUDWLYH(QWIHUQXQJGHU:DU]HYRU
ZHOFKHGDPDOVQRFKNOHLQXQGXQEHGHQNOLFKZDU1DFKGHP.DLVHU:LOKHOP ,
VHLQH=XVWLPPXQJ]XU2SHUDWLRQHUWHLOWKDWWHZXUGHGLHVHO EHYRQ3URIHVVRU
YRQ %PLWEHVWHP(UIROJHDXVJHIKUW'LH2SHUDWLRQVZXQGHKHLOWHJODWWXQG
VLFKHUXQG3ULQ])ULHGULFK.DUOKDWWHVHLWGHPNHLQHUOHL%HOlVWLJXQJGDYRQ(LQ
5H]LGLYLVWQLFKWDXIJHWUHWHQ

'UHL7DJHVSlWHUDPKLHOWLKP*HQHUDOVXSHULQWHQGHQW.|JHO
GLH3DUHQWDWLRQLQGHU*DUQLVRQNLUFKH]X3RWVGDP
7UDXHUXQG%HVWU]XQJVRKLHHVLQGHU.|JHOVFKHQ5HGH
KDWXQVHUJULIIHQ(LQ6FKZHUWLVWEHU1DFKW]HUEURFKHQHLQ
6FKLOGYRQ(U]MlKOLQJV]HUVSUXQJHQYRQXQVJHVFKLHGHQHLQ
ULWWHUOLFKHU3ULQ]GHUGHP6LQQVHLQHU$KQHQYHUZDQGWZDUMHQHQ
JHZDOWLJHQ6ROGDWHQN|QLJHQGLHKLHULQGHU*UDENDPPHUXQWHU
GHU.DQ]HOUXKQ(LQ)KUHUXQG)HOGKHUUGHVSUHXLVFKHQGHV
GHXWVFKHQ+HHUHVLVWKHLPJHJDQJHQHLQ+HOGPLWGHP/RUEHHU
GUHLHU)HOG]JH'LH)DKQHQVHQNHQVLFKXPIORUW8QVHUJUHLVHU
.DLVHUXQG.|QLJVLHKWLQLKPGHQHLQ]LJHQ6RKQVHLQHV
OHW]WDEEHUXIHQHQ%UXGHUVLQHLQIUKHV*UDEGDKLQVLQNHQ8QGPLW
GHP.DLVHUWUDXHUWGDV+HHUGDVHUVRRIWXQGVRJOlQ]HQG]XP
6LHJHIKUWH6WDQGGRFKGHU'DKLQJHVFKLHGHQHGDZLHGDV
6\PEROXQHUVFKURFNQHU0DQQKDIWLJNHLWZDJHQGHQ5HLWHUPXWV
XQEHXJVDPHU%HKDUUOLFKNHLWZDUHUGRFKXPHLQDQLKQ
JHULFKWHWHV'LFKWHUZRUW]X]LWLHUHQ'HPURWHQ$DUHJOHLFKLP
6FKLOGHYRQ%UDQGHQEXUJ6R.|JHO1DFKGLHVHU )HLHULQGHU
*DUQLVRQNLUFKH]X3RWVGDPZRKLQPDQGLH/HLFKHGHV3ULQ]HQ
YRQ'UHLOLQGHQEH]LHKXQJVZHLVHYRQ1HX*OLHQLFNHKHUJHEUDFKW
KDWWHVHW]WHVLFKGHU7UDXHU]XJLQ%HZHJXQJXQGIKUWHGHQ
7RWHQ]XVHLQHUOHW]WHQ5XKHVWlWWHQDFK1LNROVNRs

:DVQRFKHUEULJWLVWHLQ:RUWEHUGHQ&KDUDNWHUGHV3ULQ]HQ
'HU3ULQ]VRVFKUHLEW'U 3DXO*IHOGWGHPLFKKLHU]XQlFKVW
XQGPLWDOOHP9RUEHGDFKWHGDV:RUWJHEHZDUGRFKLQYLHOHP
DQGHUVDOVGLH:HOWVLFKLKQYRU]XVWHOOHQSIOHJWXQGHPSIDQG
EHLVSLHOVZHLV XPQXUHLQHV]XQHQQHQ HLQHJURH)UHXGHGDUDQ
VLFK]XEHOHKUHQ(UODVQLHIOFKWLJXQGKLHOWVWUHQJDQGHU
*HZRKQKHLWIHVWEHPHUNHQVZHUWH6WHOOHQPLW%OHLVWLIW
DQ]XVWUHLFKHQ(LQHEHVRQGHUVZHUWJHKDOWHQH/HNWUHZDULKP
5DQNHV:HOWJHVFKLFKWH*HUQYHUOLHKHU%FKHUDQQDKHVWHKHQGH
)UHXQGHXQGEUDFKWHGDQQDEHQGVGDV*HVSUlFKDXIGHQ,QKDOW
GHUVHOEHQ+lWWHVHLQH1HLJXQJGHQ$XVVFKODJJHJHEHQVRZlUHU
VHKUZDKUVFKHLQOLFK6HHIDKUHURGHU)RUVFKXQJVUHLVHQGHU
JHZRUGHQ6RZLHYLHOH6HHOHXWHEHNDQQWVLQGGXUFKLKUH
5HLWHUSDVVLRQVRVWDNLQGHPSULQ]OLFKHQ5HLWHUJHQHUDOHLQHELV
]XU6FKZlUPHUHLJHVWHLJHUWH3DVVLRQIUGLH6HH,FKJODXEHGD
DEJHVHKHQYRQGHQJURHQKLVWRULVFKHQ0RPHQWHQHUIRFKWHQHU

6LHJH GHU3ULQ]VHLQHVFK|QVWHQ6WXQGHQDQ%RUGGHXWVFKHU
.ULHJVVFKLIIHYHUOHEWKDWDXFKEHJHJQHWHPDQDQVHLQHUNOHLQHQ
7DIHOUXQGHKlXILJGHUGXQNHOEODXHQ8QLIRUPGHU0DULQHRIIL]LHUH
(UOLHEWHGLH6HHDQVLFKXQGDOOHVZDVGLHVWUHQJPLOLWlULVFKH
=XFKWXQGXQDEOlVVLJH3IOLFKWHUIOOXQJLQGLHVHPWLHI
HPSILQGHQGHQ+HU]HQYHUVFKORVVHQJHKDOWHQKDWWHGDVGXUIWH
EHLP6SLHOGHU0HHUHVZHOOHQLQ7UlXPHUHLHQDQV/LFKWWUHWHQ(U
OLHEWHGLH6HHDEHUDXFKDOVGLH%UFNH]XIHUQHQ:HOWWHLOHQGLH
YRQVHLQHP7DWHQGUDQJXQGVHLQHU3KDQWDVLHPLWXQYHUO|VFKOLFKHQ
+HL]HQDXVJHVFKPFNWZXUGHQ:HQQGHP3ULQ]HQ)ULHGULFK.DUO
QLFKWHLQHK|KHUH0LVVLRQVHLQHPHLJHQHQ/DQGHJHJHQEHU
]XJHIDOOHQZlUHVRZWLFKDXFKLQGHU7DWQLFKWZRVHLQ
/|ZHQPXWVHLQJURHU9HUVWDQGVHLQH(PSILQGVDPNHLWXQGVHLQ
JHVWlKOWHU.|USHUEHVVHUH=LHOHKlWWHQILQGHQN|QQHQDOVLQGHU
(UIRUVFKXQJXQEHNDQQWHU/lQGHUDEVFKQLWWH'RFKLQGLHVHP
3XQNWHPXWHU(QWVDJXQJEHQ(UHUNDQQWHGLH1RWZHQGLJNHLW
GHU6FKUDQNHQDQXQGNRQQWHGRFKGLH:QVFKHQLFKWYHUJHVVHQ
8QGGDODJHUWHVLFKGHQQZRKOGLH:RONHGHV8QPXWVDXIVHLQH
6WLUQ
$OOJHPHLQJHNDQQWXQGJHZUGLJWLVWQXUGDVZDVGHU3ULQ]DOV
+HHUIKUHUOHLVWHWHVHLQLQQHUHV:HVHQDEHUKDWVLFKQXUZHQLJHQ
HUVFKORVVHQXQGLVWGHVKDOEIDVWHLQ*HKHLPQLVJHEOLHEHQ'DHV
VRZDUODJLQGHP&KDUDNWHUGHV3ULQ]HQ3RSXODULWlWZDULKP
ZHVHQORVHU6FKHLQ1LFKWLQGHU$NNODPDWLRQGHU0HQJHVDKHU
GHQ/RKQVHLQHU7DWHQVRQGHUQLQGHP%HZXWVHLQHUIOOWHU
3IOLFKW-DPHKUHUJHK|UWH]XGHQHQGLHHLQHYHUKlQJQLVYROOH
)UHXGHGDUDQKDEHQLKUHHGOHQ6HLWHQKLQWHUVFKURIIHP$XIWUHWHQ
]XYHUEHUJHQXQGLP%HZXWVHLQLKUHV:HUWHVXQGLKUHU7DWHQ
IUHPGHV8UWHLOHQWEHKUHQ]XN|QQHQJODXEHQZlKUHQGVLHGRFKLQ
:LUNOLFKNHLWGDYRQDIIL]LHUWZHUGHQ'HUDUWLJHQ&KDUDNWHUHQZLUG
PDQQXUJHUHFKWZHQQ(KUHUELHWXQJ7UHXH'DQNEDUNHLWGHP
9HUVWlQGQLVGHQ:HJEDKQHQ$XVPHLQHU*HVLQQXQJKDEHLFK
GDV5HFKWDXVPHLQHQ(UOHEQLVVHQGLH0|JOLFKNHLWHQWQRPPHQ
EHUGHQ3ULQ]HQ)ULHGULFK.DUO]XVSUHFKHQ(LQEDQDOHU
3DQHJ\ULNXVZUGHVLFKQLFKW]LHPHQ
(LQVWDUNHU:LOOHXQGHLQZHLFKHV*HPWELOGHWHQGLH$QJHOSXQNWH
LQGHP&KDUDNWHUGHV3ULQ]HQ'LHVHQ:LOOHQDQJURHQ7DWHQ]X
HUSUREHQZDULKPHEHQVRVHKU%HGUIQLVZLHVHLQ*HPWLQ
6\PSDWKLH]XVRQQHQ$OOHVZDVHUWDWWDWHUPLW(QHUJLH
)HVWKDOWHQXQG'XUFKIKUXQJHLQPDOJHIDWHU(QWVFKOVVHGDV

ZDUGHUYLHOOHLFKWKHUYRUWUHWHQGVWHVHLQHU=JH6HLQHU
$QWLSDWKLHQ+HUU]XZHUGHQZDUGLKPVFKZHU$EHUZLHOHLFKWZRJ
GDVQHEHQGHU7UHXHGLHHUEWH:HQHUVHLQHU)UHXQGVFKDIW
RGHUVHLQHV6FKXW]HVZHUWHUNDQQWKDWWHGHQNRQQWHQLFKWVDXV
VHLQHP+HU]HQUHLHQ6HLQUDVFKHU*HLVWIRUGHUWHVFKQHOOHV
9HUVWlQGQLVXQGZHQQHUGLHVQLFKWIDQGVRYHUEDUJHUVHLQHQ
8QPXWQLFKWLPPHU)UVHLQ+DQGHOQXQG'HQNHQZDUVWHWVGDV
DXW DXWPDJHEHQG7ULXPSKRGHU8QWHUJDQJ DEHUNHLQ
.RPSURPLGDVZlUHGDV)HOGJHVFKUHLGHV3ULQ]HQLQGHP
.DPSIGHVLUGLVFKHQ'DVHLQVJHZHVHQZHQQQLFKWHLQ]ZLHIDFKHV
3IOLFKWJHIKOGDVGHVSUHXLVFKHQ6ROGDWHQXQGGDVGHV
SUHXLVFKHQ3ULQ]HQGLHVHQ5XIXQWHUGUFNWKlWWHZRHVJDOW
HLQHPK|KHUHQ:LOOHQ)ROJH]XOHLVWHQ$XVGLHVHP3IOLFKWJHIKO
]RJHUDEHUDXFKDOOH.RQVHTXHQ]HQ(UIDWHGHQN|QLJOLFKHQ
'LHQVWVRDXIGDGLH6DFKHGHU3HUVRQEHUJHRUGQHWVHL
0DQFKHPLOLWlULVFKH&DUULqUHKDWGHU3ULQ]PLWUXKLJHU+DQG
JHEURFKHQVREDOGGLHVFKODJIHUWLJH7FKWLJNHLWGHU$UPHHLKP
HLQVROFKHV2SIHUDEIRUGHUWHGLHVHOEH+DQGZHOFKHLQVWLOOHU
+HLPOLFKNHLWEHGUlQJWHQ2IIL]LHUVIDPLOLHQGHQ:LWZHQXQG
:DLVHQDOWHU6ROGDWHQVRUHLFKOLFKJDE'HQQGHU
:RKOWlWLJNHLWVVLQQGHV3ULQ]HQEHUVSUDQJQXU]XJHUQGLH
*UHQ]HQZHOFKHVFKOLHOLFKDXFKHLQHPIUVWOLFKHQ+DXVKDOWH
JH]RJHQVLQG+LHUZDUHQVLHVRJDUHQJHUJH]RJHQDOVJHPHLQKLQ
EHNDQQWLVWXQGHUVWYRQDEWUDWHLQH:DQGOXQJ]XP
%HVVHUHQHLQ=XDOOHQ=HLWHQDEHUVWDQGGHV3ULQ]HQ
%HUHLWZLOOLJNHLW]XKHOIHQLP%XQGHPLWGHU6FKHXGDGLH:HOW
XPVHLQH:RKOWDWHQZLVVH
,QUHLFKHU)OOHKDWWHGLH9RUVHKXQJGHP3ULQ]HQLKUH*DEHQ
YHUOLHKHQQLFKWDOOHLQGDGXUFKGDVLHLKQDXIHLQH+|KHVWHOOWH
ZRQXUZHQLJHZDQGHOQVRQGHUQDXFKGDGXUFKGDVLHHLQH
6XPPHKHUUOLFKHU.UlIWHLQLKQOHJWH$EHUVHLQH7XJHQGHQZDUHQ
VRJHZlKOWGDVLHLKUHP7UlJHURIW/HLGHQEHUHLWHWHQ(U
HPSIDQGGLH:LUNXQJHQXPVRVFKPHU]OLFKHUMHWLHIHUMH]DUWHU
EHVDLWHWVHLQVRQVWVRVWDUNHV*HPWZDUXQGVR PLVFKWHQVLFK
GLH(OHPHQW
LQLKPGDGLH1DWXUDXIVWHKHQNRQQWXQGVDJHQ
GLHVZDUHLQ0DQQ
8QGGHQQRFKJHKWHLQZHKPWLJHU=XJGXUFKGHQ/HEHQVDEHQG
GLHVHV+HOGHQXQGGDVOHW]WH7HOHJUDPPGDVHUHLQHP)UHXQGH
VDQGWHODXWHWH%HGHQNH0HQVFKGD'XYRQ6WDXEXQG$VFKH
ELVWXQGZLHGHU6WDXEXQG$VFKHZHUGHQVROOVW

6R*IHOGW0DQZLUGLKPLQDOOHPZDVHUSLHWlWYROO]XP/REH
GHV3ULQ]HQVDJW]XVWLPPHQXQGGRFK]XJOHLFKGHU0HLQXQJVHLQ
GUIHQGD HEHQDXV3LHWlW PDQFKHV:LFKWLJHYHUVFKZLHJHQ
RGHUPLW]XOHLFKWHU+DQGEHUKUWZRUGHQVHL'HU3ULQ]HULQQHUW
LQYLHOHQ6WFNHQDQGHQ5KHLQVEHUJHU3ULQ]HQ+HLQULFK'LHVHU
KDWWHIUHLOLFKGLH)RUPHQGHVYRULJHQ-DKUKXQGHUWVDEHUGLHV
VFKXIPHKUHLQHQVFKHLQEDUHQDOVHLQHQZLUNOLFKHQ8QWHUVFKLHG
,FKPDJPLFKQLFKWLQ(LQ]HOSXQNWHYHUOLHUHQ XQWHUGHQHQ
EULJHQVHLQLJHZLFKWLJJHQXJVLQG XQGEHVFKUlQNHPLFKGDUDXI
GHPWLHIVWHQ4XHOOVHLQHV8QPXWVQDFK]XJHKQGHPLKQ
YHU]HKUHQGHQ*HIKOLQVHLQHPPLOLWlULVFKHQ9HUGLHQVWHQLFKW
DXVUHLFKHQGJHZUGLJWZRUGHQ]XVHLQ,FKP|FKWHEH]ZHLIHOQ
GDGHU3ULQ] VRJXWHQ*UXQGHUKDEHQPRFKWHVLFK
DQGHUZHLWLJ EHGUFNWXQG]XUFNJHVHW]W]XIKOHQ LQVSH]LHOO
GLHVHU ELWWHUHQ(PSILQGXQJLQVHLQHP5HFKWHZDU(UZDUGXUFK
-DKU]HKQWHKLQGHU$EJRWWGHU$UPHHGHUHLJHQWOLFKH
6ROGDWHQSULQ]XQGGLHK|FKVWHQ(KUHQGLHVHLQHP
XQEHVWUHLWEDUHQ9HUGLHQVWHYHUOLHKHQZHUGHQNRQQWHQZXUGHQ
LKPYHUOLHKQHUZDU)HOGPDUVFKDOOXQG$UPHHIKUHUXQGWUXJ
2UGHQVDXV]HLFKQXQJHQGLHIULKQXQGVHLQHQ0LWEHZHUEHULP
5XKPGHQ.URQSULQ]HQHLJHQVLQV/HEHQJHUXIHQZDUHQ+HHU
XQG.DLVHUVLQGLKPQLFKWVVFKXOGLJJHEOLHEHQ$EHUHUYHUODQJWH
PHKU0LWGHPIHLQHQ2KUDOOHU+RFK XQG+|FKVWVWHKHQGHQ
XQWHUVFKLHGHULQGHP=XMDXFK]HQGHU0HQJHGLH*UDGH GHU
9HUHKUXQJXQGPXWHVLFKVDJHQZDVDXFKWDWVlFKOLFK]XWUDI
GDHVHLQ0HKUJDEGDVLKPQLFKW]XWHLOZXUGH'LHVZDUXQG
EOLHEGHUVFKPHU]OLFKH3XQNW(VZDULKPQLFKWJHQXJDOVHLQ
ZLHGHUHUVWDQGHQHU%OFKHUGHU9HUZDOWHUGHV6FKODFKWIHOGHV
ZLH
VLP/LHGHKHLW ]XVHLQHU UDQJDXFKQDFKGHP5XKPHGHV
6FKODFKWHQGHQNHUVXQGOLWWXQWHUGHU9RUVWHOOXQJDXIGLHVHP
*HELHWHJQVWLJVWHQIDOOVDOVHLQ]ZHLWHUDQJHVHKHQ]XZHUGHQ
$OOHU5XKPGHUGHU6FKlUIHVHLQHV%OLFNVXQGGHU5DVFKKHLWXQG
(QHUJLHVHLQHU(QWVFKOVVHJH]ROOWZXUGHOLHLKQQLFKW
YHUJHVVHQGDGLH:HOWPHKU%HZXQGHUXQJIUGLHJURH
6WUDWHJLHYRQ6HGDQ DOVIUGLH.KQKHLWHQXQG2SIHUULWWHYRQ
0DUVOD7RXU KDWWH6ROFKH*HIKOHJHKHJW]XKDEHQLVW
PHQVFKOLFKYHU]HLKOLFKDEHUHVLVWJU|HUXQGJOFNEULQJHQGHU
VLHEH]ZXQJHQ]XKDEHQ$XFKVHLQ9HWWHUGHU.URQSULQ]ZDU
NHLQ(UVWHULQGHU:HOWGHU6WUDWHJHQDEHUHVLVWQLFKW
EHNDQQWJHZRUGHQGDLKPGDV*HIKOYRQHLQHP*HQLXV
EHUIOJHOW]XVHLQMHPDOVGLH)UHXGHGHV'DVHLQVJHWUEWKlWWH

'LHVH%HPHUNXQJHQGLHPHLQHUGDQNEDUHQ9HUHKUXQJIUGHQ
3ULQ]HQZDKUOLFKNHLQHQ$EEUXFKWXQGHFNHQVLFKVRYLHOLFKZHL
PLWGHQ$QVFKDXXQJHQZHLWHVWHUPLOLWlULVFKHU.UHLVH6ROOWHGLHV
DEHUQLFKW GHU)DOOVHLQVRZHUGLFKZHQQLFKYRQEHVVHU
XQWHUULFKWHWHU6HLWHKHULQGLHVHPKHLNOHQ3XQNWHUHNWLIL]LHUW
ZHUGHQVROOWHJHUQH9HUDQODVVXQJQHKPHQPHLQHPLUUWPOLFKHQ
8UWHLOHGDVIDFKPlQQLVFKULFKWLJH JHJHQEHU]XVWHOOHQ

.DSLWHO

'UHLOLQGHQV8PJHEXQJ
'UHLOLQGHQLVWQDFKDOOHQ6HLWHQKLQYRQODQGVFKDIWOLFKXQG
KLVWRULVFKDQ]LHKHQGHQ3OlW]HQGDUXQWHU3IDXHQLQVHO
.RKOKDVHQEUFN-DJGVFKOR6WHUQ.OHLQPDFKQRZ*WHUJRW]
MHW]WYRQ%OHLFKU|GHUVFKHU%HVLW] XPJHEHQ,QHQJHUHP.UHLVH
OLHJHQ%HQVFK
*UDE.OHLVWV *UDE6WROSH PLWGHU6WROSHU.LUFKH 
XQGGLH.LUFKHYRQ 1LNROVNRs
'LHVHQYLHU3XQNWHQZHQGHQZLUXQV]XP6FKOXVVH]X

%HQVFK
*UDE
6DO] XQG6FKLIIDKUWVGLUHNWRU%HQVFKGHUHLJHQWOLFKH6FK|SIHUGHU
HUVWVSlWHU]XP5LWWHUJXWH'SSHOHUKREHQHQ.RORQLH
1HX=HKOHQGRUIKLQJDQGLHVHUVHLQHU6FK|SIXQJGHUDUWGDHU
WURW]GHPHUVLFKGHUVHOEHQHQWlXHUWHGRFKDXILKU
EHJUDEHQVHLQZROOWH'DVJHVFKDKGDQQDXFKXQG]ZDULQ
XQPLWWHOEDUHU1lKHYRQ'UHLOLQGHQ
%HQVFK
*UDEZLHLP9RONVPXQGHGLH6WHOOHKHLWLVWQLFKWEOR
HLQ*UDEVRQGHUQHLQ)ULHGKRIXQGEHVWHKWDXV]ZHLPLWWHQLP
:DOGHJH]RJHQHQ.UHLVHQHLQHPZHLWHUHQ/DXEKRO] XQGHLQHP
HQJHUHQ1DGHOKRO]NUHLVLQGHVVHQ0LWWHOSXQNWHVLFKHLQ
KRO]XPJLWWHUWHVJURHVXQGYRQHLQHPDOWHQ/LQGHQEDXP
EHUVFKDWWHWHV)DPLOLHQJUDEEHILQGHW$OOHVYRQ(IHXGLFKW
EHUZDFKVHQXQGYROOMHQHVHLJHQWPOLFKHQ=DXEHUVGHQLPPHU
QXUGLH%HJUlEQLVSOlW]HKDEHQGLHVLFKYRQDOOHU.XQVW
IHUQ]XKDOWHQXQGVLFKVWDWWGHVVHQDQGLH1DWXUP|JOLFKVWHQJ
DQ]XVFKOLHHQZLVVHQ(VKDWGDVDOOHUWLHIVWH=XVDPPHQKlQJH PLW
GHP:LHGHU]X(UGH:HUGHQHLQQDWUOLFKHU3UR]HGHQZLU
VRZHQLJZLHP|JOLFKJHVW|UWVHKHQZROOHQ'LHPHKURGHUPLQGHU
]ZDQJYROOKHUDQJH]RJHQHNQVWOHULVFKH%HWlWLJXQJGLHMH
QDFKGHPLQV0XVHXPRGHULQGLH.DSHOOHJHK|UWZLUNWGUDXHQ
ZLH'LVKDUPRQLH.HLQHJHJRVVHQHQ.UHX]HPLWGHP
6FKPHWWHUOLQJRGHUGHP(QJHOPLWGHUJHVHQNWHQ)DFNHOGDUDXI
KDEHQPLFKMHVRWLHIEHZHJWZLHGLH)HOGVWHLQJUlEHULQ-WODQG
XQG6FKOHVZLJRGHUKLHU GLHVXQWHU%lXPHQJHERUJQH
%HQVFK
VFKH*UDE8QYHUJHQH6WXQGHGLHPLFKLQVHLQH
P\VWLVFKJH]RJHQHQ.UHLVHIKUWH'LH'lPPUXQJZDU
JHNRPPHQHLQH+LPEHHUKHFNHGXIWHWHWLHIHULP:DOGHVFKOXJHQ
GLH1DFKWLJDOOHQXQGGLH0RQGHVVLFKHO HLQ5LQJHLQH/LQLHQXU 
VWDQGKRFKEHUXQVLP%ODXHQ

.OHLVWV*UDE
(LQ QRFKJU|HUHV,QWHUHVVHZHFNWGDVHWZD 6FKULWWYRQ
'UHLOLQGHQXQPLWWHOEDUDPNOHLQHQ:DQQVHHJHOHJHQH*UDEYRQ
+HLQULFKYRQ.OHLVW(UVWGHU3ULQ]HUZDUEGLHVHQ8IHUVWUHLIHQ'LH
6WlWWHVHOEVWLVWVHLW(U|IIQXQJGHULQJHULQJHU(QWIHUQXQJ
YRUEHUIKUHQGHQ*UXQHZDOGEDKQHLQHYLHOEHVXFKWH3LOJHUVWlWWH
JHZRUGHQXQGLQVFK|QHU-DKUHV]HLWYHUJHKWZRKONHLQ
1DFKPLWWDJDQGHPQLFKW6RPPHUYHUJQJOLQJHYRQ6WDWLRQ1HX
%DEHOVEHUJKHUDXIEUHFKHQXPDP:DQQVHHKLQLKUHQ:HJ
QHKPHQGGHPWRWHQ'LFKWHULKUHQ%HVXFK]XPDFKHQ
'HU:HJYRQ'UHLOLQGHQKHUDEHULVWHLQDQGUHU XQGPQGHWHUVW
LQYHUKlOWQLVPlLJHU1lKHYRQ.OHLVWV*UDELQHLQHQVRZRKO
GHP1HX%DEHOVEHUJHUZLHGHP'UHLOLQGQHU:HJH
JHPHLQVFKDIWOLFKHQYRQ:HUIWXQG:HLGHQXPVWDQGHQHQ
:LHVHQSIDGHLQGHUDXIGLH ZLHVFKRQKLHUEHPHUNWZHUGHQ
P|JH VLFKGHP$XJHY|OOLJHQW]LHKHQGH%HJUlEQLVVWlWWH]XIKUW
$QREHQHUZlKQWHP(LQPQGXQJVSXQNWHJHVHOOWLFKPLFKHLQHU
3DUWLH]XYLHU3HUVRQHQXQGHLQHP3LQVFKHUG